The Daily Hit is a recap of the day’s top business stories in the cannabis industry for March 31, 2022.
On the Site
Auxly Cannabis Group Inc. (TSX ‐ XLY) (OTCQX: CBWTF) released its fourth-quarter and full-year 2021 financial results with revenue rising 20% sequentially to $29.3 million in the quarter. Auxly also reported that the net losses for the fourth quarter were $18.3 million, which rose from the previous quarter’s net loss of $13.5 million. For the full-year net revenues rose 79% to $83.8 million versus $46.7 million in 2020. Auxly said revenue was comprised of approximately 69% in Cannabis 2.0 Product sales, with the remainder from Cannabis 1.0 Product sales. Net revenues improved as a result of its expansion into Cannabis 1.0 Products and continued leadership in Cannabis 2.0 Products. Consistent with prior periods, as the company does not participate in the Quebec market, approximately 85% of cannabis sales throughout 2021 originated from sales to British Columbia, Alberta and Ontario. Read more here.
IM Cannabis Corp. (CSE: IMCC) (NASDAQ: IMCC) released financial results for the fourth quarter and fiscal year ended December 31, 2021. Revenues were $20.0 million in the fourth quarter, representing an increase of 309% over 2020’s fourth quarter and 35% sequentially. The net loss for the fourth quarter was $12.5 million versus a net loss of $20.0 million in 2020. The basic and diluted loss per share in the quarter was $0.19 compared to basic and diluted loss per share of $0.13 in the fourth quarter of 2020. Read more here.
In Other News
CV Sciences, Inc. (OTCQB:CVSI) announced its financial results for the year ended December 31, 2021. Revenue of $20.0 million for the fiscal year 2021, compared to $24.4 million for 2020. Total cash balance of $1.4 million at year-end, compared to $4.5 million at the end of 2020. During the fourth quarter of 2021, sales declined 4% to $5.0 million compared to $5.2 million in the prior year period. Read more here.
Innovative Industrial Properties, Inc. (NYSE: IIPR) announced today that it has commenced a public offering of 1,000,000 shares of its common stock. The Company expects to grant the underwriters a 30-day option to purchase up to an additional 150,000 shares of its common stock. All of the shares are being sold by the company. Read more here.
Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) reported Judy Hong has been appointed as the company’s Chief Financial Officer. Jonathan Di Tosto is the company’s new Chief Operations Officer (COO). Jonathan assumes the role of COO from Andrew MacCorquodale, who is building upon his five years of dedication to Canopy by transitioning into a strategic advisory role. Read more here.