Staff
The Daily Hit is a recap of the day’s top cannabis news for March 14, 2022.
On The Site
Columbia Care
Columbia Care Inc. (NEO: CCHW) (CSE: CCHW) (OTCQX: CCHWF) announced preliminary results for the full year ended December 31, 2021. The company reported a 156% increase in annual revenue to $460 million over last year’s $179 million. The net losses rose by $27 million to $146 million. Read more here.
Urban-Gro
urban-gro, Inc. (Nasdaq: UGRO) reported it is buying Emerald Construction Management Inc. in a deal valued at $7 million. Emerald is a 37-year old Colorado-based construction management firm providing comprehensive construction and supervisory services, from initial design through final build-out. Emerald C.M. said it expects 2021 revenues of $26.5 million and adjusted EBITDA of $1.2 million. Read more here.
Decibel
Decibel Cannabis Company Inc. (TSXV: DB) (OTCQB: DBCCF) reported an operational update with respect to its capital projects and announces its fourth consecutive month of record market share in February. The company did not release any sales figures. “With our capital projects having achieved key milestones, it is a testament to our commitment to quality products, which continue to drive strong growth in market share” said Paul Wilson, Chief Executive Officer of Decibel. “As these strategic investments come online, we anticipate operational efficiency gains that will enhance gross margins and drive growth in our bottom line.” Read more here.
In Other News
Agrify Corporation (Nasdaq:AGFY) announced that it has entered into a debt financing agreement for up to $135 million in a Senior Secured Note facility (the “Note”) with an institutional lender. The proceeds will be used for working capital and general corporate purposes. An initial funding of $65 million under the Note will be immediately available to the Company at an initial closing, with the option for the Company to draw down the remaining $70 million available in two subsequent fundings of $35 million each, subject to the satisfaction of certain funding conditions. Read more here.
