Newsfeeds Archive - Page 8 of 65

3 minute read

Cannabis Edibles Maker Indiva Reports Record Revenue In 2023, Positive EBITDA And Income From Q4 Operations

April 25, 10:07 AM

Canadian cannabis edibles producer Indiva Limited announced on Thursday its financial and operating results for the fourth quarter and fiscal year ended Dec. 31, 2023. For the fourth quarter, the company reported a 53.3% increase year-over-year increase in gross profit before inventory write-down to CA$4.2 million (roughly $3 million). Gross margin before inventory write-down improved to a record 38.5% of net revenue, versus 37.1% in the prior quarter and 29.3% in the prior year's period. Indiva attributed the improvement in gross margin percentage year over year to higher sales, improved operating efficiencies and a positive mix shift toward higher-margin products.

NDVAF

2 minute read

Cannabis (De)Unionization: Here’s What’s New On The Frontlines Of Labor Organizing Among Weed Workers

By Jelena Martinovic

April 24, 1:04 PM

Employees at Cresco Labs Inc.'s Fall River, Massachusets-based cannabis cultivation operations have voted overwhelmingly to approve their first union contract with the United Food and Commercial Workers (UFCW) Local 328 more than three years ago. Now, the gardeners, supervisors and other agricultural workers at Cresco's operations opted to reverse the process. With their contract nearing the June expiration date, the workers opted to de-unionize, instead of negotiating another organized labor deal, according to documents obtained by MJBizDaily.Meanwhile, employees at Curaleaf Holdings, Inc.'s store in Phoenix, Arizona joined a 4/20 protest on Saturday, organized by United Food and Commercial Workers International Union Local 99 at a company store on East Camelback Road near North Seventh Street. The protesters asked for safer working conditions, full-time employment and a living wage, reported Arizona Central.

2 minute read

Pervasip Reports Slight YoY Decrease In Q1 Revenue As It Prepares For Cannabis Spin-Off

By Jelena Martinovic

April 24, 12:46 PM

Pervasip announced on Tuesday its 2024 first-quarter financial results. Simultaneously, the Seattle, Washington-based company said it's still in the restructuring process and preparation for the spin-out of all of its cannabis assets. "We are entering our final phase of restructuring which involves making difficult decisions to ensure additional expense reductions and separating the company from assets it has held for many years," German Burtscher, Pervasip's president and chief executive officer, said. Additionally, as part of the restructuring, George Jordan has resigned from his duties as CFO and COO of the company and will stay on as an advisor, supporting management through its final phase of changes in preparation for the spin-out of Artizen Corporation.

PVSP

2 minute read

This Pharma Co. Kicks Off FDA Approval Process For CBD-Based Treatment Of Chronic Pain

By Jelena Martinovic

April 23, 10:24 AM

Innocan Pharma Corporation (CSE: INNO) (FSE: IP4) (OTCQB: INNPF) announced on Monday that it has submitted its letter of application for a Pre-IND meeting with the U.S. Food and Drug Administration (FDA, for its Liposome-Cannabidiol (LPT-CBD) injectable treatment of chronic pain. With the move, the company initiated the regulatory process with the FDA for the approval of its prolonged CBD release technology for human use.

CSE:INNO

2 minute read

Curaleaf Boosts International Presence With Another Cannabis Acquisition

By Jelena Martinovic

April 22, 10:18 AM

Cannabis giant Curaleaf Holdings is closing its previously announced acquisition of Northern Green Canada, a vertically integrated Canadian licensed cannabis producer focused primarily on expanding in the international market through its EU-GMP certification. Terms of the acquisition of NGC include an initial payment at closing of the company's subordinate voting shares valued at approximately $16 million, subject to a typical post-closing adjustment. In addition, an earnout may also be paid in 2025 based upon the 2024 performance of NGC's operations, up to 50% of which will be cash and the rest paid in additional subordinate voting shares.

CURLF

2 minute read

Canopy Growth’s Big Step Toward Entry Into US Cannabis Market As DEA Rescheduling Looms

By Jelena Martinovic

April 19, 1:28 PM

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) said that in connection with the creation of the company's non-voting and non-participating exchangeable shares, on Thursday, April 18, Greenstar Canada Investment Limited Partnership and CBG Holdings LLC, each a wholly-owned subsidiary of Constellation Brands Inc (NYSE: STZ) exchanged all 17,149,925 common shares in the capital of the company they collectively held for 17,149,925 exchangeable shares for no consideration. The CBG Group no longer holds any common shares of Canopy, as a result, the company said on Thursday. In connection with the termination of the investor rights agreement between CBG, Greenstar and Canopy Growth, the parties entered earlier and following the note exchange, Garth Hankinson, Judy Schmeling and James Sabia each provided notice to the company of his or her decision to resign from the board.

CGC

2 minute read

This CBD And Hemp Co. Reports 82% YoY Increase In 2023 Revenue, Thanks To Its ‘International Appeal’

By Jelena Martinovic

April 19, 10:46 AM

Endexx Corporation (OTC: EDXC) reported on Thursday an increase in 2023 revenue and expansion into new global markets. The Arizona-based company has expanded its presence in international markets. In its recent press release it highlighted revenue contributions from Italy, which accounted for 48% of total revenues. Moreover, continued strong performance in the U.S. and Russia further demonstrated Endexx's broad international appeal, the company said.

EDXC

2 minute read

Cannabis Extractor LEEF Brands Sees Stronger Margins And EBITDA In Q1, CEO Explains Why

By Jelena Martinovic

April 18, 9:24 AM

Vertical cannabis operator LEEF Brands, Inc. (CSE: LEEF) (OTC: LEEEF) announced on Thursday the release of its audited financial statements for the year ended 2023 along with the interim financial statements for the first quarter of fiscal 2024. "I am proud of the team and their performance in the past year and specifically in this quarter," Micah Anderson, the company's CEO, said. "We've seen stronger margins and EBITDA in the first quarter of the year and believe Q1 results are the beginning signs of success stemming from the efforts to reduce redundancies after our merger with Icanic Brands."

CSE:LEEF

2 minute read

Another Cannabis Pioneer Expands In Germany Via Acquisition As Experts Say ‘There’s No Stepping Back’ From Legalization Wave

By Jelena Martinovic

April 17, 12:28 PM

Flora Growth Corp. has entered into a definitive agreement to acquire all of the issued and outstanding shares of Hamburg, Germany-based TruHC Pharma GmbH. The company's latest move to further cement its global footprint comes on the heels of a new German cannabis law that went into effect on April 1, which partially legalized cannabis. The new law allows adults over 18 in Germany to legally possess up to 25 grams of dried cannabis and cultivate up to three marijuana plants at home.As previously announced, Flora agreed to purchase TruHC Pharma GmbH in an all-stock deal in exchange for 2,770,562 of its common shares, valued at $6.4 million.

ACB

2 minute read

Ancillary Cannabis Co.’s Stock Surges On News Of Merger With California Provider Of CEA Products And Solution

By Jelena Martinovic

April 17, 10:16 AM

Nature's Miracle Holding Inc. (NASDAQ: NMHI) has entered into a term sheet to acquire 100% of all the outstanding shares of Agrify Corporation (NASDAQ: AGFY).The California-based integrated agriculture technology company that provides equipment and services to the controlled environment agriculture industry said on Wednesday that it would issue shares of its common stock to acquire Agrify.Agrify's equity is valued at $6.35 million, or $0.4185 per share.The deal is expected to bring a meaningful revenue stream for Nature's Miracle through Agrify's powerful SaaS and AI technology.

AGFY