It’s time to your Every day Hit of hashish monetary information for November 23, 2021.
On The Web site
MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) has received its case that was introduced by former CFO James Parker. In 2019, Parker filed a lawsuit in opposition to MedMen, alleging wrongful termination, breach of contract, and retaliation, in search of in extra of $20 million in damages. The case was notable for its scandalous accusations together with the creation of a poisonous office and solutions that the corporate paid a 3rd get together to purchase the inventory and push up share costs.
Organigram Holdings Inc. (NASDAQ: OGI) reported its outcomes for the fiscal fourth-quarter ending August 31, 2021, with income rising 22% to $24.9 million, from $20.4 million in the identical time interval for 2020. Organigram mentioned the rise was primarily because of a rise in adult-use leisure income, partly offset by the lower in worldwide income, medical income, wholesale income to different Licensed Producers, and a decrease common internet promoting value. The inventory was leaping over 10% in early buying and selling on the outcomes and was currently promoting at $2.06. The corporate additionally reported a internet lack of $26.0 million, which was an enchancment over final 12 months’s internet lack of $38.6 million. the corporate mentioned this was largely as a result of larger gross margin within the quarter which was partially offset by the impairment prices throughout the present quarter. The quarter additionally reported that the adverse adjusted EBITDA decreased 48% from $9.2 million within the third fiscal quarter to $4.8 million. This enchancment was primarily attributed to the rise in revenues and the improved adjusted gross margin.
Australis Capital Inc. (CSE: AUSA) (OTC: AUSAF) often known as Audacious, has delivered its financials and administration dialogue and evaluation for its fiscal second quarter of fiscal 2022 (the 12 months ending March 31, 2022), the interval ending September 30, 2021. Australis reported complete revenues elevated 2,068% 12 months over 12 months to $2.3 million and elevated 31% from $1.73 million within the first fiscal quarter of 2021. The corporate reported a internet lack of $(4.32) million, or $(0.02) per share, in comparison with a internet lack of $(5.82) million, or $(0.03) per share, within the second quarter of 2021, and a internet lack of $(9.67) million, or $(0.04) per share within the first quarter of 2022. The prior 12 months’s internet loss was larger because of settlement prices and the web loss for the primary fiscal quarter of 2022 was larger because of a decline in funding values.
Psychedelic remedy firm Cybin Inc. (NEO:CYBN) (NYSE: CYBN) has been awarded a grant for the primary psychedelic therapy clinic at Lenox Hill Hospital, a part of Northwell Well being, to serve marginalized and underserved communities on the Higher East Aspect of Manhattan, New York. This system has hopes to change into one of many first hospital-based scientific websites to supply psychedelic medication in the USA.
In Different Information
Planet 13 Holdings Inc. (CSE:PLTH) (OTCQB:PLNHF) introduced its monetary outcomes for the quarter ending September 30, 2021. Revenues had been $33.0 million as in comparison with $22.8 million, a rise of 45%. The online loss earlier than taxes of $4.6 million as in comparison with a internet revenue of $3.4 million. Larry Scheffler, Co-CEO of Planet 13 mentioned, “Together with our dispensary operations, our product manufacturers are performing nicely with Trendi vapes seeing 110% greenback gross sales progress 12 months over 12 months based on Headset. It now makes up about ~5% of Vape gross sales and seven% of Focus gross sales and HaHa edibles was ~14% of edibles gross sales within the State.”
“Together with stellar efficiency from our Nevada operations, this was an enormous quarter in direction of securing the long run progress of Planet 13. We opened our California retailer, and whereas preliminary gross sales progress has been slower because of headwinds from COVID and premature street development across the SuperStore, buyer critiques have been excellent. We anticipate progress as these headwinds abate,” commented Bob Groesbeck, Co-CEO of Planet 13. “We additionally received a dispensary license for the Chicago space giving us a transparent path for our subsequent SuperStore, and bought a Florida license that may permit us to vertically combine and open a number of neighborhood and SuperStores within the state.”
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