It’s time for your Daily Hit of cannabis financial news for March 22, 2021.
On The Site
Hydroponic chain store giant GrowGeneration Corp . (NASDAQ: GRWG ) is buying the leading wholesale agriculture platform Agron.io for an undisclosed amount. GrowGen said it expects Agron will contribute $20 million in revenue for this year. The stock was trading higher in early trading to lately sell at $56.94. Agron.io offers commercial pricing, real-time inventory, and one of the largest product catalogs in the industry, with over 10,000 products in over 60 categories, including greenhouses, vertical benching, controlled environmental systems, HVAC, and industrial equipment.
The U.S. Food and Drug Administration has issued warning letters to two companies for selling products labeled as containing cannabidiol (CBD) in ways that violate the Federal Food, Drug, and Cosmetic Act (FD&C Act). Specifically, the warning letters address the illegal marketing of unapproved drugs labeled as containing CBD. The companies are Honest Globe and Biolyte Laboratories.
NEO is proud to announce that FTSE Russell, the global index, data, and analytics provider, now recognizes the NEO Exchange as an eligible stock exchange for inclusion in FTSE Global Equity indexes. MindMed (NEO: MMED), (OTCQB: MMEDF), (DE: MMQ), a leading psychedelic medicine biotech company announced that effective as of Friday March 19th, 2021, MindMed has been added to the FTSE Global Micro-Cap Index (which represents $1.3 trillion in global market cap) and the FTSE Total-Cap index (which represents $54.7 trillion in global market cap).
Whether through research, writing, entrepreneurship, investment, or artistic endeavor, women are making important inroads in the emerging psychedelics market. A 2020 Global Drug Survey found that women are more likely than men to use LSD and magic mushrooms to treat psychiatric conditions and emotional stress.
In Other News
Akerna (Nasdaq: KERN) reported its unaudited financial results for the quarter ended December 31, 2020. Software revenue was $3.4 million, up 38% year over year. Total revenue was $4.1 million, up 24% year over year. Gross profit was $2.7 million, up 60% year over year. Net loss was $12.2 million compared to a net loss of $3.8 million for the quarter ended December 31, 2019. Cash was $17.8 million as of December 31, 2020.
“In the December quarter we delivered strong financial results, with 38 percent software growth year over year and 36 percent sequential improvement in adjusted EBITDA,” said Jessica Billingsley, CEO of Akerna. “With the recently announced plans to acquire Viridian, we continue to bolster the strength of our channel connections with existing ERP providers. As we prepare for a post-legalization landscape and the industry continues to consolidate and mature, we firmly believe enterprise capabilities, including comprehensive compliance solutions and financial reporting integrations, will become increasingly important to the future leaders of the cannabis industry.”
Glass House Group, one of the largest, privately held, vertically integrated cannabis and hemp companies in California announces its technology partnership with Alcott Enterprises. Alcott Enterprises is an information technology company delivering agile IT strategies and next-generation IT managed services with diverse industry experience leading digital transformations, providing consulting services, and managing the technical infrastructure for companies across a variety of industries.