It’s time for your Daily Hit of cannabis financial news for November 24th, 2020.
On the Site
Subversive SPAC Forms The Parent Company With Jay-Z, Roc Nation
Special purpose acquisition company (SPAC) Subversive Capital Acquisition Corp. (OTCQX: SBVCF) or SCAC entered into definitive agreements with global icon, entrepreneur and MONOGRAM founder, Shawn “JAY-Z” Carter, entertainment powerhouse Roc Nation, California cannabis company CMG Partners Inc. (Caliva) and Left Coast Ventures, Inc. to form TPCO Holding Corp. (The Parent Company). The deal is expected to close in January 2021.
Caliva and Left Coast Ventures expect combined pro forma revenues of $185 million in 2020 and $334 million in 2021.
Plus Products Trims Losses As Revenues Rise
Plus Products Inc. (CSE: PLUS) (OTCQX: PLPRF) released its unaudited financial and operational results for the third-quarter ending September 30, 2020, with revenues growing slightly to $3.7 million versus net revenues of $3.5 million for the same time period in 2019. Plus also trimmed its losses to $(1.5M) in the quarter versus ($9.5) million for the same quarter in 2019 representing an 84% improvement.
Jushi Reports Rising Revenue, Increases Guidance
Jushi Holdings Inc. (CSE: JUSH) (OTCMKTS: JUSHF) delivered revenue of $24.9 million for the third quarter ending September 30, 2020, which was an increase of 67% over the second quarter. Still, the company reported a net loss of $30 million or $0.31 per diluted share, compared to a net loss of $9.3 million, or $0.10 per diluted share, in the second quarter.
COVID Not Expected To Hurt Holiday Cannabis Sales
Cannabis compliance technology company Akerna (NASDAQ: KERN) anticipates a 78% increase over average daily sales for 2020 during this Thanksgiving weekend, hitting $270 million between November 25 and November 28.
In Other News
MJardin Terminates MSAs in Colorado
Leading cannabis production company, MJardin, announced today that they are terminating certain management services agreements and consulting agreements with parties located in Denver. This is effective immediately, and the company claims this is a response to their “ongoing review, evaluation, and turnaround process. The MSAs between the company and companies 3BVentures and TwoG Ventures will be terminated immediately. This will not impact the promissory notes, intellectual property agreements, and lease obligations currently in place between the parties.