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Below is a recap of the main news related to the cannabis industry and markets for the week ending July 30, 2021.
Contents
Canadian cannabis giant Tilray, Inc. (NASDAQ:TLRY) (TSX:TLRY) posted its first earnings report following its merger with Aphria on Wednesday.
The financial results include a full quarter of the old Aphria — through May — and one month of the old Tilray.
The combined company reported a revenue increase of 25% in the fourth quarter of 2021, to $142.2 million, from $113.5 million in the prior-year quarter. Net cannabis revenue totaled $53.7 million, representing 36% growth.
Net revenue grew by 27% to $513.1 million during 2021, from $405.3 million in 2020, driven mainly by a 55% growth in net cannabis revenue, which amounted to $201.4 million.
Following the report, Tilray joined Advanced Micro Devices Inc. (NASDAQ:AMD), Facebook Inc. (NASDAQ:FB) and Apple Inc. (NASDAQ:AAPL) on the list of stocks seeing the highest interest on Reddit’s r/WallStreetBets.
Benzinga Cannabis’ content is now available in Spanish on El Planteo.
Analysts were also bullish.
Bank of America analyst Heather Balsky said Tilray management reassured investors with a confident tone on the company’s earnings call. The company is now targeting $4 billion in sales in 2024, assuming U.S. cannabis reform occurs within the next 24 months. Management added that Tilray is “ideally positioned to compete in the U.S. market via CBD and THC beverages, as well as CBD edibles and other products.
Bank of America has a Buy rating and $21.50 price target for Tilray.
Cantor Fitzgerald analyst Pablo Zuanic said Tilray’s quarter was mixed and noisy, so much of Wednesday morning’s big move may be attributable to a short squeeze.
“In our view, cannabis sales trends were lackluster, but that can be explained by the COVID-related context (although management claimed the combined company has started to gain rec domestic share since April 2021),” Zuanic said.
Cantor Fitzgerald has an Overweight rating and $19 price target for Tilray.
Earlier in the week, Tilray subsidiary Manitoba Harvest partnered up with a consortium of industry leaders through Protein Industries Canada to develop new hemp and pea varieties with increased protein content, differential starch content and improved texture.
And, on Thursday Tilray summoned and postponed its long-anticipated special meeting of shareholders, at which stockholders were meant to vote on two important proposals - 1) Share dilution and 2) Several governance changes with the purpose of increasing stockholder rights.
The special meeting was adjourned until Aug. 19.
Stocks posted mixed results this week. Over the five trading days of this week:
Acquiring Company | Acquired Company | Price | Conditions |
Verano Holdings Corp (OTC:VRNOF) | Sierra Well | $29 million | Cash and stock |
IM Cannabis (CSE:IMCC) (NASDAQ:IMCC) | Pharm Yarok & Rosen Highway | $3.7 million | Cash |
PeakBirch Logic Inc. (CSE:PKB) (FSE: KYH2) (OTCQB:KTNNF) | Stul Ltd. | $347,047 | Stock |
GrowGeneration Corp. (NASDAQ: GRWG) | HGS Hydro | Undisclosed | Undisclosed |
Kanabo Group Plc (LSE:KNB) | Materia | Undisclosed | Undisclosed |
Company | Lead Financier | Amount |
The Flowr Corporation (TSXV:FLWR) (OTC:FLWPF) | Non-brokeredprivate placement offering | $550,000 |
Poseidon Garden Ventures | JKL2 | Undisclosed |
Poseidon Garden Ventures | Adaviv | Undisclosed |
Poseidon Garden Ventures | Dispense | Undisclosed |
Jushi Holdings Inc. (CSE:JUSH) (OTCQX: JUSHF) teamed up with actor, director and producer Colin Hanks to bring his handkerchief line, Hanks Kerchiefs, to select BEYOND / HELLO retail stores.
Meanwhile, Viola, the cannabis company founded and led by NBA veteran Al Harrington, welcomed another NBA star, Allen Iverson, to its ranks.
The Philadelphia 76ers legend and Hall of Famer agreed to serve as the official talent partner for the Los Angeles cannabis brand.
As Viola’s new partner, Iverson will build on many of Harrington’s business initiatives, leading the introduction of the first strain of Viola’s The Iverson Collection, which is expected to hit the shelves at Elevate and Jade Room in California this October.
The collaboration with Iverson and Viola is expected to result in a variety of cannabis and non-cannabis products.
Seth Rogen and Evan Goldberg’s cannabis and lifestyle brand Houseplant and cannabis giant Canopy Growth Corp. (NYSE: CGC) terminated their partnership in Canada.
Following the announcement, Houseplant debuted its first California Hybrid strain: Bomb Cyclone.
Trait Biosciences, a leading cannabinoid biotechnology research organization, announced that it has completed a CA$31 million ($25.46 million) Series A financing round led by the corporate venturing unit of British American Tobacco (NYSE:BTI), Btomorrow Ventures, and backed by Gotham Green Partners. Viridian Capital was an advisor to the company.
Southern Glazer's Wine & Spirits, one of the United States’ largest alcohol distributors, teamed up with Kill Cliff for a deal that will bring CBD beverages to retail stores in 46 states.
Kill Cliff CBD beverages have experienced rapid growth since partnering with Joe Rogan to create his own flavor of the drink. The stand-up comedian, UFC commentator and host of popular podcast "The Joe Rogan Experience" created a spicy pineapple flavor with a kick called The Flaming Joe.
Find all the details on these and other earnings reports on Benzinga Cannabis’ Earnings Center.
The OLB Group, Inc. (NASDAQ:OLB), a B2B provider of e-commerce and payment solutions, announced its intention to enter the CBD industry with the likely purchase of a portfolio of 1,200 merchants in the CBD and other spaces.
“Once closed, the acquisition gives us a strong position in a marketplace that continues to demonstrate robust growth and profitability,” said Ronny Yakov, CEO of The OLB Group.
Aurora Cannabis Inc. (NASDAQ: ACB) (TSX: ACB) appointed Theresa Firestone as a new independent director, expanding its board to nine members, seven of whom are independent.
TPCO Holding Corp. (NEO: GRAM) (OTCQX:GRAMF), which is doing business as The Parent Company, said that both its leadership team and board of directors agreed to extend the share lock-up period for an additional six months.
Find out all about the latest executive moves at:
Check out the top stories on Benzinga Cannabis this week:
Top Spanish Stories
Photo: lead image by Ilona Szentivanyi. Copyright: Benzinga.
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