Video Staff
Earnings season is underway and with the sector in a bear market, there seems to be a lot of pressure on companies to deliver solid results. GW Pharmaceuticals managed to do that but the stock still tumbled confusing shareholders. The company reported third-quarter net sales of $86 million in the cannabis drug Epidiolex. Revenue for the quarter was $91 million beating estimates. The losses were cut to $13 million versus last year’s $79 million, still, the stock sold off.
Innovative Industrial Properties beat analyst estimates with revenue that rose over 200% to $11 million and earnings per share of 55 cents. The dividend increased by 30% to 78 cents per share. The stock jumped over 9% on the news.
CV Sciences (OTCQB:CVSI) reported revenue of $12.6M (-7.4% Y/Y) which missed estimates by $6.01M. Third-quarter sales were impacted by increased market competition in the natural product category, and the continued impacts on retail customers as a result of the uncertain regulatory environment for CBD. The third quarter Non-GAAP EPS of -$0.01 missed by $0.02 and the GAAP EPS of -$0.02 missed by $0.03. The decline in operating income is primarily related to reduced sales and additional investment in sales, marketing, and R&D activities.
For fiscal year 2019, the company expects revenue to be in the range of $55 million to $57 million.
Merida Priced its IPO to form a $120 million special purchase acquisition company. The units will commence trading November 5, 2019 on Nasdaq under the symbol “MCMJU” and are expected to commence trading on the Neo Exchange Inc. on or about November 8, subject to satisfying certain listing conditions, under the symbol “MMK.UN”.
TILT Holdings closed on a $35 million private placement which will be used to pay off a high-interest rate bridge loan. The company also agreed to board changes.
Terra Tech is merging with the over the counter drug company OneQor and may spin off its cannabis holdings.
Sunniva lost its CFO but said its CannaPharmRx deal is still on.
MediPharm Labs filed to list on the NASDAQ.
