It’s time for your Daily Hit of cannabis financial news for March 23, 2021.
On the Site
Trulieve Cannabis Corp. (OTCQX: TCNNF) announced revenue grew 111% to $168.4 million for the fourth quarter ending December 2020 versus last year’s revenue of $79.7 million for the same time period. This beat the average analyst estimate for $162 million according to Yahoo Finance. Trulieve‘s net income fell 75% to $3 million for the quarter versus $12.2 million for the same time period in 2019.
For the full year, Trulieve delivered revenue of $521.5 million, representing year-over-year growth of 106%. For the full year, the company reported a net income of $63.0 million resulting in full-year earnings per share of $0.53 on a fully diluted basis. Absent the revaluation of our debt warrants, an impact of $42.7 million for the year, adjusted net income would have been $105.7 million resulting in earnings per share of $0.89 on a fully diluted basis, which beat estimates by $0.38.
TerrAscend Corp. (OTCQX: TRSSF) reported financial results for its fourth quarter and year ending December 31, 2020. Net sales for TerrAscend increased 152% to $65 million in the fourth quarter of 2020, as compared to $26 million in the fourth quarter of 2019. Net sales increased 28% sequentially. The net loss for the fourth quarter of 2020 was $109 million, largely impacted by a net increase in fair value of warrant and derivative liability of $124 million and a revaluation of contingent consideration of $5 million.
For the full year of 2020, the company reported net sales of %198.3 million versus 2019’s net income of $84.9 million. The net loss was trimmed to $154 million for 2020 versus 2019’s net loss of $219 million. TerrAscend said it continued to expand organically through an increase in cultivation capacity in Pennsylvania and California, the first sales into the New Jersey market, the continued growth and ramp-up at its three retail stores in Pennsylvania as well as two new store locations in California.
Wholesale cannabis platform Leaf Trade closed its $5.5 million Series A preferred round led by Artemis Growth Partners with participation from Future Shape 1.5 and Hyde Park Angels. The company said that the total funding for Leaf Trade comes to $10 million to date. This includes the conversion of the company’s earlier round and provides significant fresh capital to accelerate current growth in the company’s core 17 markets, as well as to expand into west coast markets while continuing to invest in their technology.
In Other News
NEO announced that Mydecine Innovations Group, a psychedelics-inspired biotech and life sciences company, is now listed on the NEO Exchange, following a voluntary delisting from the Canadian Securities Exchange. Mydecine is now trading on NEO under the symbol NEO:MYCO.
Curaleaf Holdings, Inc. (OTCQX: CURLF) launched Select Squeeze, a fast-acting THC-infused beverage enhancer featuring Nano-emulsification technology. In addition to the product’s innovative nature, the debut of Select Squeeze marks a significant milestone as one of the cannabis industry’s widest national product launches. Select Squeeze is among the first cannabis products with mass availability as it becomes accessible to a total addressable population of 94 million adults age 21+.