This was a good week for markets in general, and for cannabis stocks in particular. In fact, all major U.S.-traded ETFs in the sector were up. Over the five trading days of the week:
- The ETFMG Alternative Harvest ETF (NYSE: MJ): gained almost 2%
- The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was up 4.6%
- The Cannabis ETF (NYSE: THCX): advanced 1.8%.
- The Amplify Seymour Cannabis ETF (NYSE: CNBS): rose 1.7%.
- The SPDR S&P 500 ETF Trust (NYSE: SPY) was up 3.3%.
Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) revealed Monday a revenue spike of 4,135% over the year to $8.47 million. The company attributed the boost to the sale of concentrates, pre-rolls, and contract manufacturing services.
During the second quarter of fiscal 2020, Hollister posted a net income of $300,000versus a net loss of $2.1 million in the previous quarter.
Medical Marijuana Inc. (OTC: MJNA) said Tuesday that its net revenue dropped by approximately 18% over the second quarter of 2020 to $10.9 million. The San Diego, California-based company posted net income of around $9.7 million during the quarter compared to a net loss of $90.8 million in the prior period.
For the period ending in June, its gross profit was $8.7 million. Gross margins increased from 74.3% to 79.7% year-over-year.
TILT Holdings Inc. (CSE: TILT) (OTC: TLLTF) disclosed Tuesday second quarter and half-year financial and operating results. Revenue dropped by 9% sequentially and 1% over the year to $38.6 million during the quarter. Cannabis revenues for the first six months of 2020 were up by 196% year-over-year.
The Phoenix-based company posted a gross margin of 28.3%, up by 63 bps compared to the previous quarter, and 384 bps from the corresponding quarter of 2019.
Vireo Health International Inc. (CNSX: VREO) (OTC: VREOF) revealed Wednesday its total revenue, including contributions from discontinued operations, amounted to $12.2 million in the second quarter of 2020. That’s up by 70% compared to the same period last year.
Its retail revenue increased by 46% over the year to roughly $9.2 million.
Rubicon Organics Inc. (CSE: ROMJ) (OTC: ROMJF) released its second-quarter earnings report. The Vancouver-based company reported a 140% sequential increase in gross revenue over the period to CA$1.2 million.
Rubicon also posted a net loss of CA$1.8 million for the quarter, compared to a loss of around CA$3.8 million in the same quarter last year.
Harborside Inc. (CSE: HBOR) reported its retail revenue amounted to $10.2 million in the first quarter of 2020, while wholesale revenue was around $4.4 million, before excise taxes. That’s a year-over-year increase of 23% and 57%, respectively.
Cansortium Inc. (CSE: TIUM.U) (OTC: CNTMF) reported results for the second quarter and the first six months of fiscal 2020. The Miami-based vertically integrated medical cannabis company saw a 117% increase in consolidated revenue over the year, to $13.2 million in the second quarter. For the first half of 2020, the company posted consolidated revenue of $23.4 million. For the second quarter, consolidated income from operations amounted to $0.8 million, versus a loss from operations of $8.1 million in the same period of 2019.
Ayr Strategies Inc. (CSE: AYR.A) (OTC: AYRSF) revealed its second-quarter revenue amounted to 28.3 million, down by 16% compared to the previous quarter.
The company, which began transitioning to a delivery model in Nevada in March, boasted its best performance in July, which brought revenues of $15.1 million.
Jushi Holdings Inc. (CSE: JUSH) (OTC: JUSHF) released its second-quarter results for 2020. According to a Thursday update, its revenue rose by 73% over the period to $14.9 million.
Auxly Cannabis Group Inc. (OTC: CBWTF) reported Friday earnings report for the second quarter and the first half of 2020. The Toronto-based company reported total revenues of $8.6 million, up by 200% year-over-year. The amount includes $6.8 million of cannabis net revenues and $1.8 million of research revenues from KGK.
Decibel Cannabis Company Inc. (TSXV: DB) (OTC: DBCCF) reported Friday it has achieved positive cash flow “for the first time” during the second quarter.
See all details on these results on Benzinga Cannabis’ Earnings Center.
Commenting on the earnings, Debra Borchardt, Editor-in-Chief of Green Market Report, told Benzinga, “Earnings continue to keep things active during the waning days of summer. COVID is certainly impacting numerous companies as lockdowns and store closures hurt some sales. It does seem that most companies have reported quick sales rebounds in June and July.”
On Friday, a leaked email revealed that House Majority Whip James Clyburn announced to members the House would be voting on the Marijuana Opportunity Reinvestment and Expungement (MORE) Act during the September work period.
AdvisorShares said it is launching the AdvisorShares Pure US Cannabis ETF (NYSE: MSOS) on Sept. 2.
An executive at Altria Group Inc. (NYSE: MO), the parent company of tobacco giant Phillip Morris, has left the industry for “greener” pastures.
This week, Humboldt County-based hemp brand Boldt Runners Corp. announced it has hired former Altria executive Peter Diatelevi as Chief Executive Officer.
