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HomeInvestmentHashish Weekly Spherical-Up: Earnings Season Kicks Off

Hashish Weekly Spherical-Up: Earnings Season Kicks Off

Within the hashish house this week, three main corporations shared their newest earnings experiences.

Along with that, a brand new report exhibits that the quantity of hashish product destroyed by Canadian producers reached record-breaking ranges in 2021.

Preserve studying to search out out extra hashish highlights from the previous 5 days.

Trio of hashish corporations shares monetary outcomes

This week’s monetary outcomes from main hashish corporations showcase totally different sides of the business and are an opportunity for traders to evaluate the well being of the market.

Wednesday (August 3) introduced experiences from two US-based corporations with totally different hashish enterprise plans: Inexperienced Thumb Industries (CSE:GTII,OTCQX:GTBIF) and Progressive Industrial Properties (IIP) (NYSE:IIPR).

Inexperienced Thumb reported a income soar of practically 5 p.c from the final quarter to complete the Q2 interval with US$254.3 million in income. The rise in income introduced the corporate US$24.4 million in internet earnings, its eighth consecutive optimistic quarterly interval.

Inexperienced Thumb Founder, Chairman and CEO Ben Kovler credited his crew for navigating the difficult macroeconomic setup. “The complexity in US hashish makes us work tougher and smarter day-after-day to create long-term worth for all our stakeholders,” Kovler stated within the replace.

For its half, IIP reported US$70.5 million in income for the Q2 interval, making a internet earnings line of practically US$40 million. The hashish actual property funding belief agency continued paying a dividend to shareholders. This time it got here in at US$1.75, representing a 25 p.c uptick from final 12 months.

Over the border, main Canadian agency Cover Progress (NASDAQ:CGC,TSX:WEED) shared much less glowing outcomes for its first fiscal quarter of 2023. Main executives for the corporate celebrated a extra disciplined method to spending and developments from a pipeline of merchandise with and with out hashish.

Cover’s income for the quarter was flat in comparison with the earlier interval, and it reported a bigger internet loss in comparison with the previous quarter. The agency blamed its C$2 million internet loss on a C$1.7 million “impairment in goodwill, and non-cash truthful worth modifications.”

Canadian hashish waste reaches document degree

New figures from Well being Canada, first reported by MJBizDaily, present that in 2021, 425 million grams of licensed hashish have been destroyed by Canadian producers.

Moreover, 7 million packaged merchandise have been destroyed by these corporations.

“Since 2018, nearly 900 million grams of unpackaged dried hashish has been destroyed by licensed producers due to overproduction and high quality points,” the report signifies.

The brand new numbers present a 50 p.c uptick from the quantity destroyed in 2020, 279 million grams.

Hashish firm information

  • PharmaCielo (TSXV:PCLO,OTCQX:PCLOF)confirmed the primary cargo of “cannabinoid merchandise” to its Mexico-based three way partnership. “The Mexican market represents a big, close to and mid-term alternative for PharmaCielo, and we’re proud to export cannabinoids in help of the event of merchandise for the medicinal market,” Invoice Petron, CEO of PharmaCielo, stated.
  • Excessive Tide (NASDAQ:HITI,TSXV:HITI)acquired eight Canadian hashish dispensaries for C$4.2 million in shares of the corporate, with a plan for an extra ninth dispensary pending regulatory approval.
  • MariMed (CSE:MRMD,OTCQX:MRMD)introduced the debut of a brand new cannabis-infused ice cream model completed in collaboration with Emack & Bolio’s. The 2 preliminary flavors launched are Cup O’ Espresso Chip and Chocolate Sunny Days. Extra flavors are deliberate sooner or later.
  • Tilray Manufacturers (NASDAQ:TLRY,TSX:TLRY)introduced an settlement has taken place between a division of its wellness subsidiary and Southern Glazer’s Wine & Spirits. It’ll acquire entry to a wider distribution community to place a brand new avenue for its CBD drinks.

Remember to observe us @INN_Cannabis for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, maintain no direct funding curiosity in any firm talked about on this article.


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