Cannabis Earnings

Pervasip Reports Slight YoY Decrease In Q1 Revenue As It Prepares For Cannabis Spin-Off
4Front Ventures FY Revenue Drops 10% As Net Loss Increases, CEO Offers Optimistic Projections
California Cannabis Co. Blüm Reports 36% YoY Drop In 2023 Revenue, Narrows Net Loss By 93%
4Front Ventures FY Revenue Drops 10% As Net Loss Increases, CEO Offers Optimistic Projections
California Cannabis Co. Blüm Reports 36% YoY Drop In 2023 Revenue, Narrows Net Loss By 93%
International Expansion Drives Growth For This Canadian Cannabis Producer As It Reports Record Q1 Revenue
Cannabis Giant Tilray Reports 30% YoY Increase In Q3 Net Revenue, Updates FY 2024 Guidance

Cannabis Earnings Recent News

Lifeist Reports Highest Quarterly Gross Profit In History, Continues To Diversify Its Wellness Business
Lifeist Wellness Inc. reported on Monday its financial results for the three and 12 months ended Nov. 30, 2023. The Toronto-based company said it achieved the highest quarterly gross profit in the company's history in the fourth quarter totaling CA$2 million ($1.5 million), representing a gross margin of 42%, compared to CA$1.9 million, or 31% gross margin, in the corresponding quarter of 2022."Our performance in the fourth quarter of 2023 reflects our strategic focus on high-margin activities and operational efficiency, resulting in the highest quarterly gross profit in our company's history," Meni Morim, CEO of Lifeist, said. "Though accompanied by unique hurdles, our focus towards enhancing gross profit has produced promising results." The company recently announced that it has entered into a definitive share purchase agreement with 1463663 B.C. Ltd., a newly incorporated affiliate of Tierra Corp., and the company's Canadian cannabis subsidiaries, collectively referred to as the CannMart Group, to divest and sell all of the shares of the CannMart Group to the buyer for CA$5 million.
Goodness Growth Holdings Reports Q4 2023 Revenue Growth, Gross Margin And Operating Profits
Goodness Growth Holdings, Inc.,(CSE: GDNS) (OTC: GDNSF) cannabis company reported its financial results Tuesday morning for the fourth quarter and the entire fiscal year of 2023.
Cannabinoid-Based Products Maker Sees Triple-Digit Growth In 2023 Gross Profit, Revenue Surges 314% YoY
Cannabinoids-focused biopharmaceutical company Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) reported on Tuesday year-end 2023 results and audited financial statements. The Canadian company reported CA$16.8 million ($12.3 million) in total revenue, up by 314% year-over-year. Avicanna mostly attributed a surge in revenue to the acquisition of Medical Cannabis by Shoppers from Shoppers Drug Mart and the launch of MyMedi.ca. "2023 was a tremendous year for Avicanna where we solidified our leadership position in the Canadian medical cannabis sector through our proprietary products and the launch of MyMedi.ca," he said. "We have successfully demonstrated the scalability of our revenues and made significant improvements in our fundamentals while advancing all our business pillars."
Hemp-Focused Wellness Co. Moves Closer To Profitability, Reports Flat 2023 Revenue, Increase In Gross Profit
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."
Cannabis Company Glass House Reports: 89% Increase In Revenue, Aims For $50 M Profits In 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.
IM Cannabis' Q4 Revenue: Gross Profit Drops Due To Negative Impact Of Israel-Hamas War, Sees Germany As Growth Opportunity
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."
This Cannabinoids-Focused Pharma Co. Sees 50% YoY Surge In Revenue In 2023, Trims Losses
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."
CBD-Focused Charlotte's Web Narrows Net Loss 75% YoY In Q4, Reports Drop In Revenue
Charlotte's Web Holdings, Inc. reported on Thursday financial results for the fourth quarter and year ended Dec. 31, 2023. The Louisville, Colorado-based hemp extract wellness producer reported a 16% year-over-year decrease in fourth-quarter consolidated net revenue to $15.9 million. The company said both retail and e-commerce revenues lower year-over-year. Charlotte's Web said CBD product sales remain below expectations, attributing it to "ongoing headwinds in the overall CBD category, including regulatory ambiguities at the federal and state levels, associated consumer confusion, and competitive crowding and pricing pressures."
Marijuana Operator Tilt Holdings' Revenue Drops YoY, But Manages To Reduce Net Loss
MariMed Wholesale Revenue Up 48% Driven By Top Marijuana Brands: Why Is This Weed Stock Undervalued?