Cannabis brand Caliva has expanded its in-house, direct-to-consumer delivery services in California to include an additional 96 cities located in the Bay Area and Los Angeles.
Clever Leaves, a licensed producer of pharmaceutical-grade cannabinoids, was granted rights to commence its European cultivation activities. The licensed producer of pharmaceutical-grade cannabinoids received INFARMED I.P’s license to cultivate, commercialize and export Good Agricultural and Collecting Practice quality dried cannabis flower, produced at its Portugal-based cultivation site.
Avicanna Inc. (TSX: AVCN) (OTC: AVCNF) finalized exports of CBG and CBD isolates into the United States through its Colombian subsidiary Santa Marta Golden Hemp S.A.S. The Toronto-based company also completed the export of CBD isolate into Germany.
In addition, MediPharm Labs Inc. (TSX: LABS) (OTC: MEDIF) launched Avicanna’s sublingual sprays, which will be marketed under Avicanna’s RHO Phyto medical brand.
Hightimes Holding Corp. finalized the previously announced acquisition of the two cannabis dispensaries in Northern California. The Los Angeles-based publishing and events company said Wednesday it bought 530 Collective in Shasta Lake and a Redding store, which is operated by Synergy (which does business as [email protected] Enterprises).
Ascend Wellness Holdings said it intends to debut in Chicago by acquiring two dispensaries in its neighborhoods – Logan Square and River North. According to a Tuesday update, AWH would take over both Modern Cannabis dispensaries, once it receives approval from the Illinois Department of Financial and Professional Regulation.
The Chicago-based multi-state operator also disclosed that it’s finalizing its latest funding round at $68.2 million, that way securing $41 million in new capital.
KEY Investment Partners LLC said Thursday it has secured financing for both Front Range Biosciences (FRB) and Springbig.
Psychedelics and biotech company ATAI Life Sciences announced on Monday the launch of a new subsidiary that will focus on the development of MDMA derivatives for the treatment of post-traumatic stress disorder and other indications.
EmpathBio will be a wholly owned subsidiary of ATAI, led by CEO Glenn Short.
Pure Harvest Corporate Group Inc. (OTC: PHCG), which ventured into the CBD pet market earlier this year, acquired Sofa King Medical Wellness Products LLC.
Needham analyst Matt McGinley initiated coverage on TerrAscend (OTC: TRSSF) with a Buy rating and a price target of $5.50. He also initiated coverage on Columbia Care (OTC: CCHWF) with a Hold rating.
Pure Sunfarms, a joint venture between Village Farms International Inc. (NASDAQ: VFF) (TSX: VFF) and Emerald Health Therapeutics Inc. (TSXV: EMH) (OTC: EMHTF) started shipping its Cannabis 2.0 and bottled oil products. Both Pure Sunfarms’ Full Spectrum Vapes in 510 Thread Cartridges and Pure Sun CBD Oil will be available to customers in British Columbia in the days to come, the companies said.
Benzinga Cannabis’ content is now available in Spanish on El Planteo.
”Expanding into Illinois gives us the opportunity to help more people access cannabis as a medicine,” said PrestoDoctor Co-Founder and CEO, Kyle Powers. “Frankly, many people are cannabis curious, but they don’t know how to use cannabis as an alternative to prescription drugs or where to go to secure a medical recommendation. We make the process of obtaining high-quality medical guidance and a medical marijuana card easy, safe, and affordable.”
With PrestoDoctor and a smart device or a computer, patients can schedule private, secure appointments with licensed doctors who are highly trained in using cannabis for conditions like PTSD, arthritis pain relief, Colitis and more.
“PrestoDoctor knows that telemedicine offers tremendous value to the thousands of people who live in rural areas as well as urban residents seeking trustworthy medical advice on how to use cannabis,” said PrestoDoctor’s Dr. Jose Torradas, emergency room physician. An appointment with PrestoDoctor includes a customized treatment plan tailored to a patient’s condition.”
GreenScreens launched a nationwide campaign that offers cannabis consumers an opportunity to donate to the Last Prisoner Project right at the check out. GreenScreens, which provides digital point-of-sale technology for dispensaries nationwide, is partnering with the project by donating 10 percent of its ad space at dispensaries to promote awareness of the campaign and encourage cannabis consumers to participate.
“This is a great example of the cannabis industry and consumers coming together to answer the call of social justice,” said Shawn Cutter, CEO of GreenScreens. “As beneficiaries of cannabis legalization, we all have a part to play in seeing that fairness is a part of our industry. No one should still be in prison for something that is perfectly legal today.”
Emily O’Brien, founder and CEO of Mondo Meds, told Benzinga, “After hearing about the amount of stress many firefighters, healthcare and government workers were under throughout the pandemic, I knew I wanted to do my part in lending a helping hand. MONDO is dedicated to replacing harmful pharmaceuticals with safe natural plant medicine. With our approachable micro-dosing methods, we want to increase emotional stability without compromising intellectual ability.”
Top Stories Of The Week
Check out the top stories on Benzinga Cannabis this week:
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Lead image by Ilona Szentivanyi. Copyright: Benzinga.
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