The Daily Hit: November 7, 2019

Kaitlin DomangueNovember 7, 20198min00

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It’s time for your daily hit of cannabis financial news for November 7th, 2019.

 

On the Site

 

Innovative Industrial Properties Stock Jumps Over 10% On Earnings

 

California-based cannabis REIT Innovative Industrial Properties(IIP) (NYSE:IIPR) shares shot up over 10% in trading on Thursday after reporting solid results for their 2019 third-quarter after the market closed on Wednesday. The stock was lately trading at $80.02, well above its 52-week low of $42.10.

 

Harvesting, Processing Hemp May Be Expensive For New Farmers

 

The USA has a new boom for hemp farmers. It’s difficult for amateur farmers to enter the market and beat the competition. The huge processing and harvesting companies in the industry leave almost no chances for small businesses. Thus, even if you consider all the negative factors like unfortunate weather, low prices, lack of labor, and create a perfect harvesting plan, there is still a high possibility that you might push your income into the red. The industry is facing the oversupply of hemp which leads to the decreased rates. Many farmers hurry to fire-sale their crops to anyone not to lose all the money and efforts put into the cultivation, harvesting, and processing. Unfortunately, the equipment, workforce, knowledge, skills, and time required to grow cannabis might be too much for the newbie farmers. They tend to underestimate the efforts and financial risks for entering this sphere.

 

In Other News

 

IntelGenx Reports Third Quarter 2019 Financial Results

 

SAINT LAURENT, Quebec, Nov. 07, 2019 (GLOBE NEWSWIRE) — IntelGenx Technologies Corp. (TSX-V:IGX)(OTCQX:IGXT) (the “Company” or “IntelGenx”), a leader in pharmaceutical films, today reported financial results for the third quarter ended September 30, 2019. All dollar amounts are expressed in U.S. currency and results are reported in accordance with United States generally accepted accounting principles except where noted otherwise.

 

2019 Third Quarter Financial Summary:

● Revenue was $61,000, compared to $700,000 in the third quarter of 2018
● Adjusted EBITDA was ($2.3 million), unchanged from Q3-2018
● Cash and short-term investments totaled $4.3 million as at September 30, 2019 compared to $2.2 million as at September 30, 2018

KushCo Holdings Reports Fiscal Fourth Quarter and Full Year 2019 Results

Fiscal Fourth Quarter and Full Year 2019 Financial Summary

Fourth Quarter

● Net revenue increased 135% year-over-year to $47.0 million.
● On a GAAP basis, gross profit was 20.1%, compared to 18.1% in the prior year period.
● On a Non-GAAP basis, excluding the impact of certain non-recurring items, gross profit was approximately 22.1%.
● On a GAAP basis, net loss was approximately $11.5 million, compared to approximately $3.2 million in the prior year period. Basic and diluted loss per share was $0.13 compared to $0.04 in the prior year period.
● On a Non-GAAP basis, excluding the impact of certain non-recurring charges and gains, net loss for the quarter was $7.2 million and basic and diluted net loss per share was $0.08.

Full Year

● Net revenue increased 186% year-over-year to a record $149.0 million, enabling the Company to achieve its previously issued guidance of between $145.0 million and $150.0 million.
● On a GAAP basis, gross profit was 16.5%, compared to 25.6% in the prior year.
● On a Non-GAAP basis, excluding the impact of certain non-recurring items, gross profit was approximately 21.3%.
● On a GAAP basis, net loss was approximately $39.6 million, compared to a net loss of approximately $24.3 million in the prior year. Basic and diluted loss per share was $0.47 and $0.57, respectively, compared to $0.37 in the prior year.
● On a Non-GAAP basis, excluding the impact of certain non-recurring charges and gains, net loss for the year was $29.8 million and basic and diluted loss per share was $0.35.

 

 

 

 

 

 

 

Kaitlin Domangue

Kaitlin is a cannabis reporter for the Green Market Report, covering every angle of the industry. She also works directly with cannabis brands as a content marketer.

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previousInnovative Industrial Properties Stock Jumps Over 10% On Earnings

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