The Each day Hit is a recap of hashish enterprise information for August 9, 2022.
ON THE SITE
Cronos Makes Features in The Second Quarter
Cronos Group Inc. (NASDAQ: CRON) (TSX: CRON) reported its 2022 second-quarter earnings with internet income of $23.1 million which jumped from final 12 months’s $7.4 million for a similar time interval. Nevertheless, complete income earlier than taxes was $28 million which simply beat the Yahoo Finance common analyst estimates for revenues of $27 million. It was additionally higher than the primary quarter‘s income of $25 million. The inventory was dropping by roughly 8% in early buying and selling to these days promote at $3.26. Learn extra right here.
Acreage Holdings Sees Revenues Climb, Pushes Eastward
Acreage Holdings, Inc. (CSE: ACRG.A.U, ACRG.B.U), (OTCQX: ACRHF, ACRDF) delivered constructive ends in the second quarter as the corporate strikes away from established western markets in favor of rising markets east of the Mississippi. The corporate reported its monetary outcomes for the primary quarter ending June 30, 2022 after the market closed on Monday. Learn extra right here.
Weedmaps Beats on Earnings, However Offers Cautious Outlook
WM Expertise, Inc. (Nasdaq: MAPS) introduced its monetary outcomes for the second quarter ending June 30, 2022. WeedMaps reported that its income elevated 24% to $58.3 million over the second quarter of 2021. This barely missed the Yahoo Finance common analyst estimate for revenues of $62 million. Internet revenue was $19.8 million as in comparison with internet revenue of $16.8 million from the prior 12 months interval. Learn extra right here.
Hydrofarm Inventory Craters as Gross sales Wither
Hydrofarm Holdings Group, Inc. (Nasdaq: HYFM) slumped in buying and selling on Tuesday because it posted second-quarter outcomes that missed expectations — exhibiting that client demand for hydroponics remained flat as an absence of regulatory steering and recessionary pressures dealing with the sector persist. The corporate launched its monetary outcomes for the second quarter ending June 30, 2022. Learn extra right here.
MariMed Edges Up in Second Quarter Earnings
After the shut on Monday, MariMed, Inc. (CSE: MRMD) (OTCQX: MRMD) delivered its monetary outcomes for the second quarter ended June 30, 2022. MariMed’s income of $33 million simply barely edged out the earlier 12 months’s income of $32 million and was increased than the primary quarter’s income of $31 million. Nevertheless, it missed the Yahoo Finance common analyst estimate for revenues of $36 million. The corporate reported a internet revenue of $1.9 million versus final 12 months’s internet revenue of $7.6 million. Learn extra right here.
Village Farms Beats on Income, as Produce Stays Sturdy
Village Farms Worldwide, Inc. (NASDAQ: VFF) (TSX: VFF) introduced its monetary outcomes for the second quarter ended June 30, 2022. Complete consolidated gross sales elevated 18% year-over-year to $82.9 million from $70.4 million. This beat the Yahoo Finance common analyst estimate for revenues of $70 million. Learn extra right here.
Charlotte’s Internet Misses on Income, Finds Hope Past The U.S.
Charlotte’s Internet Holdings, Inc. (TSX: CWEB) (OTCQX: CWBHF) missed expectations because the CBD firm continues to battle amid a patchwork regulatory panorama. The corporate reported its monetary outcomes for the second quarter ending June 30, 2022. Learn extra right here.
Hashish Operators Plan to Elevate Costs, Blaming Inflation
The phrase “inflation” has dominated headlines and earnings calls this 12 months, and a survey from a number one nationwide hashish accounting and advisory agency solicited suggestions to gauge how such rising prices are affecting the sector. In a month-long survey this 12 months asking operators a sequence of questions relating to the impacts of inflation on their hashish operation, GreenGrowth CPAs discovered that one in 4 operators reported planning to lift costs within the close to or quick future to fight rising inflation prices. Learn extra right here.
