The Every day Hit is a recap of the highest enterprise tales from the hashish trade for Could 10, 2022.
On The Web site
Cronos Group
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) delivered its 2022 first-quarter enterprise outcomes as income jumped by 99% to $25 million versus final 12 months’s $12 million for a similar time interval. Cronos attributed the rise to its section within the Israeli medical market and the Canadian adult-use market. Cronos beat the Yahoo Finance common analyst estimate for income of $23 million. Learn extra right here.
City-Gro
City-gro, Inc. (Nasdaq: UGRO) reported first-quarter monetary outcomes with income rising to $21.1 million versus $12.0 million within the prior-year interval, representing a rise of $9.1 million, or 76%. This beat the Yahoo Finance common analyst estimate for income of $19 million. City-gro attributed the expansion to a rise within the specification, procurement, and integration of cultivation gear tied to the expansion of latest and current mission contracts, in addition to $3.4 million of incremental providers income from acquisitions. Natural income progress was 48%, excluding the contribution from the 2WR+ acquisition. Learn extra right here.
Hydrofarm
Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) introduced monetary outcomes for its first quarter ended March 31, 2022, with internet gross sales remaining flat at $111.4 million, which missed the Yahoo Finance common analyst estimates for revenues of $129 million. The web loss was ($23.3) million, or a lack of ($0.52) per diluted share, in comparison with a internet earnings of $4.9 million, or $0.13 per diluted share. This additionally missed the estimates for earnings of ($0.06). Hydrofarm gave a 2022 forecast for internet gross sales of roughly $480 million to $520 million. Learn extra right here.
AFC Gamma
AFC Gamma, Inc. (NASDAQ: AFCG) introduced its outcomes for the primary quarter of 2022 with a internet earnings of $10.2 million or $0.53 per fundamental weighted common share of widespread inventory. The entire internet curiosity earnings was $16.9 million, a rise of $12.3 million, or 261%, in comparison with final 12 months. This simply beat the Yahoo Finance common analyst estimate for revenues of $16 million. The distributable earnings have been $11.9 million within the first quarter or $0.62 per fundamental weighted common share of widespread inventory, beating the estimates for earnings of $0.57. AFC paid a dividend of $0.55 per widespread share on April 15, 2022, for the quarter representing a ten% improve from the prior quarter. The distributable earnings considerably exceeded the declared dividend for the fourth consecutive quarter. Learn extra right here.
Flora Development
Flora Development Corp. (NASDAQ: FLGC) reported its monetary outcomes for the fiscal 12 months ended December 31, 2021 with whole income of roughly $9.0 million. The web loss for the 12 months was $21 million, which elevated over the earlier 12 months’s internet lack of $14 million. Income for the interval was considerably larger when in comparison with the prior 12 months, primarily reflecting that 2021 was Flora’s first full 12 months as a revenue-generating firm, which included the corporate’s preliminary public providing on the Nasdaq Capital Market in Could 2021. Learn extra right here.
Village Farms
Village Farms Worldwide, Inc. (NASDAQ: VFF) (TSX: VFF) introduced its monetary outcomes for the primary quarter ended March 31, 2022, as income rose 32% to $32 million over final 12 months’s $24 million for a similar time interval. the corporate additionally delivered a internet earnings of $1 million versus final 12 months’s internet lack of $2.8 million. Learn extra right here.
In Different Information
GrowGeneration
GrowGeneration Corp. (NASDAQ: GRWG) the biggest chain of specialty hydroponic and natural backyard facilities with 63 areas throughout 13 states reported monetary outcomes for the primary quarter ended March 31, 2022. Web gross sales declined 9.2% to $81.8 million pushed by softer trade demand. Comparable retailer gross sales for the quarter decreased 35.5%. Web lack of $5.2 million in comparison with internet earnings of $6.1 million final 12 months. Loss per share of $0.09 within the quarter. Learn extra right here.
MariMed
MariMed, Inc. (OTCQX: MRMD) introduced its monetary outcomes for the primary quarter ended March 31, 2022 with income rising 27% to $31 million. The Firm maintained its earlier monetary steerage for the fiscal 12 months 2022, together with income of $145 million to $150 million. Learn extra right here.
Corbus
Corbus Prescription drugs Holdings, Inc. (NASDAQ: CRBP) an immunology firm offered a company replace and reported monetary outcomes for the primary quarter of 2022. The Firm reported a internet lack of roughly $9.4 million, or a internet loss per diluted share of $0.08, for the three months ended March 31, 2022, in comparison with a internet lack of roughly $16 million, or a internet loss per diluted share of $0.14, for a similar interval in 2021. Learn extra right here.
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The statements made regarding these merchandise haven’t been evaluated by the Meals and Drug Administration. The efficacy of these merchandise has not been confirmed by FDA-approved evaluation. These merchandises are normally not meant to diagnose, cope with, treatment, or forestall any sickness. All knowledge discovered proper right here won’t be meant as another choice to or completely different from knowledge from well-being care practitioners. Please search the recommendation of your well-being care expert about potential interactions or completely different attainable points sooner than using any product. The Federal Meals, Drug and Magnificence Act requires this discovery.
