Newsfeeds Archive - Page 12 of 65

2 minute read

Securities Fraud Saga Comes To Close As Former Cannabiz Mobile Consultant Receives Final Judgment

February 15, 12:26 PM

Anthony Jay Pignatello has been handed a final judgement by the US Attorney's Office in relation to a cannabis securities fraud scheme at Cannabiz Mobile, where he served as consultant and secretary. Pignatello was alleged to be part of a pump-and-dump scheme with Christopher Esposito, Cannabiz's former owner, whose fraudulent activities had already seen him sentenced to five years' probation in November. Pignatello has been permanently restricted from being an "officer or director of any issuer that has a class of securities registered under Section 12 of the Exchange", as well as permanently banned from participating in penny stocks. He is also obliged to pay $43,337, a fee that has already been deemed settled due to a parallel criminal hearing regarding securities fraud to which Pignatello had already pled guilty.

LGBI

2 minute read

Cannabis Retail Giant High Tide Will Distribute Weed Products In Manitoba As North American Footprint Grows

By Jelena Martinovic

February 14, 3:02 PM

High Tide Inc. (NASDAQ: HITI) (TSXV: HITI) (FSE: 2LYA) announced on Tuesday it has signed an agreement with the Manitoba Liquor and Lotteries Corporation (MBLL) through its wholly-owned subsidiary Valiant Distribution Canada. Under the deal, the Canadian cannabis retail agreed to distribute cannabis products to cannabis retailers in Manitoba.In the meantime, according to ATB Capital Markets, High Tide is among the top cannabis retailers in North America with a total of 163 cannabis stores, as per the company's recent post on X (Twitter).

HITI

2 minute read

Substance Use Disorder Company Narrows Q2 Net Loss, Reports Progress On Cannabinoid Intoxication Drug

By Jelena Martinovic

February 14, 12:37 PM

Substance use disorder-focused biopharmaceutical company Anebulo Pharmaceuticals, Inc. (NASDAQ: ANEB) reported on Tuesday second quarter financial results for the three months ended Dec. 31, 2023, The company's primary focus is on developing therapy for acute cannabinoid intoxication (ACI).Total operating expenses in the second quarter of fiscal 2024 were $2.8 million compared with $3.8 million in the same period in fiscal 2023.Net loss in the second quarter of fiscal 2024 was $2.7 million, or $(0.11) per share, compared with a net loss of $3.8 million, or $(0.15) per share, in the second quarter of fiscal 2023.

ANEB

2 minute read

Q3 Net Loss Drops Sharply, Revenue Decreases YoY For Michigan Cannabis Co. Agrify

By Jelena Martinovic

February 14, 11:09 AM

Agrify Corporation, a Michigan-based agricultural technology company, has reported a 56% year-over-year decrease in revenue for the third quarter of 2023. The company's revenue for the quarter stood at $3.1 million, down from $7 million in the same period last year. Agrify also reported a net loss of $2.1 million for Q3 2023, compared to a net loss of $57.4 million in the same quarter of 2022. Despite the decrease in revenue, Agrify's chairman and CEO, Raymond Chang, said that the historically low net loss is an encouraging sign that the company is making progress. The company managed to reduce its total operating expenses to $5.6 million in Q3 2023, down from $27.4 million in the same period last year. Agrify also reported gross profit of $1 million for the quarter, compared to a loss of $4.1 million in Q3 2022. As of September 30, 2023, the company had $43 million in total assets and $64.3 million in total liabilities.

AGFY

2 minute read

cbdMD Reports YoY Dip In Q1 Net Sales, Shrinks Operating Loss, Expands Into Hemp And Mushroom Products Markets

By Jelena Martinovic

February 14, 11:03 AM

Medical cannabis company cbdMD has reported financial results for its first quarter of fiscal 2024. Operating loss improved to $1.1m compared to $4.1m for the same period in the previous year. Gross profit was flat at around $3.5m, while operating expenses were $4.6m, down from $7.6m in the previous year. Total net sales declined to $5.37m from almost $6m in the corresponding prior-year period. Direct-to-consumer net sales represented 82.3% of total net sales, a decrease from 90% in Q1 2023. On 31 December 2023, cbdMD had total working capital of roughly $1.4m compared to approximately $3.4m on 30 September, with cash on hand dropping to roughly $1.5m from $1.8m over the same period. The Charlotte-based company recently struck a securities purchase agreement with five institutional investors to fund the national rollout of its ATRx Labs functional mushroom products, as well as launching the hempMD and ATRx Labs brands.

