Here are the today’s cannabis news briefs for March 28, 2018
GrowGeneration Corp. (GRWG) reported that its revenues for the fiscal year 2017 rose 80% to $14.4 million over last year’s $8 million.
This despite the fact that the company had to close its Santa Rosa store due to the California wildfires for 17 days. The company believes the fire cost them $120,000 in lost revenue and then once the store was able to reopen, revenue fell by $100,000 a month. Gross profits for the year increased 48% to $3.3 million versus last year’s gross profit of $2.2 million.
The Hydropothecary Corporation reported its financial results for the second quarter of the 2018 fiscal year. Revenue for the second quarter increased 29% and was driven mainly by increased sales volume, offset partially by lower average selling prices. Sales of medical cannabis of 131,501 gram equivalent, up 9% sequentially from the first quarter of fiscal 2018 and up 45% year-over-year compared to the second quarter of fiscal 2017.
Aurora Cannabis Inc.
Aurora Cannabis (ACBFF) announced that it finally closed the acquisition of CanniMed Therapeutics the Company now owns approximately 95.9% of CanniMed’s common shares. Aurora plans to acquire the remaining outstanding shares it does not already own through a compulsory share acquisition, pursuant to the Canada Business Corporations Act.
Namaste Technologies Inc.
Namaste Technologies (NXTTF) appointed Branden Spikes, Laurens Feenstra and Donald William Nickless for positions on Namaste’s 2018 board of directors. The Nominees and proposed board members have served in critical roles at Google, SpaceX, and Seagram’s International, and bring an intangible amount of value in helping advance the Company’s technology through innovation.
Marapharm Ventures has been granted both Adult-Use and Medicinal temporary retail licenses, for its retail dispensary operation in Desert Hot Springs, California.
At this time, the State of California has only issued temporary licenses while they develop permanent regulations. The Company will apply, with all other temporary license holders in the State of California, for permanent licenses within the next three months.