The Daily Hit is a recap of the day’s top business stories in the cannabis industry for March 30, 2022.
On the Site
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced its results for the quarter and full-year ended December 31, 2021. In the fourth quarter, Trulieve delivered revenue of $305.3 million, which was an increase of 81% over the fourth quarter of 2020 and 36% sequentially over the third quarter. The company reported a net loss of $71.5 million in the quarter and an adjusted net income of $1.8 million, which excludes $73.3 million of the non-recurring fair value of inventory step-up, transaction, acquisition, and integration charges primarily associated with the Harvest acquisition. the earnings per share was a loss of ($0.49) per share which missed the Yahoo Finance average analyst estimate for a loss of $0.18) cents per share. Read more here.
TILT Holdings Inc. (NEO: TILT) (OTCQX: TLLTF) reported its financial and operating results for the fourth quarter and year ending December 31, 2021. Tilt said that revenue increased approximately 28% to $54.1 million versus $42.3 million for the same period in 2020. The increase was only slightly better than the third quarter’s revenue of $53.3 million. The net loss for the quarter was $30.8 million, a significant improvement over 2020’s fourth-quarter net loss of $92 million. Read more here.
4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2021. The company reported that GAAP revenue increased 68% year-over-year, and 10% sequentially to $28.5 million in the fourth quarter. 4Front did not disclose whether it had a net loss or income for the quarter, while it did say adjusted EBITDA for the quarter was $13.2 million, up 160% from the same time period in 2020. Read more here.
Parallel Cannabis’s debt issues have been exposed in the company’s lawsuit with some disgruntled investors. The lawsuit outlined the company’s defaults on its debt obligations and Curaleaf (OTC: CURLF) also noted in its filings that Parallel was no longer buying its Illinois properties saying it had “received correspondence from Parallel’s attorneys indicating that it will not be in a position to complete the acquisition of the Illinois Assets due to lack of financing and seeking to terminate its agreement to purchase the Illinois Assets. The company has asserted that Parallel’s actions have constituted material breaches of its agreement with Parallel and is exploring its options.” In other words, Curaleaf could sue Parallel or just shop the properties to someone else. Read more here.
Ascend Wellness (OTC: AAWH) fired its latest shot in the battle to force MedMen (OTC: MMNFF) to complete the previously agreed-upon sale of the company’s New York assets. On Monday, the company filed its latest documents with the court calling out MedMen’s accusations of political influence peddling. Ascend is arguing that MedMen is using the accusation as a way to distract and stall the acquisition process. Read more here.
In Other News
Greenlane Holdings, Inc. (NASDAQ: GNLN) reported financial results for the fourth quarter and full-year ended December 31, 2021. Total revenue for Q4 2021 increased 54% to $56.0 million, compared to $36.3 million for Q4 2020. Total revenue for 2021 increased 20.1% to $166.1 million, compared to $138.3 million for 2020. Read more here.