Video Staff
The biggest news this week was the announcement that Cresco Labs is acquiring Origin House, formerly known as CannaRoyalty in a $1.1 billion deal. The combined company would make Cresco one of the largest multi-state operators in the U.S. Cresco would be in 11 states with 23 facilities and licenses to operate 51 dispensaries. Cresco Labs brands will eventually be sold in over 725 dispensaries across the country. The combined company will be one of the largest vertically-integrated multi-state cannabis operators in the U. S.; a leading North American cannabis company, by footprint; and one of the largest cannabis brand distributors.
Aurora Cannabis (ACB) filed a prospectus to raise $750 million although the company stressed that it wasn’t immediately going to tap into using that money. “Although we have no immediate intention of drawing capital against this Shelf Prospectus, we have introduced this option as a prudent and long-term strategic measure to provide us with flexibility in access to growth capital, if or when required, to continue executing on our global expansion and partnering strategy,” said Michael Singer, Executive Chairman.
Earnings season is upon us.
iAnthus (IAN.CN) delivered fourth-quarter revenue of $2.2 million, the pro forma was $14.8 million and the net loss was $15.9 million. iAnthus reported full-year fiscal 2018 revenue and other income of $4.5 million (an increase of 88% over 2017) and a pro forma revenue* of $49.3 million for the full year fiscal 2018. The full year fiscal 2018 net loss of approximately $62.0 million included $44.1 million of non-cash charges used to derive adjusted EBITDA primarily due to accretion expense, fair market value adjustments, depreciation, and share-based compensation. Adjusted EBITDA loss was $17.9 million for the full year fiscal 2018.
GrowGeneration (GRWG) reported revenue of $29 million an increase of 102% over last year. The company’s same-store sales increased by 12.4% in the fourth quarter. The company delivered a net loss of $5 million for 2018 a big increase over 2017’s net loss of $2.5 million. Gross profits were $6.4 million for 2018, as compared to $3.3 million for 2017, an increase of approximately $3.1 million or 97%.
Nutritional High reported revenue of $6.1 million for the second quarter, but a net loss of $6.8 million. The company also reported a gross profit of $1.5 million, but a net loss of $6.8 million. At the end of January 31, 2019, the company has now recognized a trailing-twelve-month revenue from Cannabis sales of approximately $17.6 million.
1933 Industries delivered revenue of $3.7 million for the second quarter with a net loss of $2.9 million.
Vertical Companies raised $58 million in a Series A round.
Ionic Brands began trading on the Canadian Securities Exchange using the symbol IONC.
Vibe Bioscience Ltd. Announced that its common shares began trading on the CSE as well under the symbol “VIBE.” Vibe also executed a purchase agreement to acquire all of the membership interests in the outstanding securities of EVR Managers, LLC, which holds a license for an adult use cannabis retail operation located in Redding, California.
