It’s time to your Each day Hit of hashish monetary information for September 14, 2021.
On the Web site
Excessive Tide Inc. (NASDAQ: HITI) reported its monetary outcomes for the third fiscal quarter of 2021 ending July 31, 2021, as income elevated by 99% to $48.1 million versus $24.1 million in the identical quarter final yr. Excessive Tide famous that the monetary outcomes included the acquisition of META Development Corp., Smoke Cartel, Fab Diet, and DHC Provide LLC. The online loss for the quarter was $1.7 million versus final yr’s web earnings of $3.8 million for a similar time interval. Geographically, $38.4 million of income was earned in Canada and $9.6 million in the US. Income from the U. S. elevated to $9.6 million, versus $5.7 million for the second quarter of 2021, representing a 69% improve sequentially.
Fireplace & Flower
Fireplace & Flower Holdings Corp. (OTCQX: FFLWF) introduced its monetary outcomes for the fiscal second-quarter ending July 31, 2021, as income rose 51.4% to $43.3 million over final yr’s $28.6 million. Fireplace & Flower delivered a web earnings of $19 million versus final yr’s web lack of $29 million. Digging into the corporate’s earnings, retail income rose by 36.3% year-over-year to $31.8 million. Nonetheless, in troubling information, the corporate famous that same-store gross sales decreased 14% for forty-eight (48) shops in operation through the comparable interval in Q2 2021 as a result of a surge in newly licensed retail hashish shops in Ontario, from 665 on Could 1, 2021, to 981 at July 31, 2021. Fireplace & Flower contributed to the surge by opening seven new shops in Canada, bringing whole shops to 91. In early June 2021, the Ontario hashish market opened up from lockdown as a result of COVID-19, permitting for foot visitors into all Fireplace & Flower retail shops.
It’s an indication of how tough it’s to be a CBD-only firm. This week Plus Merchandise Inc. (CSE: PLUS) (OTCQX: PLPRF) filed for the Canadian model of chapter. In accordance with Plus’ submitting, it has secured courtroom safety from its collectors underneath the Corporations Collectors Association Act or “CCAA”, with the intention to restructure its enterprise and monetary affairs. Plus Merchandise has canceled its Annual Common Assembly beforehand scheduled for September 14, 2021.
WM Expertise, Inc., higher referred to as Weedmaps (Nasdaq: MAPS) is shopping for Sprout, a number one, cloud-based CRM & advertising platform for the hashish trade. Weedmaps didn’t disclose the valuation of the deal. Sprout is a hashish CRM and advertising software program platform utilized by dispensaries and hashish manufacturers throughout the US, Canada, and Puerto Rico. Sprout’s hashish CRM platform contains a whole suite of omnichannel advertising options together with buyer relationship administration, textual content & electronic mail advertising, loyalty, cell wallets, QR codes, cell surveys, cell coupons, superior buyer segmenting, and analytics.
In Different Information
The worldwide consortium Gateway Confirmed Methods (GPS.International) declares the acquisition of the International Hashish Community Collective (GCNC), an elite community for hashish executives constructing and reworking the worldwide hashish commerce. The settlement brings Chris Day and Jillian Reddish, co-founders of GCNC, into possession and govt positions at GPS. The duo continues to function the GCNC day-to-day.
“This can be a true merging of the minds. We have now nice respect for GCNC’s achievements becoming a member of world firms to develop the worldwide provide chain. This acquisition is a pure match initiating the subsequent section for GPS. It accelerates our aim of being probably the most trusted agency centered on serving to firms navigate world markets and supporting ethically-minded entities in increasing the hashish market,” stated GPS Founder and Chairman, Bob Hoban.
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