Kaitlin Domangue
It’s time for your Daily Hit of cannabis financial news for August 12th, 2020.
On the Site
Trulieve’s Revenue Keeps Climbing As Company Increases Guidance
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) reported revenue of $120.8 million, a 26% sequential increase for the second quarter ending June 30, 2020. It was an increase of 109% over last year’s second quarter and beat the average analyst’s estimates of $106 million according to Yahoo Finance.
cbdMD Beats Revenue Estimates, But Misses Earnings Estimates
cbdMD, Inc. (NYSE: YCBD) reported net sales of $10.6 million in its third fiscal 2020 quarter ending June 30, 2020, which beat the Yahoo Finance analyst’s estimates for revenue of $9.57 million. This was a 13% sequential increase over the second quarter and a 33% increase over the same time period for last year.
Why Is the CBD Market Exploding?
These days, CBD products are everywhere. You can’t walk more than a few miles in a major city without finding a shop advertising CBD oil and related products, and if you know where to look online, you can find a variety of CBD products to suit your needs. So why is CBD suddenly becoming popular in the United States? There are several different explanations, each of which likely plays some role in producing this effect; regulatory leniency, research and newfound effects, trends and fashion, product innovation, profitability and new market potential.
Fyllo Raises $10 Million To Expand Beyond Cannabis
Fyllo has raised $10 million in Series A2 financing from both existing and new investors, bringing total funding to date to $26 million. The Series A2 round was led by existing investors JW Asset Management and K2 & Associates with participation from current investors Arcadian, Salveo Capital, and Phyto Partners. Fyllo said that the new investment would provide the company with resources to advance its market-leading data, media and compliance solutions and accelerate expansion into other highly regulated industries.
In Other News
Aleafia Health Reports 2020 Q2 Results
The company clocked out at $9.8 million in net revenue – a 34% decline over the previous quarter and a 155% increase from the same quarter last year.
“The second quarter saw several major operational breakthroughs for Aleafia Health as we received regulatory approval and operationalized three major facility expansions. Now, with an industry leading production ecosystem, we will be able to produce a broader portfolio of new, differentiated product formats along with unique cultivars, at large scale,” said Aleafia Health CEO Geoffrey Benic.
Mydecine Innovations Group Provides Corporate Update
Mydecine was acquired by the NewLeaf Brands and closed two back-to-back seed rounds of financings and raised approximately CAD$6 million. The company appointed Damon Michaels as their new Chief Operations Officer, Rob Roscow as the Chief Science Officer, Jim Gunning previously a Red Bull marketing executive as the Chief Marketing Officer, plus more roles were updated.
