On The Site
High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) reported its financial results for the first fiscal quarter of 2022, ending January 31, 2022. Revenue increased to $72.2 million in the first quarter of 2022 compared to $38.3 million in the same quarter last year. Sequentially, revenue increased by 34% compared to the fourth quarter of 2021. The company also reported a net loss of $7.3 million. All figures are in Canadian dollars. Read more here.
Ayr Wellness Inc. (OTCQX: AYRWF) reported that revenues rose 133% in the fourth quarter to $111.8 million over last year’s $47.8 million. It was a 16% increase over the third quarter’s revenues of $96.2 million. The company also posted net income of $23 million for the quarter and earnings per share of $0.35. It was also an improvement over the third quarter’s net loss of $3.3 million. Read more here.
Glass House Brands Inc. (NEO: GLAS.A.U) (OTCQX: GLASF) reported that revenues rose 7% sequentially bringing in $18.4 million in the fourth quarter ending in December. It was a 44% increase over the same time period last year. Glass House said that the sequential revenue growth was driven by wholesale biomass sales, which increased 31% over Q3 2021. The adjusted EBITDA was a loss of $9.1 million which rose over the third quarters loss of $5.4 million. The sequential decrease of $3.8 million was primarily caused by lower wholesale pricing and inventory reserves in the quarter that negatively impacted gross margin. Read more here.
In Other News
Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) has closed its previously announced acquisition of 100% of the equity interest of an entity operating an adult-use and medical retail dispensary under the name The Apothecarium in Las Vegas, Nevada. The acquisition of Apothecarium Nevada, together with the April 2021 purchase of Franklin Bioscience NV, LLC, a holder of medical and adult-use cannabis cultivation, processing, and distribution licenses, enabled Jushi to become vertically integrated in Nevada, as well as provide significant branding exposure for the Company’s high-quality product lines, including The Bank, The Lab, Tasteology, and Sѐchѐ. Nevada represents Jushi’s fourth vertically integrated state, accompanying Pennsylvania (by way of its affiliated subsidiaries), Virginia, and Massachusetts. Read more here.
Metrc, a provider of cannabis regulatory track-and-trace systems in the US, announced a new contract with the state of Minnesota. Approx. 30,000 patients have signed up under the state’s medical cannabis registry since the market opened in 2015, and today there are 20 different conditions, such as PTSD, chronic pain and autism, that qualify under the program. Minnesota is Metrc’s 19th government contract for a track-and-trace system nationwide. Read more here.