The Each day Hit is a recap of the highest enterprise tales from the hashish trade for March 21, 2022.
On The Web site
Parallel
At first of March, a criticism was filed within the New York County Supreme Courtroom and the Southern District of Florida. Then nearly instantly the courtroom paperwork had been closely redacted. It appears some buyers of privately-owned Surterra Wellness, now often known as Parallel are fairly offended about what occurred to their funding {dollars}. Whereas some parts stay unclear, there’s nonetheless so much that may be gleaned from the criticism and allegations. Each circumstances recommend that Wrigley loaded up Parallel with extreme debt and misrepresented the well being of the hashish firm. The criticism alleges that his purpose was to get the corporate taken public via the Ceres Acquisition Corp SPAC after which exiting with a revenue. Learn extra right here.
Akerna
Akerna (Nasdaq: KERN) reported its unaudited monetary outcomes for the quarter and yr ended December 31, 2021. Within the fourth quarter, Akerna delivered complete income of $6.6 million, up 61% year-over-year and a rise sequentially from the third quarter’s income of $5.1 million. The loss from operations was $20.1 million, a rise of $9.9 million over final yr’s fourth quarter. The online loss was $19.5 million a rise of $7.2 million over final yr and an enormous leap from the third quarter’s web lack of $1.3 million. For the total yr, complete income was $20.7 million, up 49% year-over-year. The loss from operations was $33.4 million, up $6.6 million year-over-year and the web loss was $33.6 million, up $6.7 million year-over-year. Learn extra right here.
Gross sales Slowing
Solely a few weeks into the Covid lockdown of March 2020, hashish dispensaries had been deemed “important”, which meant that they had been allowed to proceed promoting medical and/or leisure merchandise in states the place these transactions had been already authorized. As shoppers rushed to grocery shops to top off on rest room paper and disinfectants, many made detours by their native dispensaries as effectively, a minimum of based on information introduced in a March 16, 2020 Headset report that confirmed a noticeable enhance in gross sales from the week prior. Flowhub’s gross sales numbers additionally confirmed a pointy improve following the designation of Covid as a ”pandemic”, with a second spike occurring after many statewide masks mandates had been lifted in 2021. Learn extra right here.
Nova
Nova Hashish Inc. (TSX: NOVC) reported its audited annual consolidated monetary statements and administration’s dialogue and evaluation for the yr ended December 31, 2021. Nova reported that fourth-quarter gross sales elevated 175.9% to $47.6 million over final yr and was a 23.2% improve over the third quarter of 2021. The corporate attributed the gross sales progress to the continued conversion of legacy shops to the Worth Buds banner all through 2021 and the opening of latest shops, notably in Ontario. Learn extra right here.
In Different Information
Cronos Group
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) has appointed Mike Gorenstein as Chairman, President, and Chief Govt Officer, efficient March 21, 2022, in reference to Kurt Schmidt’s retirement. Gorenstein beforehand served as Chairman, President and Chief Govt Officer of Cronos till September 2020, when he transitioned to the Govt Chairman position. As well as, Gorenstein is a Co-Founder and passive Member of Gotham Inexperienced Companions. Learn extra right here.
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