Its time for your Daily Hit of cannabis financial news for November 13th, 2019.
On the Site
First Israeli Cannabis Company Lists on the CSE
IM Cannabis Corp became the first Israeli medical cannabis operator to list its shares in Canada. It now trades under the ticker “IMCC” on the Canadian Securities Exchange. This listing follows Israeli-based IMC Holdings Ltd’s recent reverse takeover of IMC, formerly known as Navasota Resources Inc., that included a private placement offering of approximately CAD$20.4 million. The subscription receipts from the private placement purchase were converted into 19,460,527 Common Shares and 9,730,258 Common Share purchase warrants.
Acreage Holdings Reports Revenue of $22 Million, Net Losses of $39 Million
Acreage Holdings, Inc. (CSE: ACRG.U) (OTCQX: ACRGF) reported third-quarter revenue of $22.4 million, a 307% increase over last year’s $5.5 million for the same period in 2018. The company also reported a net loss of $39.9 million versus last year’s net loss of $4.5 million and the EBITDA loss was $44 million.
Charlotte’s Web Lowers Guidance As Expenses Skyrocket
Charlotte’s Web Holdings, Inc. (TSX: CWEB)(OTCQX: CWBHF) reported that its revenue rose 41.8% to $25.1 million in the third quarter that ended September 30, 2019, versus $17.7 million for the same period in 2018. Still, the company delivered a net loss of $1.3 million versus last year’s net income of $1.8 million.
The operating expenses soared to $19.6 million over last year’s $9.8 million for the same time period. The company said in a statement that its “third-quarter operating expenses were $4.7 million”, but that isn’t the number that appeared in the financial table. The company did say that the rising expenses were “to support the Company’s growth and transition to a consumer-packaged goods operating company.
Executive Spotlight: Carrie Solomon
Carrie is the CEO of the CBD company, Greater Goods. Greater Goods just launched in summer 2019, however, Carrie has been the co-founder, with my husband Jody, of our sister cannabis company, Leif Goods, since 2014. Their company is on a mission to rescue the world from the mundane and free the masses from the conventional expectations of CBD. They have raised an undisclosed amount of capital in the year 2019, and their goals for the next five years are to make Greater Goods a household name as well as partnering with or a potential acquisition with a larger brand.
In Other News
GW Pharmaceuticals Tumbles On Earnings Beat, But Its Growth Story Is Only Beginning
GW Pharmaceuticals beats on both bottom-line and top-line for earnings with an increase in sales for the quarter by 26%; however, investors were expecting similar growth outcome to the prior quarter.
Canopy Growth Q2 2020 Earnings Preview
Canopy Growth (OTC:CGC) is scheduled to announce Q2 earnings results on November 14th, before market open. The consensus EPS Estimate is -C$0.36 (+76.3% Y/Y) and the consensus Revenue Estimate is C$79.92M (+242.6% Y/Y).