It’s time for your Daily Hit of cannabis financial news for November 18th, 2020.
On the Site
Gearing Up For Green Wednesday
Though April 20th takes the top prize in cannabis sales year after year, Green Wednesday (Black Friday’s cannabis counterpart) has come in a strong second place since its inception in 2016, and 2020 looks to be no different. As a result of clever moves by retailers to offset pandemic-related impacts on buying behavior, starting deals and discounts earlier in the season than ever before, and tailoring the shopping experience to customer health and safety concerns, Green Wednesday sales for 2020 are poised to hit an all-time high.
Cresco Labs Delivers Another Blowout Quarter
Cresco Labs Inc. (OTCQX: CRLBF) released its unaudited financial results for the third quarter ending September 30, 2020, with revenue hitting $153.3 million. This was a 63% sequential increase over the second-quarter revenue of $93 million and an even bigger jump over last year’s revenue of $36 million for the 2019 third quarter
Harborside Continues with Another Strong Quarter, Revenue up 21%
Vertically-integrated cannabis company, Harborside Inc., reported strong third quarter results. The company reported total gross revenues of $19,572,620 for Q3 of this year, up from $16,148,582 in the second quarter. This is a 21% sequential increase quarter over quarter, and a 42% increase year-over-year.
In Other News
Trulieve Launches TruSpectrum
Cannabis company, Trulieve, launched vaporizer cart brand TruSpectrum in Florida.
Cannabis is unique because the plant offers so many medicinal benefits and that was the inspiration behind TruSpectrum. We wanted to create a product that offered patients the discretion of traditional vaporizers while still maintaining the integrity, the terpene profile, and the complex cannabinoid profile of the plant itself,” said Valda Coryat , Trulieve chief marketing officer.
TruSpectrum will be available in one of Trulieve’s 67 dispensaries across Florida.
Ayr Strategy Reports Q3 Earnings
Cannabis multi-state operator, Ayr Strategies, reported their third quarter earnings today and revenue was up 61% quarter over quarter. The company reported a revenue of $45.5 million.
“These past several months have been a transformative period for our business,” said Ayr CEO Jonathan Sandelman. “We had a record quarter with revenues up 42% year-over-year and 61% sequentially and Adjusted EBITDA more than doubled. And our strong annual run-rate through Q3 does not include our new dispensary in Las Vegas set to open in a few weeks, our transition to adult-use retail sales in Massachusetts, nor our recently announced acquisitions in Arizona, Pennsylvania and Ohio, all of which when completed point to an even more robust 2021.”
TILT Holdings Reports Q3 Earnings, Down 12% Year over Year
Cannabis business solutions company, TILT Holdings, reported their earnings for the third quarter of 2020. The company reported a revenue of $40.4 million, which is a 5% increase from last quarter and down 12% from the same time last year.
TILT Holdings reported a positive adjusted EBITDA for the third consecutive quarter, totaling $2.8 million.