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However, Maryland (65.5%) and Missouri (53.1%) both approved adult-use cannabis. There were alot of nervous people in New York when it was feared that anti-cannabis Republican Lee Zeldin could win, but cannabis-friendly Kathy Hochul went on to win and become the first elected female governor in the state.
Earnings season is upon us and most companies have struggled through massive headwinds to deliver.
WM Technology Inc. or Weedmaps (Nasdaq: MAPS) posted a $10.5 million loss in the third quarter this year – a drastic downturn from a year ago. That news was accompanied by the departure of longtime CEO Chris Beals. Revenues for the quarter held relatively steady at $50.5 million compared with $50.9 million for the previous-year period. The company said it expects a year-over-year decline in the low double-digit percentage area for fourth quarter revenue.
Curaleaf Holdings Inc. (CSE: CURA) (OTCQX: CURLF) posted mixed results Monday as the company met revenue expectations, despite seeing lower operational margins and rising net losses. Curaleaf eked out past expectations and delivered $340 million during the period. Curaleaf also reported a second-quarter net loss of $54.7 million compared with a net loss of $28.2 million in the second quarter.
Florida-based multistate operator Trulieve (CSE: TRUL) (OTCQX: TCNNF) announced a $115 million loss for the third quarter this year. Revenue increased to $301 million from last year’s $224 million but fell 6% from the second quarter of this year.
Ayr Wellness’s second-quarter revenue rose 24% to $119 million over last year’s revenue of $96 million and an increase of 8.6% sequentially. Despite expected price compression Ayr believes it will see 10% growth in the next quarter.
High Times is buying cannabis company Moxie Holdings in an all stock deal. High Times stock though doesn’t sell and the company is currently in default on its debt. Likewise, Moxie has attempted to go public twice and both times it wasn’t successful. Moxie is also involved in a lawsuit over not paying its debt as well.
That’s it for this week. We’ll see you next week in Vegas at the MJ Biz conference.