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Cannabis Extractor LEEF Brands Sees Stronger Margins And EBITDA In Q1, CEO Explains Why
Another Cannabis Pioneer Expands In Germany Via Acquisition As Experts Say 'There's No Stepping Back' From Legalization Wave
MariMed Is On A Roll: Partners With Two Iconic Music Venues In Boston, Acquires Another Illinois Cannabis Dispensary
Another Cannabis Pioneer Expands In Germany Via Acquisition As Experts Say 'There's No Stepping Back' From Legalization Wave
MariMed Is On A Roll: Partners With Two Iconic Music Venues In Boston, Acquires Another Illinois Cannabis Dispensary
This Latin American Cannabis Co. Plans To Expand In Thailand Amid Significant Shifts In Weed Regulation Landscape
Curated Strains And Branded Cannabis Gear By The Cannabist And Revelry Launching In Four East Coast Markets

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Shifting Focus To Vape Hardware Secures Top Product Award For This Cannabis Company
TILT Holdings said on Monday that it was awarded the best vape product at one of the nation's cannabis competitions. Its subsidiary, Standard Farms won first place for best vape cartridge in the 2024 NECANN Cup with the Mimosa Liquid Live Rosin "All-in-One" Vape using the Jupiter/CCELL Voca Pro hardware. "Being awarded the best vape product at one of the nation's leading cannabis competitions with our sought-after Mimosa live rosin strain helps solidify TILT's position as an industry leader in product and hardware innovation," Tim Conder, the company's CEO, said. "Our team deserves recognition for their commitment to delivering the best cannabis products across the markets we serve." Massachusetts patients and consumers can find Standard Farms products in-store at any of the Commonwealth Alternative Care, Inc. locations statewide.
SNDL Reports Record CA$909M In Net Revenue For 2023, CEO Zach George Calls It 'Foundational' Period
SNDL Inc. reported on Thursday its financial and operational results for the full year and fourth quarter ended Dec. 31, 2023, revealing a record net revenue for 2023 of CA$909 million ($670.3 million) compared to CA$712.2 million in 2022. That's an increase of 28% year-over-year. The Calgary, Alberta-based company also reported positive free cash flow is achieved in the second half of 2023, totaling CA$17.7 million. "2023 was a year of significant financial success for SNDL, including record-breaking revenue and gross profit, and the achievement of free cash flow in the second half of the year," Zach George, CEO of SNDL, said. "The generation of stabilized free cash flow continues to be a top priority for our team, and I am proud that we delivered on this stated objective during the last two quarters."
Aurora Cannabis Earns Coveted GMP Certification For Australian Market, Here's What It Means
Aurora Cannabis said on Wednesday that it has obtained Good Manufacturing Practice (GMP) certification from Australia's Therapeutic Goods Administration (TGA) for its Canadian production facilities, River and Ridge. The TGA is in charge of regulating the supply, import, export, manufacturing and advertising of therapeutic goods in Australia. Obtaining TGA's GMP certification allows the Canadian cannabis giant to deliver cannabis products to Australia. The license grants approval for Aurora to broaden its product range offerings in the country, comprising dried flower, resin cartridges, pastilles and oils.
New York Weed Giant Cannabist To Complete Nearly $26M Private Placement Offering Of Convertible Debentures
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.
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.
Aurora Cannabis Bounces Back: Debt Paid, Growth Ahead
Aurora Cannabis has repaid its convertible senior notes, marking a significant milestone as it nears financial recovery. With remaining debt related to Bevo Farms Ltd, CEO Miguel Martin highlighted the company's focus on balance sheet strength, having paid off a substantial amount in convertible debt. The company posted record earnings in the third quarter, attributing success to international expansion and strategic partnerships, such as the recent collaboration with Script Assist in the UK. Analysts have identified Aurora as well-positioned to benefit from the legalization wave in Germany, given its strong export ties to the country. With a focus on medical cannabis quality and patient care, Aurora aims for positive free cash flow by year-end, showcasing a commitment to financial discipline and growth in the global cannabis market.
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.
Restructuring Plan Pays Off For Ancillary Cannabis Co. Despite YoY Net Sales Drop In Q4
Hydrofarm Holdings Group, Inc. reported a 23% year-over-year decrease in net sales for the fourth quarter of 2023, amounting to $47.2 million. The company's successful restructuring plan and cost-saving initiatives led to positive Adjusted EBITDA and Free Cash Flow for the year. In Q4 2023, gross profit increased to $8.4 million, with a gross profit margin of 17.9%, compared to a loss in the same period in 2022. The net loss improved to $15.2 million, and Adjusted EBITDA showed a significant year-over-year improvement of 92%. For the full year 2023, net sales dropped to $226.6 million, but gross profit increased to $37.6 million, with a gross profit margin of 16.6%. The net loss decreased to $64.8 million, and Adjusted EBITDA turned positive at $0.3 million. Operating activities generated $7 million cash, with free cash flow reaching $2.8 million.
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%.
UK Medical Cannabis Market Gets Boost With Aurora And Script Assist Collaboration
Aurora Cannabis has partnered with Script Assist, a UK medical cannabis prescription platform. The collaboration will offer a range of Aurora's medical cannabis products in the UK, including three new cannabis flower products launching in March. These products aim to provide UK patients with high-quality options, such as those with high THC content or balanced THC/CBD ratios. The partnership will also introduce 'Find a Doctor' on the platform to connect patients with specialized prescribing doctors. Trisha Cassidy, a managing director at Aurora UK and Ireland, highlighted the importance of improving access to medical cannabis products and providing valuable information to support patients. Overall, the partnership between Aurora and Script Assist aims to enhance the UK medical cannabis landscape and assist patients on their medical cannabis journey.