MariMed Inc. (OTC: MRMD), a notable player in the US cannabis market, recently reported its financial results and forward-looking guidance, revealing strategic moves to navigate the sector's evolving landscape.
Cannabis Co. Cresco Nearly Doubles Adjusted EBITDA YoY To $54.8M In Q4, Narrows Loss In 2023
Cresco Labs announced on Wednesday financial and operating results for the fourth quarter and year ended Dec. 31, 2023.The Chicago-based cannabis giant behind Sunnyside dispensaries reported net revenues of $188.2 in the fourth quarter, decreasing from $199.6 million in the same quarter of last year. That's down 2% year-over-year. Cresco also reported a net income of $4.9 million for the fourth quarter compared to a $180.6 million net loss in the prior year's period and $133.4 million in the prior quarter as well as achieving positive adjusted EBITDA of $54.8 million, up from $29.6 million in the prior year's period.
NY Cannabis Giant Cannabist's 2023 Revenue Consistent With Prior Year At $511M, Narrows Q4 Net Loss By 76% YoY
The Cannabist Company Holdings Inc. reported on Wednesday its financial and operating results for the three months and full year ended Dec. 31, 2023, revealing a 76% year-over-year decrease in a net loss to $72.5 million in the fourth quarter.
Cannabis Acquisitions Pay Off: MSO Ascend Wellness Q4 Revenue Jumps 25% YoY To $140M
Nextleaf's Alberta Debut Results In 170% YoY Net Revenue Surge In Q1, Here's What's Next For The Cannabis Co.
Nextleaf Solutions reported a 170% year-over-year increase in net revenue in the first quarter ended Dec. 31, 2023, reaching CA$3.2 million. Interim CEO Emma Andrews commended the company's performance and highlighted the successful launch of house brands like Glacial Gold and High Plains Cannabis in Alberta. The company experienced a significant increase in gross profit to CA$962,465 and a rise in expenses to CA$828,703 compared to the prior year. Income and comprehensive income were reported at CA$132,821. Nextleaf maintained a debt-free position with CA$9.1 million in total assets and cash of CA$367,836 at the end of the period. Looking ahead to Q2 2024, the company plans to launch nine new products nationwide, further expanding its product portfolio.
Craft Cannabis Co. Grown Rogue Reports Gross Profit Increase In 2023, CEO Signals Expansion
Grown Rogue International Inc. released its audited 2023 results, displaying a robust 32% revenue growth to $23.4 million and a significant 102% spike in operating cash flow to $6.4 million year-over-year. CEO Obie Strickler attributes these achievements to the company's profitable scalability, cost control measures, and dedication to providing top-notch cannabis products. The financial highlights of 2023 include a gross profit of $12.7 million, increased from $8.1 million, with total expenses rising to $8.4 million. Income from operations rose to $4.2 million from $957,149. Adjusted EBITDA stood at $7.6 million, with free cash flow hitting $2.8 million. Operationally, Grown Rogue expanded its reach into new markets like New Jersey through strategic partnerships and investments, culminating in the closure of $8.0 million in convertible debentures. The company's 2024 outlook involves further operational enhancements, expansion into new markets, and continued market share growth, underscoring its commitment to sustained growth and excellence in the cannabis industry.
Marijuana Company Cronos Reduces FY23 Net Loss As It Utilizes Global Expansion
Weed Giant Trulieve Beats Q4 Revenue Estimates, Reports Higher Net Loss For Full Year
Marijuana giant Trulieve Cannabis Corp. (CSE:TRUL) (OTCQX:TCNNF) reported its financial results Thursday for the fourth quarter and full year ended Dec.
Zig-Zag Segment Stable, Says CEO As Turning Point Reports Profit Increase And 6.1% YoY Drop In Q4 Net Sales
Maker of Zig-Zag rolling papers Turning Point Brands announced on Wednesday financial results for the fourth quarter and full year ended Dec. 31, 2023.Graham Purdy, president and CEO, praised quarterly results.  "Our fourth quarter results were at the high end of our expectations," Purdy said. "The Zig-Zag segment was stable from the previous year excluding the impact of a discontinued product line and is well positioned to return to growth in 2024. We also had strong free cash flow generation during the year allowing us to build a cash balance to address the remaining principal amount of our convertible notes at maturity in July."
