The Each day Hit is a recap of the highest hashish enterprise tales on Might 16, 2022.
On The Website
Charlotte’s Net
Charlotte’s Net Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) reported monetary outcomes for the primary quarter ending March 31, 2022 as web income fell 17% to $19.4 million versus $23.4 million for a similar time interval in 2021. Gross sales additionally fell sequentially from the fourth quarter’s revenues of $24.8 million and drastically missed the estimates from Yahoo Finance for gross sales of $27 million. Charlotte’s Net stated the lower was partly because of a brief closure of its manufacturing and delivery terminal in January after an area wildfire in Boulder County. Learn extra right here.
Tilt
TILT Holdings Inc. (NEO: TILT) (OTCQX: TLLTF) reported its monetary and working outcomes for the three months ended March 31, 2022. Tilt’s income was $42.4 million in comparison with $46.8 million within the year-ago interval. Nevertheless, income fell dramatically from the fourth quarter which was $54 million. Tilt stated the lower was primarily pushed by decrease gross sales quantity in its inhalation enterprise associated to the timing of purchases by sure giant prospects, in addition to value compression for the corporate’s bulk and house-branded wholesale hashish merchandise. Learn extra right here.
Planet 13
Planet 13 Holdings Inc. (CSE: PLTH)(OTCQX: PLNHF) introduced its monetary outcomes for the three-month interval ended March 31, 2022, with revenues rising 8% to $25.7 million from final yr’s $23.8 million. Nevertheless, Planet 13’s income fell sequentially from the fourth quarter’s $29 million. Based on Yahoo Finance, three analysts cowl the corporate and the common estimate for revenues was $46 million, so the corporate missed that by a mile. Learn extra right here.
Arcview
Arcview Capital in the present day introduced the launch of its fairness crowdfunding platform which is predicted to go stay by the tip of the second quarter. The platform is at the moment accepting functions and can deal with hashish and different adaptogenic plant-based companies like psychedelic plant medicines. Learn extra right here.
Auxly
Auxly Hashish Group Inc. (TSX: XLY) (OTCQX: CBWTF) launched its monetary outcomes for the three months ended March 31, 2022. Auxly reported web revenues rose 147% to $22.6 million versus $9.2 million throughout the identical interval in 2021. Revenues fell sequentially from the fourth quarter’s income of $29 million. Auxly admitted it had decrease winter yields at Auxly Leamington and {hardware} and packaging shortages because of provide chain disruptions. The corporate stated believes that these challenges are largely behind it, and may be very inspired by yield and general product high quality enhancements that it has seen at Auxly Leamington, which it believes will higher equip Auxly to fulfill the demand for its flower and pre-roll merchandise. Learn extra right here.
Col-Care
Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) reported monetary outcomes for the primary quarter ended March 31, 2022. Income for Columbia Care fell sequentially by 11% to $123 million from $139 million within the fourth quarter. It was a 43% improve over final yr’s income of $86 million for a similar time interval. It missed the Yahoo Finance common analyst estimates for income of $138 million. Learn extra right here.
Flower Energy
Within the hashish market, Flower continues to reign supreme because the dominant class in each market, although in keeping with a latest Headset report, market share is declining in each the US and Canada. Be that as it might, hashish flower is prone to maintain its prime spot as the patron favourite for a while to return because the least processed and most versatile (albeit additionally essentially the most inclined to commoditization and value compression) of all classes. Headset’s report appears to be like at modifications in market share over time, segments, pricing, demographics, and different metrics of efficiency within the Flower class. Information was collected from real-time gross sales reporting by collaborating hashish retailers through their point-of-sale methods. Learn extra right here.
In Different Information
The Guardian Firm
TPCO Holding Corp. (NEO: GRAM.U) (OTCQX: GRAMF) introduced its monetary outcomes for the quarter ended March 31, 2022. Internet gross sales fell 17% to $33.2 million and the web loss and complete loss had been $33.5 million. Gross sales additionally fell from the fourth quarter’s $39 million. The corporate stated it will minimize prices by 20% over the yr. Convention name within the morning. Learn extra right here.
Sundial
Sundial Growers Inc. (NASDAQ: SNDL) reported its monetary and operational outcomes for the primary quarter ended March 31, 2022. Internet income for the primary quarter of 2022 of $17.6 million, together with at some point of income on the acquisition of Alcanna, a rise of 78% over the primary quarter of 2021. Internet loss was improved to $38.0 million for the primary quarter of 2022 in comparison with a $134.4 million web loss within the first quarter of 2021, an enchancment of 72%. Learn extra right here.
CV Sciences
CV Sciences, Inc. (OTCQB:CVSI) introduced its monetary outcomes for the quarter ended March 31, 2022. Income of $4.4 million for the primary quarter of 2022, in comparison with $4.8 million for the primary quarter of 2021. Learn extra right here.
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Disclosure
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, take care of, treatment, or forestall any sickness. All knowledge discovered proper right here is not going to be meant as another option to or totally different from knowledge from well-being care practitioners. Please search the recommendation of your well-being care expert about potential interactions or totally different attainable points sooner than using any product. The Federal Meals, Drug and Magnificence Act requires this discovery.
