It’s time for your Daily Hit of cannabis financial news for November 16, 2020.
On The Site
Neptune Wellness Solutions Inc. (NASDAQ: NEPT) (TSX: NEPT) reported revenue increased 155% sequentially to $28 million for the second quarter ending September 30, 2020. Revenues in the first quarter were restated to $11.2 million. It was a big jump over last year’s total revenues of $6 million for the 2019 second quarter. The stock was jumping over 15% in after hours trading to sell near $2.18.
The company delivered a net loss $21 million slightly more than last year’s net loss of $20 million. All figures are canadian dollars unless otherwise stated.
MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) announced its revenues fell to $4.9 million for the third quarter ending September 30, 2020, versus $13.9 million for the second quarter of 2020. This was a massive decline from last year’s revenue of $43 million for the same time period. The company also delivered a net loss before tax of $15.4 million, compared to a net income of $5.3 million for last year’s third quarter. It also increased sequentially from a loss of $3.7 million in the second quarter.
Before there was the iPhone, there was the Blackberry. Everyone who was anyone had a Blackberry. It was a status symbol and a very functional piece of technology. It was also groundbreaking until it wasn’t. First-generation technology has its place as a pioneer, but it’s the next generation that is typically a better consumer experience.
Cannabis tech company Strimo is a textbook example of next-generation software that is better than its predecessors. CEO Helkin Berg learned that many cannabis companies were unhappy with the existing first-generation software options on the market. In the early days of the cannabis industry, Berg says the pioneers were creating frankensoftware to address the industry’s specific compliance requirements. “Seed-to-sale” didn’t exist before legal cannabis came along. So the pioneers were tasked with creating a new product in a short amount of time. This cobbled-together software, while somewhat functional, was in Helkin’s mind, flawed.
In Other News
Acquired Sales Corp. (OTCQB: AQSP) announced that it achieved third quarter net revenue and positive net income of $1,509,437 and $95,823, respectively. Third quarter net revenue exceeded second quarter net revenue by 19%, and the company expects its fourth quarter net revenue to continue to grow.
Nicholas S. Warrender, AQSP’s COO and the CEO of its wholly-owned subsidiary Lifted Made, Zion, IL, said, “So far this quarter, Lifted Made’s sales are surging. Under Lifted Made’s flagship Urb Finest Flowers brand, our delta 8 THC cartridges and gummies, CBD moon rocks, caviar cones, and our private label products are experiencing a tremendous reception from our distributors and customers. We are also developing new and exciting SKUs that are launching throughout the rest of this year and early Q1 2021 that we expect will be picked up by our existing and growing distribution channels throughout the country.”
Captor Capital Corp. (CSE: CPTR) announced its common shares will no longer be traded through the facilities of the OTC in the United States. The U.S. Securities and Exchange Commission has revoked the registration of the Company’s securities under Section 12(j) of the Securities Exchange Act of 1934 for not filing continuous disclosure documents. Captor remains a reporting issuer in good standing in each of British Columbia, Alberta and Ontario, and its common shares remain listed for trading on the Canadian Securities Exchange under the symbol CPTR.