Cannabis Earnings News

04:04pm ET03/28/2024
Hemp-focused consumer wellness company CV Sciences, Inc. (OTCQB: CVSI) announced on Thursday its financial results for the year ended Dec. 31, 2023. The San Diego-based company reported a gross margin of 44.3% for fiscal year 2023, representing an improvement from 34.2% for 2022. For the fourth quarter gross margin was 45.8%, representing a sequential improvement from 45.1% in the third quarter. "Our 2023 progress demonstrates our continuous commitment to innovation and cost-efficient execution as we move closer to profitability and positive cash flow," Joseph Dowling, CEO of CV Sciences, said. "As the CBD category consolidates, we have increased our market share in key sales channels, including the natural product retail channel. We will continue to focus our resources on new product development, as evidenced by our pet line expansion with our recent launch of pet chews for hip and joint health and calming care."
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03:53pm ET03/28/2024

Editor’s Note: The headline has been updated for accuracy. Schwazze reported an 8% revenue growth in Q4 2023, not a drop.

Medicine Man Technologies, Inc. (OTC:SHWZ), operating as Schwazze, announced its financial and operational results on Thursday for the fourth quarter and full year ended Dec. 31, 2023.

“This past year, the Schwazze team delivered solid top-line growth in two highly competitive markets with 31% adjusted EBITDA margins and improved operating cash flow,” said Forrest Hoffmaster, interim CEO of Schwazze. “We continued to sharpen our retail strategy while expanding our store footprint by more than 50% to 63 dispensaries across our two markets.”

“Although the Colorado and New Mexico markets were pressured in 2023, we have built a solid foundation with best-in-class service for our patients and customers. Internally, we are also relentlessly focused on maximizing the operating efficiencies of our manufacturing and cultivation facilities to drive higher yields, improved flower quality, and greater output,” he added.

Fourth Quarter 2023 Financial Results

Total revenue in the fourth quarter of 2023 increased 8% to $43.3 million compared to $40.1 million for the same quarter last year.

Gross profit for the fourth quarter of 2023 was $7.0 million or 16.2% of total revenue, compared to $21.7 million or 54.1% of total revenue for the same quarter last year.

Operating expenses for the fourth quarter of 2023 were $23.3 million, compared to $24.2 million for the same quarter last year. The decrease was primarily due to a lower impairment charge in the fourth quarter of 2023.

Loss from operations for the fourth quarter of 2023 was $16.2 million compared to $2.5 million in the same quarter last year. The decrease was driven by lower gross profit, primarily related to the non-cash inventory adjustment. Net loss was $33.9 million for the fourth quarter of 2023 compared to $27.3 million for the same quarter last year.

Fierce Competition In Colorado

“With strong demand and over 680 recreational retail stores at year-end, the competitive landscape in Colorado is fierce, underscoring the importance of our investments in and attention to elevating the customer experience. We significantly outpaced the market in Q4 on a sequential and year-over-year basis and expect to bolster our growth through improvements in customer acquisition, retention, and loyalty, as well as in the overall retail experience,” stated Hoffmaster, adding that they’re beginning to see wholesale pricing stabilize.

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Looking Ahead

Hoffmaster said that in New Mexico, the proliferation of new licenses has increased the competition and that cannabis sales were up 18% across a store base that was over 50% higher year-over-year in Q4, leading to lower average revenue per store. This, he added, has led to a slow-down in new store openings and what he anticipates as a challenging market in the future.

Nevertheless, he is optimistic.  “Looking ahead, we are optimistic about the regulatory momentum in the industry at large. In the meantime, we will continue to elevate the customer experience, improve our loyalty program, increase our cost efficiencies, and enhance our retail assets.”

Price Action: Schwazze was trading down 9.1% at $0.80 at the time of publication Thursday.

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.

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Now Read: Lowell Farms Navigates Challenging Terrain With 35% Revenue Dip: A Look At 2023’s Financial Outcomes

Photo: Courtesy of C.Aphirak via Shutterstock

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03:26pm ET03/28/2024
Discover Lowell Farms Inc.'s Q4 2023 financial report: revenue dips, strategic shifts, and CEO insights shaping the cannabis landscape.
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03:23pm ET03/28/2024
Glass House Brands Inc. (OTC: GHBWF), a vertically integrated cannabis firm in California, revealed an 89% surge in annual revenue to $160.8 million, setting a new record.
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03:19pm ET03/28/2024
IM Cannabis Corp. (NASDAQ: IMCC) (CSE: IMCC) announced on Thursday its financial and operational results for the year ended Dec. 2023. The Toronto-headquartered medical cannabis company with a focus on Israel and Germany reported a 10% year-over-year decrease in revenue to CA$48.8 million ($36 million) in 2023. IM Cannabis attributed it to "negative currency fluctuations and the impact of the Israel-Hamas war on the company's operations." Fourth quarter revenue dropped 26% year-over-year to CA$10.7 million. "As previously warned and as expected, unfortunately, the Israel-Hamas war had a negative impact on our fourth quarter 2023 results, which weighed on our full-year results.," Uri Birenberg, chief financial officer of IMC, said. "Coupled with our fourth quarter of 2023 inventory reduction, the war caused our fourth quarter gross profit to decrease by 68% as compared to the fourth quarter of 2022."
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02:25pm ET03/28/2024
Rubicon Organics Inc. (TSXV: ROMJ) (OTC: ROMJF), a leading producer of organic certified, premium cannabis, has reported its financial outcomes for the year ended December 31, 2023, showcasing significant growth.
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10:32pm ET03/27/2024
Cannabinoids-focused pharmaceutical company MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) announced on Wednesday its financial results for the full year and three months ended Dec. 31, 2023. Net revenue grew to CA$33 million ($24.3 million), from CA$22.1 million in 2022, representing roughly a 50% year-over-year increase. "Over the years we have invested in our infrastructure as a high quality and high-capacity pharmaceutical grade manufacturer, allowing us to grow sales with new opportunities and markets, without additional investment into capital or resources," David Pidduck said. "We are proud of the work completed in 2023 and excited about the future of MediPharm Labs."
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