It’s time for your Daily Hit of cannabis financial news for Tuesday, November 9th, 2021.
On the Site
Springbig to Go Public Through Tuatara SPAC
Cannabis tech company Springbig is going to become a publicly-traded company through the SPAC Tuatara Capital Acquisition Corporation (NASDAQ: TCAC). The new symbol when the company begins trading on NASDAQ will be SBIG. It is expected to close in the first quarter of fiscal 2022.
iAnthus Reports Falling Revenue As Shareholders Get Another Chance
After the markets closed on Monday, iAnthus Capital Holdings, Inc. (OTC: ITHUF) reported its financial results for the quarter ending September 30, 2021. Revenue for the third quarter was $49.3 million, up 21% from the same quarter in the prior year, but it dropped 9% sequentially. The net loss was $15.8 million, or a loss of $0.09 per share, compared to a net loss of $25.5 million, or a loss of $0.15 per share, in the same quarter in the prior year.
In Other News
Aurora Cannabis Announces Results for First Quarter 2022
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB), announced its financial and operational results for the first quarter of 2022. The total cannabis net revenue was $60.1 million, a 10% sequential increase from the prior quarter. The company’s adjusted EBITDA loss was $12.1 million.
“During the quarter, total cannabis net revenue increased by approximately 10% sequentially, driven by our industry leading and high margin global medical cannabis business. Our premiumization strategy also gained traction, as evidenced by 29% sequential revenue growth in our premium dry flower brands of San Rafael ’71 and Whistler, primarily driven by the launch of three new Coast cultivars,” said Miguel Martin, Chief Executive Officer of Aurora Cannabis.
Village Farms Announces Third Quarter 2021 Financial Results
Village Farms International, Inc. (NASDAQ: VFF) (TSX: VFF) announced their results for the third quarter of 2021. With the company’s acquisition of hemp company, Balanced Health Botanicals, U.S. and Canadian operations generated $31.2 million in sales. Village Farms finished the quarter with a 44% gross margin, above the company’s target range of 30-40%. The company also launched 31 new SKUs across four product categories.
“Our strong third quarter results were driven by another record performance from our Canadian cannabis business, Pure Sunfarms, as well as a partial quarter’s contribution from the acquisition of Balanced Health Botanicals, and improved results in our Village Farms Fresh Produce business,” said Michael DeGiglio, CEO, Village Farms.