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Touchdown In Las Vegas: Exploring Nevada’s Cannabis Field, Market And Companies Ahead Of Super Bowl LVIII

By Nicolas Jose Rodriguez
February 9, 4:58 PM
As Super Bowl LVIII readies to get underway at Allegiant Stadium in Las Vegas this Sunday, Nevada's cannabis industry, underpinned by recent legislative reforms and strategic positioning, is set to capitalize on the influx of visitors.

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Illinois Weed Scorecard, Super Bowl Edition: Market Leaders, Store Surge And Sales Analysis

By Nicolas Jose Rodriguez
February 9, 4:08 PM
Illinois' booming cannabis market is under the microscope in Pablo Zuanic's latest report from Zuanic & Associates. With dispensary numbers on the rise, how are multi-state operators (MSOs) adapting amidst political changes and industry buzz?

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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.

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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".

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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%.

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