Video Staff
It was a big week for Trulieve Cannabis Corp. (OTC: TCNNF). The florida-based company said it was buying Harvest Health & Recreation Inc. (OTCQX: HRVSF) in a deal valued at approximately $2.1 billion. The combined businesses will have operations in 11 states with 126 dispensaries serving both the medical and adult-use recreational cannabis markets. Right after that Harvest Health reported its first-quarter revenue rose 101% to $88.8 million. The company said in its earnings that it has a cash position of $106 million, but the company’s total liabilities are $554 million.
Then on Thursday Trulieve said its revenues increased 102% to $193.8 million and beat the Yahoo Finance average analyst estimate for revenues of $189 million.
GrowGeneration Corp. (NASDAQ: GRWG) reported its first-quarter 2021 revenues rose 173% to $90 million. GrowGen said same-store sales increased 51% year over year. Net income was $6.1 million, or $0.10 per share which beat the estimate for $0.07.
Green Thumb Industries Inc. (OTCQX: GTBIF) continues to show its strength delivering total revenue of $194.4 million in the first quarter up 89% from last year beating analyst estimates. The company also delivered a net income of $10.4 million versus last year’s net loss.
Charlotte’s Web Holdings, Inc. (OTCQX: CWBHF) reported revenue increased 9.1% to $23.4 million, but net losses grew to $13 million.
In the not so great column:
MedMen Enterprises Inc. (OTCQX: MMNFF) reported its revenue fell to $32 million, from last year’s $44.1 million. This also missed the average analyst estimates of $37.3 million.
The Green Organic Dutchman (TSX: TGOD) (US: TGODF) reported its unaudited revenue increased 194% year over year to $8.98 million but decreased 18% sequentially abd blamed covid store closings for the drop.
In stock news:
ETF Managers Group has launched its latest cannabis ETF (exchange-traded fund) that will once again focus on the cannabis U.S. stocks. The ETFMG U.S. Alternative Harvest ETF (NYSE Arca: MJUS) will begin trading on the New York Stock Exchange.
Flora Growth Corp. (NASDAQ: FLGC) priced its IPO raising $16 million and will trade on the NASDAQ with the symbol “FLGC.”
True Leaf Brands (OTC Pink: TRLFF) has launched both a traditional private placement and an equity crowdfunding offering.
