Staff
It’s time for your Daily Hit of cannabis financial news for October 13, 2020.
On the Site
Flower One
Flower One Holdings Inc. (CSE: FONE) (OTCQX: FLOOF) announced preliminary third-quarter revenue of $11.5 million surpassing its Q3 2020 revenue guidance range of $9.8 million and $10.8 million. The company did not state whether it had any profits or net losses. Flower One said it continues to expect its third-quarter gross margin to be in line with its previous guidance of 30-35%.
In addition to the third-quarter figures, Flower One said that its year-to-date gross sales, thru the month ending September, were roughly $24.2 million. The company also noted that its initial launch of Cookies and 22 Red demonstrated its ability and ongoing priority to transition its product revenue mix towards premium quality and higher gross margin sales. Kiva’s Blackberry Blitz Game On Camino gummies were also launched as a nod to the Las Vegas Raider’s inaugural season in Nevada.
Harborside
Harborside Inc. (OTCQX: HBORF) released preliminary unaudited third-quarter 2020 financial results for the period ending September 30, 2020 showing that gross revenue for the quarter is expected to exceed $18.5 million. Net revenue for the quarter ending in June was $15.2 million with net losses of $1.7 million.
The company did not release any information with regards to profits or losses. investors may need to be reminded that Harborside changed its ticker symbol from “HSDEF” to “HBORF” on the OTCQX market effective today October 7, 2020.
In Other News
Canopy Growth
Canopy Growth Corp. (NYSE: CGC) (TSE: WEED) announced Tuesday a new distribution partnership with two major alcohol distributors: Reyes Beer Division and Manhattan Beer. The company will leverage these partnerships to bring its sports hydration brand, BioSteel, to U.S. consumers in a ready-to-drink format.
Terra Tech
Terra Tech Corp. (OTCQX:TRTC) has appointed Mr. Michael Nahass as Chief Executive Officer. Mr. Nahass currently serves as Terra Tech’s President, Chief Operating Officer, Secretary and Treasurer as well as a Director, and has been working at Terra Tech since its inception. Mr. Nahass was instrumental in the start-up operations of Terra Tech and he continues to manage the daily activities of Terra Tech. He takes over the position from Matthew Morgan, who has been CEO since February 2020 as he is stepping down to pursue other interests.
Planet 13
Planet 13 Holdings Inc. (OTCQX:PLNHF) announced it is adding a non-cannabis retail store within its Las Vegas SuperStore location. The non-cannabis retail store will be a one-stop-shop for everything necessary for an enjoyable weekend or weekday in Las Vegas. The non-cannabis retail store will sell Planet 13 merchandise along with general sundries. With the addition of the non-cannabis retail space, there is still 30,000 sq. ft. of unbuilt space at the Las Vegas SuperStore. The remaining area is being held for additions to the dispensary floor, future retail opportunities, and a cannabis consumption lounge and night club when regulations allow.
