Just a heads up, our next conference is in Los Angeles September 11-12. It is called The Economics of Branding and it will do a deep dive into all the facets of branding in the cannabis industry. Go to www.greenmarketsummit.com for more details and to buy tickets.
The bad news just keeps coming for CannTrust. This week the company said that Ontario informed them that some of its products are “non-conforming” under the Master Cannabis Supply Agreement. It has opted to return the product valued at C$2.9 million. CannTrust did note that Health Canada has not ordered a recall of its products.
iAnthus secured a $50 million loan, which will be doled out in two tranches of $25 million each with similar terms. iAnthus said it will use the money for its expansion efforts in Florida and the company’s new Be. retail locations in Nevada, New Jersey and New York. The company is expected to report its second-quarter earnings on August 27. Last month the company noted that its CBD For Life products will be sold in Dillards Department Stores.
BDS Analytics closed on a $7 million round of financing as did Helix BioPharma.
There were still some earnings coming out this week.
Cresco Labs reported that its revenue rose 253% to $29.9 million year over year and 42% sequentially. The net loss was $3.9 million with the blame going to tax items related to acquisitions.
TerrAscend reported second-quarter revenue of $17.6 million and raised guidance for the full year to $141 million from $135 million. Having said that the net loss jumped to $21 million from last year’s $5 million.
Indus Holdings reported second-quarter revenue rose 183% to $9.7 million over last year and a 51% jump over the first quarter.
ManifestSeven acquired the Haven dispensary in Santa Ana, while Acquired Sales is acquiring CBD Lion.
Some stock moves to cover for this week:
Organigram got approval from the Toronto Stock Exchange to begin trading this week and will keep the symbol OGI.
Cansortium began trading on the OTCQB with the symbol CNTMF along with Empower Clinics using the symbol EPWCF.
Valens GroWorks began trading on the OTCQX exchange this week with the ticker VGWCF.