In the marijuana space this week, investors in one of the big Canadian cannabis producers found out just how well the company has been performing for the past year.
In the US market, a multi-state operator (MSO) announced its entry into the New York market.
Keep reading to find out more cannabis highlights from the past five days.
Aurora reports C$3.3 billion loss in fiscal year
Aurora Cannabis (NYSE:ACB,TSX:ACB) has released the results from its fourth fiscal quarter for the market to evaluate. Miguel Martin, the new CEO of the company, told investors his goal is to reposition Aurora’s products and get back to a leading position in the Canadian market.
“Through successful execution, I believe what we build in Canada will be very portable to other larger global cannabinoid markets,” Martin said.
In terms of operations, the most notorious line from Aurora’s report was a net loss of C$3.3 billion for its 2020 fiscal year, which ended on June 30.
Meanwhile, the company reported total net revenue of C$72.1 million for the last quarter of its fiscal year, indicating a small decline from the previous reporting period.
The company is now expecting to produce cannabis net revenue of C$60 million to C$64 million for the first quarter of its 2021 fiscal year, a decrease from the C$67.5 million achieved in its fourth fiscal quarter of 2020. The Aurora team is still expecting to reach positive adjusted earnings before interest, taxes, depreciation and amortization in Q2 2021.
Curaleaf makes New York entrance with Select brand
As part of the product launch in the state, the company is also making two separate undisclosed financial donations to Women Grow and the Equity Organization. Curaleaf plans to let investors know sometime later this year about a full social equity plan.
This launch represents the 13th state in which the Select brand is available.
Cannabis company news
- Canopy Growth (NYSE:CGC,TSX:WEED) and Acreage Holdings (CSE:ACRG.U) told investors that an amended arrangement between them went into effect this past week. “The amended arrangement provides Canopy the most efficient entryway into the US, once federally permissible, and we believe will continue to benefit shareholders of both companies over the long-term,” Canopy Growth CEO David Klein said.
- The Supreme Cannabis Company (TSX:FIRE,OTCQX:SPRWF) released its financial report for its 2020 fiscal year, which ended on June 30. “Fiscal 2020 was an important transitional year for Supreme Cannabis where we streamlined our operations, reorganized our team, and expanded our portfolio of brands and products that will drive sustainable revenue growth,” said Beena Goldenberg, president and CEO of Supreme Cannabis.
- PharmaCielo (TSXV:PCLO,OTCQX:PCLOF) confirmed it has expanded the portfolio of offerings from its Rionegro facilities in Colombia. These products include a wide range of CBD items.
- Harvest Health & Recreation (CSE:HARV,OTCQX:HRVSF) opened a new store in Phoenix, Arizona. The company now has 15 stores in the state.
Don’t forget to follow us @INN_Cannabis for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
CanBud Distribution Corporation Closes 2M Second and Final Tranche of its Oversubscribed Private Placement Offering
CanBud Distribution Corporation (CSE: CBDX) (FSE: CD0) (“CanBud” or the “Corporation”) is pleased to announce that it has closed the final tranche of its oversubscribed non-brokered private placement for aggregate gross proceeds of approximately $4,730,000 (the “Offering”).
The Corporation issued a combined total of 39,409,346 units (each a “Unit“) at price of $0.12 per Unit, with each Unit comprised of one common share in the capital of the Corporation (each a “Common Share“) and one common share purchase warrant (each a “Warrant“). Each Warrant entitles the holder to purchase one additional Common Share at an exercise price of $0.22 within 24 months of the closing of the Offering (the “Warrant Term“), provided, however that if the closing price of the Common Shares on the Canadian Securities Exchange (the “CSE“) (or any such other stock exchange in Canada as the Common Shares may trade at the applicable time) is $0.25 or greater per Common Share for a period of five (5) consecutive trading days at any time after the closing date of the Offering, the Corporation may accelerate the Warrant Term such that the Warrants shall expire on the date which is 30 days following the date a press release is issued by the Corporation announcing the reduced warrant terms.
Thoughtful Brands Inc. (CSE:TBI)(FSE:1WZ1)(OTCQB:PEMTF) (the “Company” or “Thoughtful Brands) announces that the letter of intent with Franchise Cannabis Corp. (“FCC”), previously announced in January, has been terminated. The previously announced European joint venture with FCC will continue and allow the Company to launch and tailor its products to European consumer demands
In connection with termination of the merger transaction with FCC, the Company has agreed to pay FCC $100,000 in cash and to issue FCC 5,000,000 common shares of the Company at a deemed value of $0.05 per share. The common shares will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities laws.
Mergers and acquisitions (M&A) in cannabis space have helped boost the industry to new levels.
Strategic sale of non-core assets by Lobe adds non-dilutive capital and shareholder value
Lobe Sciences Ltd. (CSE: LOBE) (OTC Pink: GTSIF) (“Lobe” or the “Company”) is pleased to announce, further to its press release dated February 23, 2021, that it has completed the sale to Ionic Brands Corp. (“Ionic Brands”) of Lobe’s non-core cannabis assets relating to Washington-based Cowlitz County Cannabis Cultivation Inc. (“Cowlitz”) held by Lobe’s subsidiary vendor, Green Star Biosciences Inc. (the “Transaction”).
Seattle Area Grocery Chain Metropolitan Market to Begin Carrying KOIOS and Fit Soda on March 22, 2021
Adding to its existing presence on the west coast of the United States, all five KOIOS™ flavours and all four Fit Soda™ flavours will be carried in Metropolitan Market stores beginning on Monday, March 22, 2021. Serving the Seattle-Tacoma area (population 3.87 million), Metropolitan Market is one of five chains under its parent firm Good Food Holdings, which has a total of 51 stores in California, Oregon, and Washington State.
Koios Beverage Corp. (CSE: KBEV; OTC: KBEVF) (the “Company” or “Koios”) is pleased to announce that beginning on Monday, March 22, 2021, Koios’ entire line of canned beverage products will be sold at all locations of Metropolitan Market, an urban format supermarket chain in the Seattle-Tacoma area of Washington State. In Q1 2021, the Company announced multiple placements of its beverage products with regional grocers in markets on the west coast of the United States including Market of Choice in Oregon Jensen’s in Southern California and major natural grocery chain Sprouts Farmers Market which has a substantial west coast presence with over one third of its locations (360+ stores across 23 states) in California as well as Washington State 1 . The Company has also recently announced other developments relating to its expansion efforts being undertaken in 2021 such as an in-house beverage canning facility and distribution agreements with regional and national wholesale partners.