Kaitlin Domangue
It’s time for your Daily Hit of cannabis financial news for June 11th, 2020.
On the Site
Hexo Surprises Market With Strong Revenue For Third Quarter
HEXO Corp. (NYSE: HEXO) reported that its revenue increased 30% sequentially to $30.9 million in the third quarter fiscal 2020 ending April 30, 2020. A big jump over Hexo’s last year’s revenue of $15 million for the same time period. The net losses fell to $19.5 million from the second quarter’s kitchen sink net losses of $298 million.
All figures in Canadian dollars.
Blinc Group Plays Long Game In Vape Recovery
Blinc is a vaping company focused on safe processing procedures and safe use after the vape crisis of 2019.
Cannabis Beverage Market to Hit $1.82B by Year’s End
Prohibition Partners, has released a new report indicating that all segments of the beverage industry are now embracing cannabis-infused drinks, with a clear potential for a growing consumer base as 16% of people who have not yet consumed cannabis-infused drinks say they will probably do so within the next 12 months. They estimate the global cannabis drinks market will be worth US$1.82 billion by the end of 2020 and that number will be infused by those looking for relief from the current COVID-19 pandemic.
THE ETHEREAL SPACE Launches Luxury Cannabis Creative Agency
Experienced cannabis branding agency who has worked with Dior, Burberry, Whole Foods, Mercedes-Benz, etc. have entered the cannabis marketing space as a luxury branding agency.
In Other News
TILT Holdings Inc. (CSE: TILT) (OTCQB: TLLTF) Announces Chief Financial Officer Transition and Q4 Results
CFO David Caloia will leave the company effective June 12th, 2020. Brad Hoch, Controller at the Company’s Jupiter Research, LLC business unit, will assume the role of interim CFO. The company also announced Q4 results today.