YCBD

2 minute read

CBD-Focused Pharma Co. Innocan Reveals 433% YoY Increase In 2023 Revenue As It Pursues FDA Approval

By Jelena Martinovic

February 13, 4:22 PM

Cannabinoid-focused pharmaceutical company Innocan Pharma Corp expects preliminary revenues of $4.89m in Q4 of fiscal 2023, representing a YoY increase of 331%. It said preliminary revenues are expected to be at least $13.6m for the whole of the fiscal year, a 433% YoY increase. Its subsidiary B.I. Sky Global drove the increase in sales. Innocan is currently pursuing FDA approval for its human pharmaceutical applications following successful pre-clinical trials, and the company expects pre-investigational new drug applications to be submitted to the FDA before the end of the month. Innocan has developed a long-lasting and therapeutic liposomal formulation for CBD called LPT Solution, which administers injectable CBD encapsulated in liposomes to achieve long-lasting therapeutic levels of CBD in the body. The company said the technology creates a more effective and prolonged therapeutic effect. Innocan plans to test the LPT platform on a new animal species in the near future.

CSE:INNO

2 minute read

Organigram Reports 16% YoY Revenue Drop But Kicks Off Year ‘With A Bang,’ Says CEO On Hundreds Of Millions In Tobacco Giant BAT Investment

By Jelena Martinovic

February 13, 11:45 AM

Canadian cannabis producer Organigram reported a 16% decrease in net revenue for Q1 2024 due to a reduction in international revenue and medical sales. The company announced in November that it had received a CA$124.6m ($93m) strategic equity investment from BT DE Investments, a subsidiary of tobacco company British American Tobacco. Organigram shareholders approved the investment in January, and the company completed the first tranche of the investment for $41.5m. CEO Beena Goldenberg said the investment had removed a significant amount of risk from Organigram's business and enhanced its competitive advantages. The investment allows the cannabis producer to utilize its facilities, research and development capabilities, and market leadership to expand its reach within the Canadian market and beyond. Organigram's Q1 financial highlights included a drop in gross margin, an increase in selling and administrative expenses, a net loss of CA$15.8m, and positive adjusted EBITDA of CA$135,000.

BTI

3 minute read

Canopy Growth Reports 7% YoY Drop In Q3 Revenue, CEO Touts ‘New Era’ For Company As It Seeks US Listing

By Jelena Martinovic

February 9, 10:20 AM

Canopy Growth reported an 81% YoY increase in "rest-of-world" cannabis revenue for Q3 2024. The company attributed the growth to strong performance in Australia and a return to growth in Europe. Canopy also announced its plans for the US cannabis market through its non-controlling interest in Canopy USA. The company expects to file its definitive proxy statement with the SEC on or about 13 February, followed by a special meeting with shareholders on 12 April. During the meeting, shareholders will consider the creation of a new class of non-voting, non-participating exchangeable shares. Once exchangeable shares are created and Canopy USA acquires US THC businesses, investors are expected to have an opportunity to participate in the US cannabis market.

CGC

2 minute read

Scotts Miracle-Gro’s Cannabis-Focused Subsidiary Reports 39% YoY Revenue Drop In Q1

By Jelena Martinovic

February 8, 12:45 PM

The Scotts Miracle-Gro Company has reported financial results for Q1 2024, with sales dropping 22% to $410.4m compared to $526.6m the previous year. Net sales for its US consumer division fell 17% to $306.7m, while subsidiary the Hawthorne Gardening Company saw sales decline 39% from $131.5m to $80.1m. The firm's GAAP and non-GAAP adjusted gross margin rates stood at 15.2% and 13.7%, respectively, compared to 18.2% and 20.1% the previous year. The company's CEO and chairman, Jim Hagedorn, reaffirmed its guidance for high-single-digit growth in its consumer business. Meanwhile, for Hawthorne, the firm said it was taking "actions to ensure the business remains cash flow positive in fiscal 2024 and a major contributor to our debt paydown".

SMG

3 minute read

Aurora Touts 41% YoY Increase In International Medical Cannabis Q3 Revenue, Expands In Australia Via New Acquisition

By Jelena Martinovic

February 8, 12:04 PM

Canadian medical cannabis company Aurora Cannabis reported its financial and operational results for Q3 2024. Net revenue increased to CAD64.4m ($42m), up from CAD61.1m in the same quarter the previous year. Medical cannabis net revenue rose by 16% to CAD45.1m, representing 70% of Aurora's consolidated net revenue. Gross profit reached CAD19.8m, up from CAD3.7m in Q3 2022, with adjusted gross profit before fair value adjustments increasing to CAD32.4m from CAD28m. The company recorded a CAD25.5m net loss compared to CAD67.2m in the same quarter in the previous year. Adjusted EBITDA came in at CAD4.3m, up from CAD3m. Miguel Martin, CEO of Aurora, said the company's international medical net revenue had seen year-on-year growth of 41%.

ACB