It’s time in your Each day Hit of hashish monetary information for September 28, 2021.
On The Website
Village Farm
Village Farms Worldwide, Inc. (NASDAQ:VFF) (TSX:VFF) has entered into an choice settlement to purchase an 80% possession curiosity in Netherlands-based Leli Holland B.V. for EUR50,000. Leli is without doubt one of the ten candidates chosen by lottery to obtain a license to legally domesticate and distribute hashish to retailers (often called “espresso outlets”) when the Dutch authorities implements its Experiment to Examine Closed Hashish Provide Chains, additionally recognized by the Dutch acronym “WECG”). The Dutch Provide Chain Experiment, which is scheduled to function for no less than 4 years with the potential for nationwide expansions, is anticipated to be the primary authorized leisure hashish market in Europe.
Goodness Development
Goodness Development Holdings, Inc. (CSE: GDNS)(OTCQX: GDNSF) closed on a sale/leaseback deal with Revolutionary Industrial Properties, Inc. (IIP) (NYSE: IIPR) in New York. Goodness Development reported that it bought IIP roughly 92.3 acres of land for $1.2 million. The positioning is subsequent to Goodness Development’s present hashish cultivation and processing facility in Johnstown, New York, which was previously the location of a juvenile detention middle. IIP mentioned it plans to supply a tenant enchancment reimbursement to Goodness Development of roughly $55 million for the development of a brand new 324,000 sq. foot hashish cultivation, processing, and analysis and improvement facility.
SEC
The Securities and Change Fee has filed a lawsuit towards Wyoming-based VerdeGroup Funding Companions, Inc. and its principal Thomas Gaffney (Gaffney), who’s a repeat securities fraud offender. The SEC additionally included the corporate’s investor relations contact, Lisa Gordon. They’re accused of elevating greater than $600,000 from over two dozen buyers for a hashish funding that by no means occurred. The SEC famous that Gaffney has performed this earlier than having been beforehand charged by the SEC and prosecuted by prison authorities for securities fraud.
In Different Information
C21
C21 Investments Inc. (CSE: CXXI) (OTCQX: CXXIF) introduced unaudited outcomes for its second-quarter ending July 31, 2021. Income for the second quarter was $9.0 million, down 1.9% from Q1, in keeping with related trade tendencies seen within the Western markets (the State of Nevada reported a 6% decline in hashish gross sales from April to June 20212). Regardless of market circumstances, C21 remained targeted on sustaining the effectivity of its operations, with the Nevada section persevering with to ship extremely worthwhile outcomes, together with $7.8 million adjusted EBITDA year-to-date. The corporate reported a Web Earnings of $3.7 million for Q2 or $0.03 Earnings Per Share and $0.06 EPS year-to-date. This included modifications within the truthful worth of by-product liabilities (see MD&A). Excluding the modifications in by-product liabilities, Adjusted Web Income1 was $1.0 million for Q2 or $0.01 Earnings Per Share.
“C21 continues to ship robust, worthwhile bottom-line efficiency with one of many main money circulation margins within the trade. Money Move from Operations was up 32% over Q1 leading to a reported $0.03 in Earnings per Share, and enabling an extra vital discount in Whole Liabilities,” mentioned Sonny Newman, President, and CEO of C21. “We accomplished our first part buildout of our cultivation enlargement on finances, and count on its first harvest subsequent week, which we anticipate will enhance top-line outcomes and additional strengthen working margins going ahead. We proceed to work diligently to ship higher scale for the Firm.”
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