Cannabis Earnings News

02:10am ET03/19/2024
Planet 13 Holdings (OTC: PLNH), a multi-state cannabis operator, has lagged 55% behind its peers this quarter, affected by a poorly timed equity offering and alleged embezzlement issues, according to senior analyst Pablo Zuanic.
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08:23pm ET03/15/2024
High Tide Inc. released on Friday its financial results for the first fiscal quarter of 2024 ended January 31, 2024, revealing an 8% year-over-year and 1% sequential increase in revenue to CA$128.1 million. The Canadian cannabis retail giant also reported a breakeven net income with fully diluted earnings per share of CA$0.00 during the period, versus CA$(0.05) in the first fiscal quarter of 2023. Raj Grover, founder and CEO of High Tide said reaching break-even net income in the first quarter represents "a critical milestone in our ongoing corporate trajectory and is a rarity in the global cannabis space."
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03:49pm ET03/15/2024
The Cannabist Company Holdings Inc. announced on Friday it intends to complete a private placement of up to $19.5 million aggregate principal amount of 9% senior secured convertible debentures due 2027. The company said in a press release that it has received binding commitments for $17.5 million and may enter into additional commitments for $2 million of notes before closing. Additionally, the company plans to issue $6.25 million of notes in exchange for the cancellation of previously issued 6% senior secured convertible notes due 2025 held by certain offshore institutional investors. The notes will be senior secured obligations of the company and mature in March 2027, unless earlier converted or repurchased. The conversion rate will be 3,278.6 common shares in the capital of the company per $1,000 principal amount of notes, equivalent to a price of approximately $0.305 per common share.
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12:02pm ET03/15/2024

Cannabis company Tilt Holdings Inc. (CBOE:TILT) (OTCQB:TLLTF) reported its financial and operating results Thursday for the three and twelve months ended Dec. 31, 2023, revealing quarterly revenue of $37.5 million, versus $44.3 million in the same period of 2022. The expected decrease in revenue was primarily attributable to the timing of Jupiter order shipments from Smoore, a portion of which was recovered in the first quarter of 2024.

"It has been less than one year since my return to TILT, and we have made foundational progress in that time," stated TILT's chief executive officer, Tim Conder. "Despite the many challenges we faced throughout the year, our team has meaningfully improved operating efficiency, reduced operating expenses, and begun to restructure our debt to strengthen our balance sheet. Further, we have executed a refined brand partnership strategy in our plant-touching business, and now offer a more concentrated portfolio of strong, inhalation-focused brands that better align with our Jupiter hardware platform."

Cannabis earnings and how to stay afloat among challenging conditions will be one of the hot topics at the upcoming Benzinga Cannabis Capital Conference in Florida on April 16 and 17, 2024.

Q4 2023 Financial Summary

  • Gross profit was $3.6 million and gross margin was 9.5%, compared to $8.3 million or 18.8% of revenue in the prior year period.
  • Net loss was $22.0 million, compared to a net loss of $73.1 million in the prior year period.
  • Adjusted EBITDA was a loss of $1.6 million compared to a loss of $400,000 in the prior year period.

FY 2023 Financial Summary

  • Revenue was $166.0 million, compared to $174.2 million in the prior year. The decrease was primarily driven by the aforementioned order shipment timing and lower average price in certain Jupiter product lines.
  • Gross profit was $24.4 million or approximately 14.7% of revenue, compared to $38.2 million or 21.9% of revenue in the prior year.
  • Net loss was $62.4 million compared to a net loss of $107.5 million in the prior year. The improvement in net loss was primarily driven by a decrease in operating expenses predominantly due to a reduced non-cash impairment loss compared to the prior year, partially offset by the decrease in gross profit.
  • Adjusted EBITDA was $2.1 million in the twelve months ended December 31, 2023, compared to $2.8 million in the prior year.
  • December 31, 2023, the company had $3.3 million in cash, cash equivalents and restricted cash compared to $3.5 million on December 31, 2022. Notes payable net of discount on December 31, 2023 was $52.2 million compared to $59.7 million on December 31, 2022.

"Our cost savings efforts and right-sizing initiatives have led to approximately $8 million in annualized savings in 2023 as compared to 2022. We now have a more efficient operating structure in place that will enable us to shift our attention from cost savings to revenue growth in 2024,” Conder continued. “We have a great team, and it has been exciting to execute on our plan together in 2023 and see their alignment around our refined vision come into focus for 2024 and beyond."

Price Action

Tilt's shares closed Thursday’s market session 3.66% higher at $0.034 per share.

The Benzinga Cannabis Capital Conference is returning to Florida, in a new venue in Hollywood, on April 16 and 17, 2024. The two-day event at The Diplomat Beach Resort will be a chance for entrepreneurs, both large and small, to network, learn and grow. Renowned for its trendsetting abilities and influence on the future of cannabis, mark your calendars – this conference is the go-to event of the year for the cannabis world. Get your tickets now on bzcannabis.com – Prices will increase very soon!

Photo: Courtesy of C.Aphirak via Shutterstock

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02:13am ET03/15/2024
The multi-state cannabis operator reported $317.3 million in revenue for 2023, a year-over-year sales increase of 28% in 2023.
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10:47pm ET03/13/2024
Las Vegas-based cannabis giant, Planet 13 Holdings Inc. (CSE: PLTH) (OTC: PLNH), revealed its financial performance for the fourth quarter of 2023 on Wednesday afternoon.
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10:43pm ET03/13/2024
Jushi Holdings Inc. (CSE: JUSH) (OTC: JUSHF) maintained robust gross profit margins of 40.2% in Q4 2023 and 43.1% for the fiscal year 2023. Jim Cacioppo, CEO, highlighted operational efficiencies and new product launches, leveraging proprietary retail data and consumer insights.
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