It’s time for your Daily Hit of cannabis financial news for March 16, 2021.
On the Site
Columbia Care Inc. (OTCQX: CCHWF) reported financial and operating results for the fourth quarter and full-year ended December 31, 2020. Revenue rose 234% in the fourth quarter to $81.7 million versus $24.5 million for the same time period in 2019. The actual revenue was $76 million, which combined with the CannAscend revenue to lead to the $81 million. This beat the analyst estimates for $77.9 million in the quarter according to Yahoo Finance. The net loss for Columbia Care in the fourth quarter was $73 million versus last year’s net loss of $28 million for the same time period. The earnings per share were for a loss of $0.21, which was much worse than the analyst expectations for a loss of $0.04 per Yahoo Finance.
TPCO Holding Corp. also known as The Parent Company (OTCQX: GRAMF), formerly Subversive Capital Acquisition Corp., announced financial results for the fourth quarter and year ended December 31, 2020, along with the filing of its Business Acquisition Report in connection with its Qualifying Transactions in respect of each of CMG Partners, Inc. and Left Coast Ventures., and SISU Extraction LLC completed on January 15, 2021. The company said it would separately file its Annual Information Form (“AIF”) before the end of March 2021.
Village Farms International, Inc. (NASDAQ: VFF) announced its financial results for the three months and year ended December 31, 2020. Sales increased 43% to $47.4 million for the quarter versus last year’s $33.1 million for the same time period. The net income rose 197% from ($7.2) million to $7.0 million in the quarter. Village Farms delivered earnings per share were $0.12, which beat expectations by ten cents. Investors though seemed unimpressed and the stock was sold off by over 9% in early trading to lately trade at $15.82.
TILT Holdings Inc. ( OTCQX: TLLTF ) reported it has completed its acquisition of Standard Farms Ohio LLC, previously announced on April 16, 2019. Ohio currently has 160,000 registered medical patients, representing more than double Ohio’s 2019 patient totals. In 2020, cannabis sales approached $277 million, representing almost 290% growth compared to 2019.
In Other News
GrowGeneration Corp (GRWG) has announced the acquisition of 55 Hydroponics, a hydroponic and organic fertilizer superstore located in Santa Ana, California. Financial terms of the deal were not disclosed.With the acquisition of 55 Hydroponics, the leading hydroponics supplier in Orange County having a $10M of annual revenue, the number of GrowGen locations in California rises to 18.Including the recently leased locations in Southern California, GrowGen will now operate ~800K square feet of retail and warehouse space across 53 locations nationwide.55 Hydroponics acquisition, the fifth by the company for this year follows its plans to operate 55 garden center locations by the end of 2021.Yesterday, GrowGeneration announced the acquisition of Char Coir which will add more than $15M of revenue for the company top-line in 2021.
Heritage Cannabis Holdings Corp. (OTCQX: HERTF) announced that the second week of March 2021 saw weekly revenue exceed $1 million for the first time since the launch of its own brands in 2020. This growth was propelled by the popular brands Purefarma, Pura Vida, Premium 5 and RAD. All of these brands, plus the newly launched health and wellness brand feelgood. are gaining a healthy following as evidenced by these strong sales.