It was a big week in Washington for the industry and I don’t mean the debates or the impeachment hearings. The House Judiciary Committee passed the MORE Act, which is legislation to remove cannabis from the controlled substances act and decriminalize it. It will also remove prior and pending marijuana convictions. The next step would be for the legislation to go to a full house vote and then on to the senate. After that, it would still need to be signed by the president. It’s the most comprehensive cannabis reform bills introduced in Congress.
We started the week absorbing the news released after the market close on Friday that MedMen was slashing its ranks and scaling back its expansion plans. 190 employees got pink slips and the company is selling off its assets.
It was another big week for earnings. We’re just going to hit the high notes here.
Trulieve announced Q3 revenue of $70 million which beat estimates and a nice net income of $57 million.
Green Thumb Industries reported third-quarter revenue of $68 million, but a net loss of $17 million.
Harvest Health delivered revenue of $33 million for its third quarter, but a net loss of $39 million.
Beleaguered TILT Holdings turned a corner and delivered net income for the quarter of $26 million on revenue of $46 million.
iAnthus delivered $22 million in revenue, but also a net loss of $15 million.
Aurora Cannabis reported a drop in revenue and said it suspended construction at two of its largest greenhouses.
HEXO reported that it was growing plants in unlicensed rooms, but unlike CannTrust, Health Canada said they were okay with the company’s actions.
And Sunniva took a big hit as the company’s president resigned, just one week after the CFO quit.