The Daily Hit: November 29, 2021

It’s time for your Daily Hit of cannabis financial news for November 29, 2021.

On The Site

Pre-rolls

A new report from Headset has found that Americans aren’t as into pre-rolls as Canadian consumers. Between August 2020 and August 2021, the market share of pre-rolls in Canada averaged 18.6%, while in the US, the market share of pre-rolls only averaged 9.5%. The only exception it seems is the Massachusetts market. Apparently, they really like pre-rolls in that state. When Americans want to buy pre-rolls, they typically choose the connoisseur/infused segment, which makes up 32.4% of sales. Canadians aren’t as picky and this same segment makes up only 0.1% of sales. Pricing is a possible reason for the large difference in Connoisseur/Infused market share between the two countries. In Canada, they are priced 57% higher than the average item price of the other segments, while in the US they are priced only 18% higher than the other segments.

Gage

Gage Growth Corp.  (CSE: GAGE) (OTCQX: GAEGF) reported its financial results for the third quarter ending September 30, 2021, with revenue rising to $27.2 million versus $26.4 million in the second quarter of 2021, a 3.2% increase. The net loss for the quarter was $3.7 million. Gage reported that the gross margin, before the impact of biological asset adjustments, was 36.5% in the third quarter versus 34.2% in the second quarter. The company said that the 230 basis point improvement quarter over quarter in gross margin to 36.5% was due to a greater mix of higher-margin sales from retail locations and cultivation capacity expansion via Gage-operated cultivation assets, contract growing partners, and lower input costs from dedicated wholesale partners.

Flora Growth

Flora Growth Corp. (NASDAQ: FLGC) has signed a licensing agreement with Tonino Lamborghini to produce and distribute Tonino Lamborghini branded CBD (cannabidiol) beverages across North America and Colombia under the company’s renowned luxury lifestyle brand. Mr. Tonino Lamborghini has been taking inspiration from his family heritage and his vast experience in mechanics and engineering to develop his homonymous lifestyle experience brand dedicated to luxury design products and real estate projects. The company said in a statement that the Tonino Lamborghini product line will be produced through Flora’s division and contain CBD and other premium cannabinoids such as cannabigerol (CBG). Under the licensing deal, Flora will retain the right of first refusal to produce and distribute any CBD or CBG products globally under the Tonino Lamborghini brand. The products will be produced in Florida initially for sale in US states where CBD ingestible are legal. Flora will be responsible for production and distribution and will target both ecommerce and brick-and-mortar channels.

In Other News

Novamind

 Novamind Inc. (CSE:NM)(OTCQB:NVMDF)reported its fiscal first-quarter results for the three months ended September 30, 2021, with total revenue of $1,857,750, +113% when compared to the same period last year. A debt-free balance sheet with $5,969,673 in cash and $2,018,971 in marketable securities and total working capital of $6,834,011 to fund operations. 

Red Light

Red Light Holland Corp. (CSE: TRIP) (OTC Pink: TRUFF) reported its financial results for the three months ended September 30, 2021 with revenues of $485,738 for the quarter resulting in a gross profit of $156,970, an increase of $61,240 (or 64.0%) over the previously reported quarter. The company has balance sheet strength including cash in the amount of $29.1 million. Hans Derix, Red Light Holland President said, “We have increased the number of stores that sell our iMicrodose psychedelic products from 25 to 39 (a 56% increase) in the Netherlands. This is a significant increase in market presence that was completed under the backdrop of retail pressure attributed to the continuing global pandemic. We have also developed and launched a newly branded Maka line of products. As a result of these efforts, we expect increased revenue related to psychedelic products and functional mushroom products in the coming quarters.”

Fire & Flower

Fire & Flower Holdings Corp. (OTCQX: FFLWF) announced that, in connection with the potential additional listing of the common shares on the Nasdaq, it has filed articles of amendment implementing a consolidation of the Shares on the basis of ten (10) pre-consolidation Shares for every one (1) post-consolidation shares. The Consolidation was previously approved by the Company’s shareholders at its annual and special meeting of shareholders held on June 9, 2021.

Trulieve

Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced the publication of its first Environmental, Social, and Governance (ESG) Report. The Report contains standard disclosures from the Global Reporting Initiative (GRI) Sustainability Reporting Standards, The Sustainability Accounting Standards Board (SASB) as well as the United Nations Sustainable Development Goals. The Report highlights ESG achievements to date and serves as a foundation for demonstrating how the Company’s ESG approach, strategies, and commitments are embedded within its core business.

Leave a Reply

Your email address will not be published. Required fields are marked *

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

We respect your privacy. See our privacy policy.


About Us

The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


READ MORE



Recent Tweets

@GreenMarketRpt – 3 days

Happy Friyay! Let’s hope we see more green than red today in the markets

@GreenMarketRpt – 3 days

It’s Thursday and that means it’s the last for the week.

Back to Top

Choose Your News

Subscribe to the Green Market Report newsletter that gives you original content delivered straight to your inbox.

 Subscribe

We respect your privacy. See our privacy policy.