Shares were up 2.7 percent on Thursday from the market close on Wednesday (November 20) and prices currently sit at C$13.18 as of 3:36 p.m. EST.
At the end of the trading day on Wednesday, GTI boasted a quarter-over-quarter revenue increase of 52 percent to US$68 million in its report, driven by growth in its consumer products and retail businesses, the company said.
In its home state, CEO Ben Kovler told investors and analysts during a call that GTI plans to have at least three adult-use retail stores open in Illinois on January 1, 2020, the day the sale and use of recreational cannabis becomes legal state-wide.
“The tidal wave of demand you have heard me mention over the last year is about to hit Illinois hard,” said Kovler.
The company also attributed revenue growth to a full quarter of business for its acquisition, Integral Associates, which owns the Essence line of cannabis stores in Las Vegas, Nevada.
Kovler said that medical-only Pennsylvania doubled in size over the last quarter, further contributing to the firm’s revenue growth.
GTI reported a reduction in its net loss for the third quarter to US$17.1 million from the US$22.2 million reported in Q2 2019. Earnings before interest, tax, depreciation and amortization hit US$1.6 million, up from a loss of US$9.4 million from the previous recording period.
Consumer brands proved to be a boon for GTI this quarter, as branded product sales grew 50 percent in the eight markets it currently operates in, including California, Colorado and Florida.
GTI could come up against problems in one of its other operating states moving into 2020, however. CFO Anthony Georgiadis said that while GTI has a strong presence in Massachusetts, the firm is facing supply issues.
“We could probably service all the stores in the state but the reality is we wouldn’t do a great job because we just don’t have the product available to do so,” said Georgiadis.
Kovler went on to say GTI’s balance sheet, which includes US$66.1 million in cash, along with the firm’s retail operations will help GTI achieve its goal of over US$200 million in total revenue for its fiscal 2019 year.
When asked about the revenue goal, Kovler said retail, as well as cultivation and wholesale production, would be key drivers of growth of the company for the rest of the fiscal year. The executive didn’t specify which states GTI was focused on moving into 2020.
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Securities Disclosure: I, Danielle Edwards, hold no direct investment interest in any company mentioned in this article.
Agreement propels development of safe and effective proprietary products and formulations for the emerging psychedelic industry
Optimi Health Corp. (CSE: OPTI) (“Optimi” or the “Company”), developers of a vertically integrated functional mushroom brand focused on the health and wellness sector, is pleased to announce that effective January 4, 2021, it entered into a lab services agreement with Numinus Wellness Inc. (“Numinus“). Recognized as an early leader in developing and supporting the safe, evidence-based, accessible use of psychedelic-assisted psychotherapies (PAP), Numinus is aiding Optimi’s mission to further the research and development of Canadian-grown psilocybin-producing mushrooms and related product formulations.
Nextleaf Solutions Provides a Corporate Update and Comments on Financial Results from the First Quarter
Nextleaf Solutions Ltd. (CSE: OILS) (OTCQB: OILFF) (“Nextleaf”, “OILS”, or the “Company”), the world’s most innovative cannabis processor, is pleased to provide shareholders with the following corporate update:
Nextleaf Comments on Financial Results from Q1 Financials
Hill Street Beverage Company Inc. (TSXV: BEER) (“Hill Street” or the “Company”) reported its second quarter results for the period ended December 31, 2020. A complete set of financial statements and Management’s Discussion & Analysis has been filed at www.sedar.com. All dollar figures are quoted in Canadian dollars.
The second quarter of FY21, saw continued momentum for the Company despite ongoing pandemic related challenges. Net revenue grew 8% to $745,748 from $689,276 versus the same quarter year ago. The Company also saw significant improvement on its bottom line, reducing its net loss by 50% from ($.956) million to ($.481) million, year over year for the quarter, as a result of improved gross margin and cost management efforts. On December 9, 2020, the company announced the closing of the acquisition of substantially all of the assets of Lexaria Canpharm (“Canpharm“), the cannabis products division of Lexaria Biosciences, resulting in the addition of a new B2B Line of Business.
FinCanna Capital – The Only Publicly Traded, Royalty-Focused Company for the Licensed U.S. Cannabis Industry Provides Corporate Update
Royalty Model Provides Access to Early Stage Licenced U.S. Cannabis Companies and Leverage to High-Margin Revenues
FinCanna Capital Corp. (“FinCanna” or the “Company”) (CSE:CALI), a royalty company for the licensed U.S. cannabis industry, is pleased to provide a corporate update further to its recently announced upsized financing of $2 million
Significant progress made as Numinus-sponsored PRIME study on psilocybin-assisted psychotherapy for opioid, stimulant and/or alcohol use disorders enters pre-implementation stage
Numinus Wellness Inc. (“Numinus” or the “Company”) (TSXV: NUMI), a company creating an ecosystem of health solutions centered around developing and supporting the safe, evidence-based, accessible use of psychedelic-assisted psychotherapies (PAP), and Syreon Corporation (Syreon), a global contract research organization with expertise in conducting clinical trials across a broad range of diseases, are pleased to share that significant progress has been made in the single-arm, open-label compassionate access 1 trial of Psilocybin-Research Intervention with Motivational Enhancement (PRIME) for substance use disorders. Currently in the development stage, the PRIME study will assess the efficacy and safety of psilocybin-assisted motivational enhancement therapy.