The Daily Hit is a recap of the top cannabis business stories for May 5, 2022.
ON THE SITE
Green Thumb Industries, Inc.
After the market closed on Wednesday, Green Thumb Industries Inc. (CSE: GTII) (OTCQX: GTBIF) reported its financial results for the first quarter ending March 31, 2022, with revenue rising 25% year-over-year to $243 million. This was flat compared to Green Thumb’s fourth quarter of 2021, but it beat the Yahoo Finance average estimate for earnings of $236 million. Read more here.
Innovative Industrial Properties, Inc.
After the market closed on Wednesday, Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) announced results for the first quarter ending March 31, 2022. The cannabis REIT delivered total revenues of approximately $64.5 million in the quarter, representing a 50% increase from the prior year’s quarter. However, it missed the Yahoo Finance Average analyst estimate for revenues of $67 million. Read more here.
“Cannamoms”, or mothers who consume, advocate for, and work in cannabis, are on the rise as a consumer demographic, an influential voice in the legalization debate, and a growing presence across social media platforms. With this rise comes both opportunities and pitfalls, not just for mothers but for all women-identified people who contributed to the increase of cannabis sales to female customers by 55% in the past year. Read more here.
Jazz Pharmaceuticals plc (Nasdaq: JAZZ) announced financial results for the first quarter of 2022, raised 2022 financial guidance, and provided business updates. “We’re pleased to raise our top-and bottom-line guidance, driven by our continued execution and significant progress across commercial and R&D in the first quarter, which positions us well for the rest of the year and to achieve Vision 2025,” said Bruce Cozadd, chairman and CEO. Read more here.
GMR Women’s Leadership Awards Winner: Kyra Reed
Kyra Reed is the founder and CEO of Women Employed in Cannabis (WEIC), the largest association for women working in cannabis, psychedelics, hemp & CBD. She was named a ‘Social Media Pioneer,’ by Entrepreneur Magazine. Kyra’s activism and community work has been featured in The NY Times, TechCrunch, NPR and 20/20. Read more here.
IN OTHER NEWS
Aurora Cannabis Inc., TerraFarma Inc
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), a Canadian cannabis company, today announced it has completed its previously announced acquisition of TerraFarma Inc. (parent company of Thrive Cannabis) for aggregate initial consideration of $38 million paid in cash and Aurora common shares, and up to $30 million in potential earnout amounts, payable in cash, Aurora shares or a combination of both (at the election of Aurora), subject to Thrive achieving certain revenue targets within two years of closing of the transaction. Read more here
Tetra Bio Pharma, Inc., Cannavalate Pty Ltd.
Tetra Bio-Pharma Inc. (TSX: TBP) (OTCQB: TBPMF) (FRA:JAM1) a cannabinoid-derived drug discovery and development company, today announced it has entered into a research and development agreement with Cannvalate Pty Ltd for the initiation of the REBORN®, PLENITUDE® and CAUMZ® clinical trials in Australia, and a subscription agreement contemplating a private placement of common shares in the capital of the company with Cannvalate for aggregate proceeds to the company of up to CAD $7,500,000. Read more here
MariMed Inc., Green Growth Group, Inc
MariMed, Inc. (OTCQX: MRMD), a multi-state cannabis operator, today announced it has closed its acquisition of Green Growth Group, Inc. The close of this transaction enables MariMed to add cultivation, manufacturing, and distribution to its existing retail cannabis operations in Illinois. Read more here