The Daily Hit is a recap of the top business stories from the cannabis industry for May 10, 2022.
On The Site
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) delivered its 2022 first-quarter business results as revenue jumped by 99% to $25 million versus last year’s $12 million for the same time period. Cronos attributed the increase to its segment in the Israeli medical market and the Canadian adult-use market. Cronos beat the Yahoo Finance average analyst estimate for revenue of $23 million. Read more here.
Urban-gro, Inc. (Nasdaq: UGRO) reported first-quarter financial results with revenue rising to $21.1 million versus $12.0 million in the prior-year period, representing an increase of $9.1 million, or 76%. This beat the Yahoo Finance average analyst estimate for revenue of $19 million. Urban-gro attributed the growth to an increase in the specification, procurement, and integration of cultivation equipment tied to the growth of new and existing project contracts, as well as $3.4 million of incremental services revenue from acquisitions. Organic revenue growth was 48%, excluding the contribution from the 2WR+ acquisition. Read more here.
Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) announced financial results for its first quarter ended March 31, 2022, with net sales remaining flat at $111.4 million, which missed the Yahoo Finance average analyst estimates for revenues of $129 million. The net loss was ($23.3) million, or a loss of ($0.52) per diluted share, compared to a net income of $4.9 million, or $0.13 per diluted share. This also missed the estimates for earnings of ($0.06). Hydrofarm gave a 2022 forecast for net sales of approximately $480 million to $520 million. Read more here.
AFC Gamma, Inc. (NASDAQ: AFCG) announced its results for the first quarter of 2022 with a net income of $10.2 million or $0.53 per basic weighted average share of common stock. The total net interest income was $16.9 million, an increase of $12.3 million, or 261%, compared to last year. This just beat the Yahoo Finance average analyst estimate for revenues of $16 million. The distributable earnings were $11.9 million in the first quarter or $0.62 per basic weighted average share of common stock, beating the estimates for earnings of $0.57. AFC paid a dividend of $0.55 per common share on April 15, 2022, for the quarter representing a 10% increase from the prior quarter. The distributable earnings significantly exceeded the declared dividend for the fourth consecutive quarter. Read more here.
Flora Growth Corp. (NASDAQ: FLGC) reported its financial results for the fiscal year ended December 31, 2021 with total revenue of approximately $9.0 million. The net loss for the year was $21 million, which increased over the previous year’s net loss of $14 million. Revenue for the period was significantly higher when compared to the prior year, primarily reflecting that 2021 was Flora’s first full year as a revenue-generating company, which included the company’s initial public offering on the Nasdaq Capital Market in May 2021. Read more here.
Village Farms International, Inc. (NASDAQ: VFF) (TSX: VFF) announced its financial results for the first quarter ended March 31, 2022, as revenue rose 32% to $32 million over last year’s $24 million for the same time period. the company also delivered a net income of $1 million versus last year’s net loss of $2.8 million. Read more here.
In Other News
GrowGeneration Corp. (NASDAQ: GRWG) the largest chain of specialty hydroponic and organic garden centers with 63 locations across 13 states reported financial results for the first quarter ended March 31, 2022. Net sales declined 9.2% to $81.8 million driven by softer industry demand. Comparable store sales for the quarter decreased 35.5%. Net loss of $5.2 million compared to net income of $6.1 million last year. Loss per share of $0.09 in the quarter. Read more here.
MariMed, Inc. (OTCQX: MRMD) announced its financial results for the first quarter ended March 31, 2022 with revenue growing 27% to $31 million. The Company maintained its previous financial guidance for the fiscal year 2022, including revenue of $145 million to $150 million. Read more here.
Corbus Pharmaceuticals Holdings, Inc. (NASDAQ: CRBP) an immunology company provided a corporate update and reported financial results for the first quarter of 2022. The Company reported a net loss of approximately $9.4 million, or a net loss per diluted share of $0.08, for the three months ended March 31, 2022, compared to a net loss of approximately $16 million, or a net loss per diluted share of $0.14, for the same period in 2021. Read more here.