The Every day Hit is a recap of hashish enterprise information for August 15, 2022.
ON THE SITE
Auxly Revenues Enhance, Tries to Reduce Prices
Auxly Hashish Group Inc. (TSX: XLY) (OTCQX: CBWTF) launched its monetary outcomes for the three months ending June 30, 2022. Whole internet revenues from the sale of adult-use hashish in Canada had been $27.3 million for the quarter, a 31% enhance from the identical interval final yr. The web losses for Auxly within the quarter virtually doubled from final yr’s $8.6 million to this yr’s $14.2 million. Learn extra right here.
Columbia Care Will get Increase From New Jersey Gross sales
Columbia Care Inc. (CSE: CCHW) (OTCQX: CCHWF) reported monetary outcomes for the second quarter ending June 30, 2022, with income rising 18% to $129 million over final yr’s $109 million. Income grew 5% sequentially from the primary quarter. The corporate reported a internet lack of $54 million versus final yr’s internet lack of $18 million, increased than the earlier quarter’s internet lack of $27 million. That is additionally anticipated to be the final quarterly earnings report earlier than the corporate combines with Cresco Labs. Learn extra right here.
Agrify Stories Losses, Lowers Steering
Agrify Company (Nasdaq: AGFY) up-ticked in early buying and selling Monday regardless of the corporate posting outcomes far beneath analysts’ expectations — displaying the waning demand for hydroponics amid the financial slowdown. Pink extra right here.
4Front M&A Technique Pays Off, Plans for Bloom Farms Purchased Deal
After the market closed on Monday, 4Front Ventures Corp. (CSE: FFNT) (OTCQX: FFNTF) posted constructive outcomes — buoyed by progress from profitable M&A offers over the previous yr. The vertical multi-state operator introduced its monetary outcomes for the second quarter ended June 30, 2022. Learn extra right here.
IM Hashish Revenues Rise as Firm Burns Via Money
IM Hashish Corp. (CSE: IMCC) (NASDAQ: IMCC) reported monetary outcomes for its second quarter ended June 30, 2022. IMCC mentioned that revenues rose 114% within the second quarter and had been $23.8 million versus the identical quarter final yr. Whole dried flower bought was 3,210 kilograms at a median promoting value of $5.72 per gram, in comparison with 1,842 kilograms for a similar interval in 2021 at a median promoting value of $3.92 per gram. Learn extra right here.
Atai Life Cuts Bills, Extends Money Runway
Atai Life Sciences (NASDAQ: ATAI) introduced fiscal second-quarter outcomes right this moment for the quarter ending June 30, 2022 with no income, however an replace on bills and money ranges. Learn extra right here.
Rubicon Organics Gross sales Rise as Premium Model Grows
Rubicon Organics Inc. (OTCQX: ROMJF) delivered principally constructive outcomes on Monday as the corporate begins to submit earnings — buoyed by its premium flower and pre-roll line. The Vancouver cultivator launched its monetary outcomes for the second quarter ending June 30, 2022. Rubicon reported roughly $8.8 million in internet income throughout the interval, a 92% achieve versus the identical interval final yr. Learn extra right here.
Planet 13 Misses on Income Regardless of Quarter Uptick
Planet 13 Holdings (OTC: PLNHF) posted outcomes that missed expectations — displaying how waning demand and slimming margins are affecting even the biggest operators. The Nevada-based hashish superstore delivered its monetary outcomes for the second quarter ending June 30, 2021. Learn extra right here.
Sundial Sees Report Income as Growth Bid Pays Off
SNDL Inc. (NASDAQ: SNDL) posted constructive outcomes as the corporate reaps document income from this yr’s M&A bets. The Canadian vice operator — previously referred to as Sundial Growers Inc. — delivered its second-quarter outcomes ending June 30, 2022. Learn extra right here.
CV Sciences Misses Expectations as Hemp Demand Stutters
CV Sciences, Inc. (OTCQB: CVSI) gross sales fell within the quarter as demand for hemp-derived merchandise continues to fade. The hemp operator introduced its monetary outcomes for the quarter ending June 30, 2022. Learn extra right here.
Psychedelics Aren’t for Everybody
Earlier than any medical trials for psychedelics are begun, there’s a commonplace however essential vetting course of. A hopeful participant can get excluded from a trial due to uncontrolled hypertension; a historical past of extra danger elements akin to coronary heart failure; proof or historical past of great medical problems; symptomatic liver illness; or as a result of they’re abusing unlawful medication. Learn extra right here.
IN OTHER NEWS
Avicanna Inc.
Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a industrial stage, worldwide biopharmaceutical firm centered on the commercialization of cannabinoid-based merchandise, introduced the submitting of its interim monetary statements for the three-month interval ending June 30, 2022. Learn extra right here.
TPCO Holding Corp.
TPCO Holding Corp. (NEO: GRAM.U) (OTCQX: GRAMF), a consumer-focused California hashish firm, right this moment introduced its monetary outcomes for the quarter ended June 30, 2022. All quantities are expressed in U.S. {dollars}. Learn extra right here.
Ascend Wellness Holdings, Inc.
Ascend Wellness Holdings, Inc. (CSE: AAWH.U) (OTCQX: AAWH), a vertically built-in multi-state hashish operator, right this moment reported its monetary outcomes for the three months ended June 30, 2022. Monetary outcomes are reported in accordance with U.S. usually accepted accounting rules and all foreign money is in U.S. {dollars}. Learn extra right here.
Flora Development Corp.
Flora Development Corp. (NASDAQ: FLGC), a producer and distributor of world hashish merchandise and types, reported right this moment its monetary and working outcomes for the six months ended June 30, 2022. All monetary info is supplied in U.S. {dollars} until indicated in any other case. Learn extra right here.
The Flowr Company
The Flowr Company (TSX.V: FLWR; OTC: FLWPF) introduced the closing of the beforehand introduced sale of the Flowr Forest property to an arm’s size third get together for combination proceeds of $3.4 million. The corporate used a portion of the proceeds from the sale of this non-core asset to repay the excellent steadiness of its ATB-led credit score facility in full. The corporate, now financial institution debt free, intends to the use the remaining proceeds for working capital. Learn extra right here.
InterCure Ltd.
InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR) introduced its monetary outcomes for the second quarter of 2022 and supplied shareholders with a enterprise replace. All quantities are expressed in Canadian {dollars} or New Israeli Shekels (NIS), until in any other case famous. Learn extra right here.
Neptune Wellness Options Inc.
Neptune Wellness Options Inc., (NASDAQ: NEPT) (TSX: NEPT), a diversified and totally built-in well being and wellness firm centered on plant-based, sustainable and purpose-driven life-style manufacturers, right this moment introduced its monetary and working outcomes for the three-month interval ending June 30, 2022. Learn extra right here.
SpringBig Holdings, Inc.
SpringBig Holdings, Inc. (NASDAQ: SBIG), a supplier of SaaS-based advertising and marketing options, shopper cellular app experiences and omnichannel loyalty packages to the hashish business, right this moment introduced its monetary outcomes for the second quarter ended June 30, 2022. Learn extra right here.
TILT Holdings Inc.
TILT Holdings Inc. (NEO:TILT) (OTCQX: TLLTF), a worldwide supplier of hashish enterprise options that embrace inhalation applied sciences, cultivation, manufacturing, processing, model growth and retail, is reporting its monetary and working outcomes for the three months and 6 months ended June 30, 2022. Learn extra right here.
LiveWire Ergogenics Inc.
LiveWire Ergogenics Inc. (OTC: LVVV), an organization centered on buying, leasing, licensing, and managing particular goal actual property properties conducive to producing sun-grown hashish merchandise for medical and leisure adult-use in California, reported monetary outcomes for the second quarter 2022. Learn extra right here.
urban-gro, Inc.
urban-gro, Inc. (Nasdaq: UGRO), an built-in skilled providers and design-build agency providing options to the managed surroundings agriculture (CEA) and industrial sectors, right this moment reported second quarter monetary outcomes. Learn extra right here.
Discipline Journey Well being & Wellness Ltd.
Discipline Journey Well being & Wellness Ltd. introduced that it has filed a list software in reference to the beforehand introduced intention to record its widespread shares on the TSX Enterprise Trade (TSXV). It’s anticipated that the shares will start buying and selling on the TSXV beneath the ticker image “FTHW” on the opening of the market on August 17, 2021. Learn extra right here.
Small Pharma Inc.
Small Pharma Inc. (TSXV: DMT) (OTCQB: DMTTF), a biotechnology firm centered on short-acting psychedelic-assisted therapies for psychological well being circumstances, right this moment introduced that it has acquired approval from the U.Ok. Medicines and Healthcare merchandise Regulatory Authority (MHRA) and the Regional Ethics Committee to provoke a drug interplay medical trial within the U.Ok. The research will assess the interplay between serotonin reuptake inhibitors (SSRIs) and SPL026, the corporate’s lead N, N-dimethyltryptamine (DMT) candidate, in sufferers with main depressive dysfunction. 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 often 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 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.
