The Daily Hit is a recap of the top business stories in the cannabis industry for May 31, 2022.
On the Site
Cansortium Inc. (CSE: TIUM.U) (OTCQX: CNTMF) announced interim unaudited financial results for the first quarter ending March 31, 2022. Cansortium said that revenue increased 30% to $19.7 million compared to $15.1 million last year and it was higher than the fourth quarter’s revenue of $14.7 million. The company did not release any income or loss figures. Read more here.
On Monday Canadian cannabis company Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) announced its financial results for the first quarter ending March 31, 2022. Entourage reported total revenue of $15.8 million, up 17% sequentially over the fourth quarter of 2021. The reported loss was trimmed to $8.7 million. Read more here.
Khiron Life Sciences Corp. (TSXV: KHRN) (OTCQX: KHRNF) announced today its financial results for the quarter ended March 31, 2022, with revenues increasing 65% to $4.6 million and a 28% sequential increase from the fourth quarter. The company’s net loss was essentially flat at $4.5 million. Read more here.
HYTN Innovations Inc. (CSE: HYTN) reported certain highlights from its second-quarter financial statements ending March 31, 2022. Hytn reported revenues of $255,461 for the three months ending March 31, 2022. the company has a cash position of over $2.2 million, as of March 31, 2022, and $2.2 million in property, plant, and equipment assets, as of March 31, 2022, including all equipment related to the company’s purpose-built, ISO 9001:2015 Certified and Health Canada-licensed Kelowna manufacturing facility. The company noted it had no debt as of March 31, 2022. Read more here.
Southern rock band the Allman Brothers Band has become the latest music group to create a cannabis brand. The Allman Brothers Band is launching a strain of flowered in Illinois called Chocolate Chunk. It is an indica dominant strain available in 3.5g and will be exclusively sold at Verilife dispensaries, which are owned by Pharmacann. Read more here.
In Other News
urban-gro, Inc. (Nasdaq: UGRO) announced that it has signed an agreement with E29 Labs, Inc., (“E29 Labs”) a black, woman-owned commercial cannabis production company, to provide full architecture, engineering and design services for their application to build an approximately 100,000 square foot cannabis production facility located in New York State. Upon securing a license, the agreement provides that urban-gro will be E29 Labs’ design-build partner to complete the build out of its facility. Read more here.
Harborside Inc. (CSE: HBOR) (OTCQX: HBORF) provided details of the integration of its operations with those of the three companies acquired by the Company since the third quarter of last year. On July 2, 2021, the Company acquired Sublimation Inc., which was followed by the acquisition of UL Holdings Inc. on March 1, 2022 and LPF JV Corporation on April 4, 2022. Read more here.