Dozens of cannabis businesses across the U.S. sustained costly damages over the weekend when demonstrations over the death of Minneapolis man George Floyd turned violent and widespread vandalizing and looting in several major cities began.
Canopy Growth Corporation today announced its full year and fiscal 2020 fourth quarter financial results, reporting a net loss of C$1.3 billion ($946 million) for the three-month period ending March 31, 2020. A majority of the eye-popping losses stemmed from previously announced impairment and restructuring charges, which totaled C$743 million.
MedMen Enterprises yesterday announced its 2020 fiscal third quarter earnings, reporting just 4% revenue growth compared to the previous quarter. In a press release, the embattled Los Angeles-based cannabis firm said revenue totaled $45.9 million in Q3, representing growth of 41% year-over-year.
Chicago-based Cresco Labs has agreed to purchase four medical marijuana dispensaries in Ohio from Verdant Creations, LLC, the vertically integrated cannabis firm announced Tuesday. In a press release, Cresco said the acquisition would allow it to go deeper in a key market where it currently has just one retail shop.
Earlier this year, Boston became the first major East Coast city to permit the opening of an adult-use cannabis dispensary. After years of planning, Pure Oasis opened its doors in early March, only to suddenly be forced to close after Massachusetts Governor Charlie Baker ordered all “non-essential” businesses to temporarily shutter in response to the global coronavirus pandemic.
Hightimes Holding’s deal to acquire California-based cannabis cultivator Humboldt Heritage Inc. has gone up in smoke. In a May 15 SEC filing, Hightimes – which owns the eponymous "High Times" pot publication – said it had mutually agreed to terminate the transaction, which was first announced on March 27, 2020.
Canada's Aurora Cannabis is making its foray into the U.S. cannabis market with the acquisition of Natick, Massachusetts-based cannabidiol (CBD) products company Reliva, LLC. Announced late Wednesday, the all-stock transaction is valued at $40 million and includes a potential earn-out of $45 million payable in Aurora shares, cash or a combination of the two. It is expected to close in June.
Acreage Holdings is continuing to trim back its operations. On Monday, the New York-based multistate operator announced the sale of additional non-core assets in South Dakota and Massachusetts as it seeks profitability.
Recreational cannabis shops in Massachusetts will reopen on May 25, two months after they were deemed non-essential and ordered to close amid the coronavirus pandemic. On Monday, Massachusetts Governor Charlie Baker announced a four-phase reopening plan that will enable some of the state’s currently shuttered businesses to resume operations.
Aurora Cannabis Inc. yesterday announced its 2020 fiscal third quarter earnings, reporting higher than expected net revenue of more than C$78 million – an 18% improvement from the previous quarter. Aurora’s adult-use sales grew 24% versus last quarter, to C$41.5 million, driven by the launch of value brand Daily Special and a full three months of cannabis 2.0 sales.
Boston-based alcohol delivery service Drizly has officially expanded into the cannabis sector with the launch of Lantern, a marijuana delivery platform that connects cannabis users to licensed dispensaries across Massachusetts. The service is currently available to medical marijuana patients in the greater Boston area who have access to products sold by Revolutionary Clinics.
Sales of adult-use cannabis are soaring in Illinois, even as residents remain under a coronavirus-induced stay-at-home order that was recently extended to May 30 by Gov. J.B. Prtizker. Recreational sales topped $37 million in April, the second-best month since adult-use shops opened their doors in January, according to data from the Illinois Department of Financial and Professional Regulation.