Earnings season is in full swing, and this past week a large group of cannabis operators gave investors a glimpse behind the curtain into their finances.
Also this week, a Canadian retailer entered the US market for the first time, and an investment operator received a substantial amount of capital from a recognized player.
Keep reading to find out more cannabis highlights from the past five days.
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Earnings season provides closer look at cannabis operations
Investors have been busy keeping up with the barrage of recent financial reports from a vast collection of cannabis companies in the public markets.
These reports offer a look at the progress for cannabis operators and where some may be ahead while others struggle. The following list shows some of the companies that released figures this past week:
US companies
Cresco Labs (CSE:
CL
,OTCQX:CRLBF)
: This operator
reported net income
of US$2.7 million thanks to a revenue line of US$210 million, which means the company confirmed its guidance of an “annualized revenue run-rate of US$1 billion by the end of 2021.”
Curaleaf Holdings (CSE:
CURA
,OTCQX:CURLF)
: The Massachusetts-based cannabis company
reported a net loss
of US$7 million for the Q2 period, mostly attributed to higher stock-based compensation and the expenses of its expansion plan into Europe. Executive Chairman
Boris Jordan said the company is encouraged by the progress of federal cannabis policy in the US.
Trulieve Cannabis (CSE:
TRUL
,OTCQX:TCNNF)
: Amid its continued operational
growth during the Q2 period
, the company highlighted its expansion into
Massachusetts
and
West Virginia.
Charlotte’s Web Holdings (TSX:
CWEB
,OTCQX:CWBHF)
: This CBD manufacturer reported a revenue increase of 11.4 percent to US$24.2 million for Q2. “We believe we are best positioned to take advantage of the return to brick and mortar retail as we hold the number one share position in the food/drug/mass and natural specialty retail channels in the US,” Deanie Elsner, CEO of Charlotte’s Web, said.
Canadian companies
Village Farms International (NASDAQ:
VFF
,TSX:VFF)
: This company manages the licensed producer Pure Sunfarms and
reported a banner Q2
with sequential growth for the cannabis brand. “Our continued market share, leadership and growth … gives us even more confidence that we will achieve our stated goal of 20 percent market share in dried flower in
Canada,
” Village Farms CEO
Michael DeGiglio said.
Cannabis Market Could Reach $5.5B By End Of Year
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Sundial Growers (NASDAQ:
SNDL
)
: This Alberta-based cannabis producer
reported a net loss
of C
$52.3 million
for Q2 despite an increase of 8 percent in its gross cannabis revenue from the previous quarter. “Our second quarter performance continued to be impacted by the liquidation of discounted inventory and our refusal to push sub-optimal product into the market,” Sundial CEO
Zach George said.
Neptune Wellness Solutions (NASDAQ:
NEPT
,TSX:NEPT)
: This cannabis company
posted a net loss
of C$23 million, which represents a higher loss from the same period last year. President and CEO
Michael Cammarata said his team needs to do more to bring the company into profit and deliver for investors; he also highlighted that revenue for the company exceeded expectations.
Cannabis company news
-
The Valens Company (TSX:
VLNS
,OTCQX:VLNCF)
announced the launch
of three new novel cannabis products in the Canadian market, done in collaboration with its partner Verse Cannabis. These include two new vape cartridges and the brand’s first cannabis-infused beverage.
-
Fire & Flower Holdings (TSX:
FAF
,OTCQX:FFLWF)
gave an update
on its US market aspirations as it opened its first store in Palm Springs, California, through its partner American Acres Managers, which has also changed its operational name to “Fire & Flower US Holdings.”
-
RIV Capital (TSX:
RIV
,OTC Pink:CNPOF)
secured a
US$150 million strategic investment
from the Hawthorne Collective, a brand new cannabis subsidiary of
Scotts Miracle-Gro Company (NYSE:
SMG
)
. “The Investment opens opportunities for considerable value creation and growth for RIV Capital, including potential access to additional capital that will accelerate our platform’s growth,” Narbé Alexandrian, president and CEO of
RIV Capital, said.
-
BevCanna Enterprises (CSE:BEV,OTCQB:BVNNF)
told investors
it expects to see its products available in the Ontario Cannabis Store system by the month of September after it obtained purchase orders from the provincial retailer.
Don’t forget to follow us
@INN_Cannabis
for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Cannabis Market Could Reach $5.5B By End Of Year
Experts Weigh In On Our Exclusive FREE Report. Can You Afford To Miss Out?