Canadian Cannabis Extractor Ayurcann's Q2 Revenue Jumps Over 81% YoY, Net Loss Grows
Ayurcann Holdings Corp. saw a 81% year-over-year increase in net revenue to CA$5.8 million ($4.3 million) in the second quarter of fiscal 2024. The Toronto-based cannabis company specializes in manufacturing derivative cannabis products for the recreational market, securing 22 new stock-keeping units in various categories across several Canadian provinces. In the second quarter of fiscal 2024, the company reported a net loss of CA$771,622, with expenses amounting to CA$2.7 million and a gross margin of 37%. By the end of 2023, Ayurcann had total assets of CA$16.2 million and total liabilities of CA$14.2 million. Overall, for the first half of 2024, Ayurcann achieved a total net revenue of CA$12.3 million, with a decreased net loss of CA$951,267, expenses of CA$5.07 million, and a gross margin of 36%.
Cannabis REIT Innovative Industrial's 2023 Revenue Hits $309.5M, Up 12% From 2022
Cannabis Real Estate Investment Trust (REIT) Innovative Industrial Properties, Inc. (NYSE: IIPR) reported a 12% year-over-year increase in total revenue to $79.2 million for Q4 2023 and $309.5 million for the full year. The growth was attributed to tenant reimbursements, property acquisitions, and rental escalations. Net income for common stockholders was $41.3 million in Q4 and $164.2 million for the year. Total expenses increased to $35.2 million in Q4 and $135 million for the year. The company recorded adjusted funds from operations (AFFO) of $64.3 million in Q4 and $256.5 million for the year, representing increases of 8% and 10% respectively from the prior year. Normalized FFO was reported at $234.1 million for the year, showing a 9% increase from 2022.
Substance Use Disorder Company Narrows Q2 Net Loss, Reports Progress On Cannabinoid Intoxication Drug
Substance use disorder-focused biopharmaceutical company Anebulo Pharmaceuticals, Inc. (NASDAQ: ANEB) reported on Tuesday second quarter financial results for the three months ended Dec. 31, 2023, The company's primary focus is on developing therapy for acute cannabinoid intoxication (ACI).Total operating expenses in the second quarter of fiscal 2024 were $2.8 million compared with $3.8 million in the same period in fiscal 2023.Net loss in the second quarter of fiscal 2024 was $2.7 million, or $(0.11) per share, compared with a net loss of $3.8 million, or $(0.15) per share, in the second quarter of fiscal 2023.
cbdMD Reports YoY Dip In Q1 Net Sales, Shrinks Operating Loss, Expands Into Hemp And Mushroom Products Markets
Medical cannabis company cbdMD has reported financial results for its first quarter of fiscal 2024. Operating loss improved to $1.1m compared to $4.1m for the same period in the previous year. Gross profit was flat at around $3.5m, while operating expenses were $4.6m, down from $7.6m in the previous year. Total net sales declined to $5.37m from almost $6m in the corresponding prior-year period. Direct-to-consumer net sales represented 82.3% of total net sales, a decrease from 90% in Q1 2023. On 31 December 2023, cbdMD had total working capital of roughly $1.4m compared to approximately $3.4m on 30 September, with cash on hand dropping to roughly $1.5m from $1.8m over the same period. The Charlotte-based company recently struck a securities purchase agreement with five institutional investors to fund the national rollout of its ATRx Labs functional mushroom products, as well as launching the hempMD and ATRx Labs brands.
CBD-Focused Pharma Co. Innocan Reveals 433% YoY Increase In 2023 Revenue As It Pursues FDA Approval
Cannabinoid-focused pharmaceutical company Innocan Pharma Corp expects preliminary revenues of $4.89m in Q4 of fiscal 2023, representing a YoY increase of 331%. It said preliminary revenues are expected to be at least $13.6m for the whole of the fiscal year, a 433% YoY increase. Its subsidiary B.I. Sky Global drove the increase in sales. Innocan is currently pursuing FDA approval for its human pharmaceutical applications following successful pre-clinical trials, and the company expects pre-investigational new drug applications to be submitted to the FDA before the end of the month. Innocan has developed a long-lasting and therapeutic liposomal formulation for CBD called LPT Solution, which administers injectable CBD encapsulated in liposomes to achieve long-lasting therapeutic levels of CBD in the body. The company said the technology creates a more effective and prolonged therapeutic effect. Innocan plans to test the LPT platform on a new animal species in the near future.