The Day by day Hit: February 17, 2021


It’s time to your Day by day Hit of hashish monetary information for February 17, 2021

On The Web site


Neptune Wellness Options, Inc.  (NASDAQ: NEPT) (TSX: NEPT) mentioned has entered into an settlement with institutional traders for the acquisition of 27,500,000 frequent shares that may carry the corporate gross proceeds of roughly $55.0 million earlier than deducting charges and different estimated providing bills. Neptune mentioned it expects to make use of the web proceeds for working capital and different basic company functions. The Providing is predicted to shut on or about February 19, 2021.


MedMen Enterprises Inc. (OTCQX: MMNFF) delivered its consolidated monetary outcomes for its second-quarter fiscal 2021 ending December 26, 2020. Web income throughout MedMen’s operations in California, Nevada, New York, Illinois, and Florida was $33.8 million for the second quarter, up 0.3% sequentially excluding Evanston. Nonetheless, the corporate delivered a internet lack of $68.9 million which included $24.0 million of tax provision expense, in comparison with a internet lack of $93.2 million which included a tax provision advantage of $14.6 million in the identical interval final yr.


HEXO Corp. (TSX: HEXO; NYSE: HEXO) is shopping for Zenabis World Inc.  (TSX: ZENA) in an all-stock deal valued at roughly $235 million. Zenabis had hinted that such a deal was within the making throughout its battle with Sundial.  In January, the corporate had mentioned it had began talks with one other vital licensed hashish producer, so it appears Hexo was the corporate. Zenabis inventory has jumped over 18% to currently commerce at 14 cents. The mixed group can be a top-three licensed producer by way of mixed Canadian leisure hashish gross sales.

JW Asset Mgmt

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Whereas most athletes align themselves with CBD manufacturers,  five-time NBA All-Star Chris Webber introduced a partnership with Jason Wild and JW Asset Administration, LLC to launch a $100 million personal fairness hashish fund that may spend money on firms led by entrepreneurs of colour pursuing careers within the hashish sector.

The sports activities star can also be the founding father of Webber Wellness, which can be a part of forces with JW Asset Administration to spend money on underrepresented entrepreneurs within the hashish business and supply them with an ecosystem of enterprise assets that may facilitate analysis and growth (R&D), cultivation, retail licensing, distribution, branding, and advertising. JW has been an lively investor within the hashish business since 2014 with over $2 billion in property beneath administration, investing in quite a few business leaders spanning multi-state operators, know-how, and retail firms. 

In Different Information

Tilray, Inc. (Nasdaq: TLRY) reported monetary outcomes for the total fiscal yr and fourth quarter ended December 31, 2020. Whole income elevated to $56.6 (C$74.4) million, up 20.5% in comparison with the fourth quarter of 2019. Hashish phase income elevated 46% to $41.2 million (C$53.6 million), primarily pushed by acceleration of Worldwide Medical gross sales (+191%) and Canadian Grownup-Use gross sales (+49%). Canadian medical gross sales grew 26% and there have been no bulk gross sales to different license producers. Hemp phase income decreased 18% to $15.3 million (C$20.5 million) primarily on account of a shift to personal label product with a big buyer and the influence of COVID-related adjustments to client buying patterns.

Web loss was $(3.0) million, or $(0.02) per share, in comparison with internet lack of $(219.8) million, or $(2.14) per share, within the fourth quarter of 2019 and internet lack of $(2.3) million, or $(0.02) per share within the third quarter of 2020.

Brendan Kennedy, Tilray’s Chief Govt Officer, said, “Over the course of 2020, and regardless of COVID-19 associated challenges, we remodeled and strengthened Tilray, delivered stable full yr outcomes, considerably lowered internet loss, and achieved our said objective of delivering break even or optimistic Adjusted EBITDA in This fall 2020. We did so by producing significant income development throughout our core companies, significantly worldwide medical and Canadian adult-use in This fall, and decreasing prices by $57 million on an annualized foundation in comparison with This fall of 2019. Because of this, we now function with a extra targeted, environment friendly and aggressive value construction. We additionally strengthened our steadiness sheet and positioned Tilray for development and success sooner or later together with Aphria. These outcomes required arduous work and dedication and I sincerely admire all the things the Tilray staff has accomplished to remodel our enterprise throughout 2020. We now sit up for the start of the subsequent chapter in our company journey.”

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