Cannabis Stock Gainers And Losers From May 14, 2024
GAINERS: Belgravia Hartford Cap (OTC:BLGVF) shares closed up 20.74% at $0.02 MJ Holdings (OTC:MJNE) shares closed up 16.04%…
Hemp-Focused CV Sciences Reports Steady Q1 Revenue Amid Operational Hurdles And Acquisition Of Nutraceuticals Manufacturer
CV Sciences reports a slight Q1 revenue drop and acquires Elevated Softgels, aiming for strategic growth and enhanced production.
Will Pharma And Healthcare Have Competitive Edge In Cannabis Post-Rescheduling? Data Analytics Expert Weighs In
Roy Bingham, CEO of BDSA, anticipates substantial growth in the U.S. cannabis market, projecting sales to reach nearly $46 billion by 2028.
POSaBIT’s 2023 Revenue Drops 7% YoY, Core Business Grows As It Seeks To List Its Shares On TSX
POSaBIT Systems Corporation (CSE: PBIT) (OTC: POSAF), a provider of payments infrastructure in the cannabis industry, announced on Tuesday its financial results for the twelve months ended Dec. 31, 2023. "Despite the challenges posed by several industry-wide payment disruptions in 2023, I am proud that we achieved a combined 23% growth in our core payments and point-of-sale business, excluding a one-time licensing fee booked in 2022," Ryan Hamlin, co-founder and CEO of POSaBIT, said. "Our unwavering dedication to supporting our merchants, clients, and providing best-in-class service remains our top priority."
Cannabis MSO iAnthus Trims Net Loss In Q1, Reports YoY Increase In Revenue, Gross Profit
iAnthus Capital Holdings reported on Tuesday its financial results for the first quarter ended March 31, 2024.Revenue totaled $41.6 million, representing a sequential increase of 1.7% from the prior period and an increase of 13.1% year-over-year.Net loss totaled $14 million, or a net loss of less than $0.01 per share, compared to a net loss of $18.7 million, or a net loss of less than $0.01 per share in the prior quarter, and compared to a net loss of $18.6 million, or a net loss of $0.01 per share, in the prior year's period.
What’s Going On With Tilray Stock Tuesday?
In a new regulatory filing, Tilray said it entered into a private debt-for-equity exchange transaction with an unrelated party. The company expects to issue an aggregate of up to 13.1 million shares in exchange for $19.8 million aggregate principal amount of its 5.25% Convertible Senior Notes due June 1, 2024.
CBD-Focused Avicanna Reports First-Ever Adjusted EBITDA Positive Quarter, 451% YoY Spike In Q1 Record Revenue
Cannabis-focused biopharmaceutical company Avicanna Inc. announced on Tuesday financial results for the first quarter of fiscal 2024.CEO Aras Azadian called it its "best quarter." In addition to being its first EBITDA-positive quarter, it also saw record gross margins.Azadian credited the results to "the proprietary nature of products and services we offer in Canada."
Analysts May Need To Revise Cannabis Stock Projections For 2024: 10 Companies Surpass EBITDA Estimates By $37M
Cannabis equity analysts may need to revise their 2024 earnings estimates after first-quarter results from major multi-state operators (MSOs). According to a recent report by Viridian Capital Advisors, 10 MSOs surpassed EBITDA estimates by $37 million in the first quarter of 2024, indicating that initial projections may have been too conservative.
Ancillary Cannabis Co. Hydrofarm Reports YoY Drop In Q1 Sales, Gross Profit While Narrowing Loss, Expects To Cash In On Marijuana Rescheduling
Hydrofarm Holdings Group, Inc., a cannabis-focused manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture, announced on Tuesday financial results for its first quarter ended March 31, 2024."We are pleased with our first quarter results, as we delivered adjusted gross profit margin expansion for the fifth consecutive quarter driven by elevated operational productivity," Bill Toler, chairman and CEO of Hydrofarm, said.
Microdosing For Depression: Psychedelics Biotech Signs $66.5M Non-Binding Deal To Out-License Novel Psilocin Prodrug Candidate
Psychedelics biotech firm, Enveric Biosciences (NASDAQ:ENVB) has signed a non-binding term sheet to out-license a class of Novel Psilocin Prodrugs (NPP) to Vancouver,…