Psychedelics Performs a Function In Metamodernism
There are tales about how psychedelics modified the minds of entrepreneurs not solely in search of enlightenment within the San Francisco Bay Space starting within the late 60s and early 70s however incorporating their psychedelic visions into enterprise fashions. Learn extra right here.
IN OTHER NEWS
Curaleaf Holdings, Inc., Pharma GmbH
Curaleaf Holdings, Inc. (CSE: CURA) (OTCQX: CURLF), a U.S. supplier of client merchandise in hashish, right this moment introduced that Curaleaf Worldwide Holdings Restricted, the corporate’s European holding firm, has signed a definitive settlement to amass a 55% stake in 4 20 Pharma GmbH, a completely EU-GMP & GDP licensed German producer and distributor of medical hashish with its personal product line. Learn extra right here.
Lowell Farms Inc.
Lowell Farms Inc. (CSE: LOWL; OTCQX: LOWLF), a California-born hashish cultivation and maker of name Lowell Smokes, declares unaudited income and working outcomes for the second quarter (ended June 30, 2022). All figures acknowledged are in US {Dollars}. Learn extra right here.
AFC Gamma, Inc.
AFC Gamma, Inc. (NASDAQ:AFCG) right this moment introduced its outcomes for the second quarter of 2022. AFCG issued a presentation of its second quarter 2022 outcomes, titled “Second Quarter 2022 Earnings Presentation,” which could be considered at www.afcgamma.com underneath the Investor Sources part. AFCG additionally filed its Quarterly Report on Type 10-Q for the quarter ended June 30, 2022, with the Securities and Change Fee on August 9, 2022. Learn extra right here.
Akanda Corp., Cansativa GmbH
Worldwide medical hashish platform firm Akanda Corp. (NASDAQ: AKAN) right this moment introduced it has signed a multi-year provide settlement with European medical hashish chief Cansativa GmbH to produce EU-GMP high quality THC dried flower strains cultivated from its Portuguese operations at Holigen. This new provide settlement marks one of many largest for medical hashish to be exported from Portugal to serve the rising European medical hashish market. Learn extra right here.
TRP, Cookies Florida, Inc.
TRP is bringing acknowledged hashish model Cookies to the Florida market by means of an unique partnership. The primary Cookies dispensary within the state is opening at 8303 Chicken Street in Miami, Florida on August 13, 2022. TRP appears to be like ahead to serving South Florida’s sufferers by way of its subsidiary and MMTC license holder Cookies Florida, Inc. Learn extra right here.
twenty second Century Group, Inc.
twenty second Century Group, Inc. (Nasdaq: XXII), a number one agricultural biotechnology firm devoted to enhancing human well being with lowered nicotine tobacco, hemp/hashish, and hops superior plant applied sciences, right this moment reported outcomes for the second quarter ended June 30, 2022, and offered an replace on current enterprise highlights. Learn extra right here.
MediPharm Labs Corp.
MediPharm Labs Corp. (TSX: LABS) (OTCQX: MEDIF) (FSE: MLZ), a pharmaceutical firm specialised in precision-based cannabinoids, introduced it has entered right into a analysis assist settlement with the Keck Faculty of Medication of College of Southern California (USC) to conduct a randomized double-blind placebo-controlled Section 2 trial on the efficacy of THC and CBD to deal with hospice-eligible sufferers identified with dementia and experiencing agitation. Learn extra right here.
Mindset Pharma Inc.
Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF), a drug discovery and growth firm centered on creating novel, optimized, next-generation psychedelic and non-psychedelic medicines to deal with neuropsychiatric and neurological problems with unmet medical wants, right this moment issued a letter to shareholders from James Lanthier, Chief Govt Officer of Mindset. Learn extra right here.
Cybin Inc.
Cybin Inc. (NEO: CYBN) (NYSE American: CYBN), a biopharmaceutical firm centered on progressing “Psychedelics to TherapeuticsTM”, introduced that it has established an at-the-market fairness program that enables Cybin to challenge and promote as much as USD $35,000,000 of frequent shares. 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 information discovered proper right here won’t be meant as another choice to or completely different from information 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.
