The Each day Hit is a recap of hashish enterprise information for August 16, 2022.
ON THE SITE
Verano Income Rises However Misses Estimates
Verano Holdings Corp. (CSE: VRNO) (OTCQX: VRNOF) introduced its unaudited monetary outcomes for the second quarter ended June 30, 2022, with income growing 12% to $224 million versus the identical time interval in 2021. The corporate additionally trimmed its internet losses to $10 million from final 12 months’s internet lack of $30 million. Learn extra right here.
Greenlane Income Drops, Appears to be like to Promote KushCo
Greenlane Holdings, Inc. (NASDAQ: GNLN) slumped in buying and selling Tuesday morning with firm income dropping, because it strikes to dump its packaging division — KushCo — with a purpose to reinvest in its model homes and discover extra income. The smoking accent e-commerce platform reported monetary outcomes for the primary quarter ending June 30, 2022. Learn extra right here.
InterCure Beats on Earnings, Revenues Rise Amid International Growth
InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) posted optimistic outcomes regardless of barely lacking income expectations, as the corporate seems to be to additional its worldwide attain and shore up its new-found partnerships. The Israeli-based hashish firm — also referred to as Canndoc — reported its monetary report card for the second quarter ending June 30, 2022. Learn extra right here.
Halo Shores Up Losses as Income Rises
Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) posted largely optimistic outcomes with revenues ticking up over the quarter — illustrating the west-coast operator’s pursuit to shave losses and pay down debt. The corporate introduced its monetary outcomes for the primary quarter ending June 30, 2022. Learn extra right here.
The Father or mother Firm Revenues Fall as Losses Persist
After the market closed on Monday, TPCO Holding Corp. (OTCQX: GRAMF) posted outcomes that missed expectations as the corporate restructures and recovers from report losses. The west-coast hashish firm delivered its monetary outcomes for the second quarter ending June 30, 2022. Learn extra right here.
Fieldtrip Well being is Now Reunion Neuroscience
Subject Journey Well being has modified its title to Reunion Neuroscience Inc. (TSX: FTRP) (Nasdaq: FTRP) and reported its fiscal first quarter 2023 outcomes for the interval ending June 30, 2022. Reunion reported bills of $5 million and a internet lack of $13 million. The rise in internet loss from the prior 12 months primarily mirrored the corporate’s concentrate on investing in RE104 which just lately started its Section 1 medical trial, in addition to elevated public firm prices. Learn extra right here.
Psychedelic Firms Grapple With Subsequent Steps
The rising psychedelics trade is caught with a form of default enterprise mannequin that goes one thing like this: construct a workforce of entrepreneurial-minded C-suite folks, add a couple of certified medical folks, get a patented psychedelic molecule or compound to check and develop, construct a analysis and growth operation, then start the medical trials as shortly as doable whereas retaining antsy traders believing within the long-term worth of the tenuous business trip that you simply they usually have all launched into. Learn extra right here.
IN OTHER NEWS
Indiva Restricted (TSXV: NDVA) (OTCQX: NDVAF), a Canadian producer of hashish edibles and different hashish merchandise, is happy to announce its monetary and working outcomes for the second fiscal quarter ended June 30, 2022. Learn extra right here.
Merchandise 9 Labs Corp.
Merchandise 9 Labs Corp. (OTCQX: INLB) —a vertically built-in hashish dispensary franchisor and operator that produces award-winning merchandise—immediately reported its fiscal third quarter working and monetary outcomes for the 9 months ended June 30, 2022. Learn extra right here.
AmeriCann Inc. (OTCMKTS: ACAN), a hashish firm that develops state-of-the-art cultivation, product manufacturing and distribution amenities, introduced the discharge of monetary and operational outcomes for its fiscal quarter ending June 30, 2022. The corporate achieved a major improve in year-over-year quarterly internet earnings and income, with each being information for the corporate for the quarter ending June 2022. Income elevated over 36% for the quarter ended June 2022 relative to the quarter ended June 2021, a rise of $213,188. Quarterly gross margins had been 98.5%. Learn extra right here.
Puration, Inc. (OTC Pink: PURA) immediately introduced an settlement stays within the works that’s anticipated to lead to a money infusion throughout the subsequent 90 days. Administration expects the money infusion to gasoline a transition of the corporate’s total hashish market technique. The marijuana cultivation license just lately introduced by PURA’s sister firm, North American Hashish Holding’s Inc. (OTC Pink: USMJ) has triggered an total initiative for PURA and USMJ to evolve their respective hashish market methods to reap the benefits of the license and to adapt to the most recent market circumstances. Learn extra right here.
Optimi Well being Corp.
Optimi Well being Corp. (CSE: OPTI) (OTCQX: OPTHF) (FRA: 8BN), a Canadian-based firm licensed by Well being Canada to supply pure, scalable, and accessible psychedelic and purposeful mushrooms for transformational human experiences, has acquired permission from Well being Canada to fabricate and distribute further psychedelic substances, most notably MDMA, beneath the amended phrases outlined in its June 20, 2022 software to Well being Canada. Learn extra right here.
Psycheceutical Bioscience, Inc., Vici Well being Sciences
Psycheceutical Bioscience, Inc. (OTC: BWVI), a bioscience firm growing cutting-edge applied sciences for the following era of psychological well being therapy, introduced that it has entered into an unique possibility that gives Psycheceutical a possibility to accumulate a majority fairness stake in Vici Well being Sciences. The full train value beneath the choice could be roughly $10.5 million, which might be paid half in money and half in fairness. Learn extra right here.
N2 Packaging Programs LLC
N2 Packaging Programs LLC, a sustainable packaging firm which makes use of engineering and proprietary packaging applied sciences to guard and protect CBD and hashish merchandise, immediately introduced 44.5% year-over-year progress within the first half of 2022. N2’s progress was pushed by 16 new enterprise accounts throughout the US and all over the world, together with Israel and Jamaica. Learn extra right here.
The Nationwide Affiliation of Hashish Companies
The Nationwide Affiliation of Hashish Companies (NACB), a hashish trade self-regulatory group (SRO), has introduced that it’s going to convert from a for-profit company to a not-for- revenue group later this 12 months. Initially launched in June 2017, as a for-profit company, the mission of the NACB has been to help the compliance, transparency, and progress of hashish companies within the U.S. Learn extra right here.
Worldwide Brotherhood of Teamsters
Teamsters Joint Council 25 and the Worldwide Brotherhood of Teamsters introduced immediately that they’ve entered right into a joint settlement that can give Teamsters Native 777 unique jurisdiction for organizing hashish staff within the state of Illinois. The settlement is a large step ahead in the direction of the union’s efforts to prepare the quickly increasing trade. Learn extra right here.
Metrc, a supplier of hashish regulatory programs within the U.S., introduced a brand new contract with the State of Alabama to help the regulation of its medical hashish market. This marks Metrc’s twenty third authorities contract up to now and sixth to this point in 2022. Learn extra right here.
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 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.