It’s time for your Daily Hit of cannabis financial news for March 12, 2019.
On The Site
Synthetic cannabis pharmaceutical company Corbus Pharmaceuticals Holdings Inc.(CRBP) reported earnings for the fourth quarter and the full year ending in December. For the quarter, Corbus delivered a net loss of approximately $17,306,000 or a net loss per diluted share of $0.30, compared to a net loss of approximately $10,694,000, or a net loss per diluted share of $0.20, for the same time period last year.
Revenue from awards for the quarter was $1.9 million. For the full year, revenue from awards increased by approximately $2.4 million to $4.8 million due to revenue recognized from the up to $25 million Development Award Agreement with the Cystic Fibrosis Foundation.
In Other News
CV Sciences, Inc. (OTCQB:CVSI) reported its financial results for the year ended December 31, 2018.The company delivered revenue of $48.2 million for 2018, an increase of 133% over 2017. The company also reported net income of $10.0 million, or $0.09 per fully diluted share. The adjusted EBITDA of $14.0 million or 29.0% of net revenue for 2018, was an increase of $12.4 million from $1.6 million for 2017.
Retail distribution increases to 2,238 stores as of December 31, 2018, a 45% increase over the prior year. The company generated $12.6 million of cash from operations, with cash balance increasing to $12.7 million at year-end.
“We finished 2018 with strong sales momentum and enter 2019 well positioned to capitalize on the rapidly growing consumer awareness and broad-based demand for hemp CBD products. We generated 133% revenue growth during 2018 and expanded the availability of the PlusCBD™ brand to over 2,200 stores nationwide,” stated Joseph Dowling, Chief Executive Officer of CV Sciences.
KushCo Holdings, (KHSB) the cannabis industry’s largest and most respected distributor of packaging, supplies, and accessories for the regulated cannabis industry, announced today it has signed a long-term development and distribution agreement with IEKO Corporation for the production of compostable and biodegradable packaging products for use in the cannabis and CBD industries.
Choom Holdings USA Inc., (CSE: CHOO) (OTCQB: CHOOF) has signed a letter of intent to purchase an equity interest in a New Jersey-based medical retail dispensary applicant in New Jersey’s upcoming Request of Applications that also intends to enter into recreational cannabis retail upon legalization, which is anticipated in 2020.
PAO Group, Inc. (OTC: PAOG), announced that itis moving forward with the acquisition of a cannabis grow and processing lab operation in Romulus, MI. PAOG announced it officially appointed Andres Fernandez as our new Chief Marketing Officer.
Cannamerica Brands Corp. (CSE: CANA) (OTCQB: CNNXF) entered into a binding letter of intent to create a joint venture with Sericea Labs S.A. de C.V.and CBDistribution Company Ltd. with the intention of building a facility in Mexico for importing and warehousing licensed CBD products as well as CBD oils and tinctures destined for refining.