The Daily Hit: March 9, 2021

It’s time for your Daily Hit of cannabis financial news for March 9, 2021.

On The Site

Curaleaf

Curaleaf Holdings, Inc. (OTCQX: CURLF)  reported managed revenue increased 186% to $233.3 million in the fourth-quarter ending in December and grew 21% sequentially. The total revenue for Curaleaf was $230.35 million which increased 205.3% but missed estimates by $7.86 million. Still, the stock rose by 15% prior to the company’s earnings release and closed at $16.37.

The net loss for the quarter was $35.3 million, which was higher than last year’s net loss of $26.6 million. The fourth-quarter earnings per share were -$0.05, which missed estimates by $0.04.  The company said that the increase in losses was due to a $16.3 million increase in depreciation and amortization and a $10.5 million increase in share-based compensation, both of which are non-cash, a $25.8 million increase in income tax expense, and a $20.3 million increase in net interest expense.

Compass

Psychedelic medicine company Compass Pathways plc (Nasdaq: CMPS) reported its financial results for the fourth quarter and year-end 2020 and gave an update on recent progress across its business. Compass delivered a net loss for the quarter ending in December 2020 was $18.8 million, or $0.52 loss per share versus last year’s net loss of $7.6 million, or $0.90 loss per share for the same period in 2019. The earnings beat the average analyst estimate according to Yahoo Finance which was for a loss of $1.05. The stock was trading slightly higher and was lately selling at $39. The average price target for the stock is $65.

Ibere Pharma

While other cannabis industry SPAC’s have seemed to make big splashy entrances to the market, Ibere Pharmaceuticals quietly closed on an upsized offering and listed its shares on the New York Stock Exchange, and began trading on February 26, 2021, under the ticker symbol “IBERU.” At the beginning of February, the company filed for a $100 million offering and that quickly jumped to $120 million before settling on $138 million.

Ibere’s CEO is Osagie Imasogie, the co-founder and senior managing partner of the Philadelphia private equity firm PIPV Capital. Imasogie is also board chairman of Zelira Therapeutics, a therapeutic medicinal cannabis company that has operations in Philadelphia and Australia. While Ibere hasn’t specifically stated it is going to focus on cannabis, the Zelira connection could be a signal of that intention.

In Other News

Aleafia Health Inc. (OTC: ALEAF) closed its previously announced bought deal offering for a total issuance of 27,390,000 units of the Company at a price per Unit of $0.83 for gross proceeds of $22.7 million, which includes a partial exercise of the over-allotment option. 

Emerald Health Therapeutics, Inc. (OTCQX: EMHTF) has applied to the Canadian Securities Exchange to have its common shares listed for trading on the CSE. In connection with the listing of its common shares on the CSE, Emerald will apply to the TSX Venture Exchange to have its common shares delisted from trading on the TSXV.

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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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