It’s time for your Daily Hit of cannabis financial news for November 28, 2018.
On The Site
MJardin Group, Inc. (CSE: MJAR), reported financial results for its third quarter ended September 30, 2018. The company’s revenue increased 65.1% to $7.0 million versus last year’s $4.3 million. The company said that the revenue growth was driven primarily by facility design and build-out fees earned from GrowForce for cultivation centers, interest on notes receivable and rent income earned from Buddy Boy Brands. Still, MJardin delivered a net loss of $0.4 million versus last year’s net income of $0.6 million.
Following the market close on Tuesday, iAnthus (CSE: IAN, OTCQB: ITHUF) reported its earnings for the third quarter of 2018 ending in September. The sales for the quarter were $939,098 with a gross profit of $2.6 million. The net loss for the three months ended September 30, 2018 was approximately $10.0 million.
Charlotte’s Web Holdings, Inc. (CSE:CWEB, OTCQX:CWBHF) reported financial results for the third quarter ending September 30, 2018. Organic revenue growth of 57% to $17.7 million versus last year’s $11.3 million for the same time period. Net income fell to $1.8 million from last year’s $2 million for the same time period.
Gross profits increased 54% to $13.8 million over last year’s $9 million for the same time period. Earnings per diluted share fell to two cents from last year’s three cents for the same quarter.
Cura Cannabis Solutions
Portland’s Cura Cannabis Solutions , the maker of the Select brand of cannabis oils, names itself as one of the largest cannabis companies in the world also announced that it has completed a private placement funding round of approximately $75 million.
Cura’s President and Chief Executive Officer Cameron Forni said, “Since our founding in 2015, Cura Partners has now attracted more than $125 million in private capital and we are on pace to generate sales in excess of $120 million in 2018.
In Other News
The High Note
New York based Gotham Green Partners, LLC announced a major $15 million USD investment in vertically-integrated Los Angeles, California-based The High Note Inc. The Gotham Green investment is comprised of funding of $11 million in multiple tranches, along with the rights to fund an additional $4 million based on The High Note Inc. achieving certain performance hurdles.
Founded by Chief Executive Officer, John Jezzini, The High Note Inc. cultivates, extracts, packages, distributes and sells its own, and third-party product, with current operations taking place in its fully-licensed East Los Angeles facility boasting 45,000 square feet of indoor cultivation space.
TILT Holdings Inc. announced it expects to begin trading on the Canadian Securities Exchange under the ticker symbol “TILT,” at the opening of the market this Tuesday, December 4, 2018.
Sunniva Inc. (CSE:SNN) (OTCQB:SNNVF), released its financial results for the three and nine months for the third quarter of 2018 ended September 30, 2018. Revenue was C$3.8 million, but it decreased by $0.8 million during the quarter. The gross margin was 56%. The net loss for the quarter was C$6.7 million. The company’s cash position is C$11.2 million On October 12, 2018, the company completed an offering for aggregate gross proceeds of $23.0 million.
Surna Inc. (OTCQB: SRNA) announced today the appointment of Anthony K. McDonald (“Tony”), age 60, as the Company’s new Chief Executive Officer and President.
Mr. McDonald, who joined the Board as an independent director in September 2018, holds an engineering degree from West Point and an MBA degree from the Harvard Business School. A former consultant with KPMG, and with eight years’ private equity and M&A experience, he most recently spent ten years building a manufacturer and marketer of innovative, energy-efficient heating, ventilation and air conditioning (HVAC) systems for commercial, government and military uses.