Heritage Cannabis Co. Boosts Gross Margin Over 50% In 2023 Thanks To This Smart Move
Heritage Cannabis Holdings reported an increase in gross margin of more than 50% for the year and 628% for the quarter ended October 31, 2023. CEO David Schwede credited the company's focus on product optimization and operational efficiencies for this growth, with products like RAD vape and Adults Only brand remaining in high demand. The company saw strong growth in states like New York, Missouri, and West Virginia, with over $3.5 million in sales. While net revenue slightly dropped in Q4 2023 compared to the prior year, cost of sales decreased significantly, leading to a higher gross margin. For the full year 2023, net revenue increased, costs decreased, and the company reported lower comprehensive losses compared to the previous year. Schwede expressed optimism for continued growth in revenue and gross margin for 2024 with a focus on exploring new revenue channels in the U.S. and abroad.
EXCLUSIVE: Shifting Public Perception Of Cannabis Industry, AI's Role, More Insights From Market Leaders
Prominent women discuss trends, challenges, and innovations in the cannabis industry at a Benzinga event. Digital platforms and AI shaping the future, but economic and regulatory hurdles remain.
DEA Clears This NASDAQ-Traded 'Plant-Touching' Firm To Research And Produce Schedule I And II Plant-Based Drugs
Enveric Biosciences Sells Cancer Patents As It Paves Way For Mental Health Treatments
Enveric Biosciences Inc. has announced the sale of a cancer-related patent portfolio, including patents and pending applications in several countries, focusing on cannabidiol as a treatment for cancer. This move allows the company to concentrate on developing novel neuropathogenic small-molecule therapeutics for mental health disorders, such as depression, anxiety, and addiction. Enveric plans to further advance its candidates EB-003 and EB-002, which target hallucinations and utilize a synthetic prodrug of psilocin. CEO Joseph Tucker expressed confidence in the deal, stating that it will enable Enveric to invest in neuroplastogens for mental health while offering strong patent protection for the undisclosed buyers, who are expected to research and develop cannabidiol-based therapies for specific cancer types.
Q3 Net Loss Drops Sharply, Revenue Decreases YoY For Michigan Cannabis Co. Agrify (CORRECTED)
Agrify Corporation, a Michigan-based agricultural technology company, has reported a 56% year-over-year decrease in revenue for the third quarter of 2023. The company's revenue for the quarter stood at $3.1 million, down from $7 million in the same period last year. Agrify also reported a net loss of $2.1 million for Q3 2023, compared to a net loss of $57.4 million in the same quarter of 2022. Despite the decrease in revenue, Agrify's chairman and CEO, Raymond Chang, said that the historically low net loss is an encouraging sign that the company is making progress. The company managed to reduce its total operating expenses to $5.6 million in Q3 2023, down from $27.4 million in the same period last year. Agrify also reported gross profit of $1 million for the quarter, compared to a loss of $4.1 million in Q3 2022. As of September 30, 2023, the company had $43 million in total assets and $64.3 million in total liabilities.
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.
The Cannabist Company Attacks Debt With Repurchasing Agreement To Reduce Leverage By Up To $25M
Why Is My Screen So Green? Cannabis Stocks Surge In Early 2024, WTR Reports Findings
In early 2024, the screens of cannabis investors lit up with a promising green glow, which signals stock prices going up and a bullish surge in cannabis stocks.
Tilray Expands Weed Drink Selection, Here's What RIFF Brand Has In Store For Cannaseurs
Canadian cannabis company Tilray has launched two new ready-to-drink THC and CBG-infused beverages as part of its RIFF brand. The RIFF BOOST drinks are available in Tropical Burst and Vanilla Frost flavours, and each contains 10mg of THC, 10mg of CBG and 30mg of naturally occurring caffeine from guarana extract. The beverages are available in 355ml cans. Tilray's RIFF brand debuted its first cannabis-infused beverages in July, with the introduction of sparkling THC drinks in Blue Raspberry Ice and Wild Raspberry Lemonade flavours. The new RIFF BOOST drinks are available in select regions and retailers in Canada, including Alberta, Manitoba and Ontario. Tilray expanded its cannabis beverage portfolio in November with products from its XMG and Mollo brands.
Australian Market Opens Up To Clever Leaves With GMP Certification For Cannabis Manufacturing
Colombian medical cannabis company Clever Leaves has been granted Good Manufacturing Practice (GMP) certification by the Australian Therapeutic Goods Administration (TGA). The certification allows Clever Leaves to manufacture cannabis products for patients in Australia. GMP certification ensures the quality and safety of pharmaceutical products by safeguarding against issues such as contamination, compound variations, product mix-ups, and incorrect labelling. The certification is a prerequisite for manufacturing and commercialising cannabis products in the Australian market. According to TGA data, 325,000 new Australian patients commenced cannabis treatment in the first half of 2023, with 320,000 new patients in 2022 and 150,000 in 2021. Clever Leaves already distributes finished cannabis products in Australia through its partners.
Latin American Cannabis Co. Blueberries Medical Wraps Up 2023 With Multi-Million Dollar Private Placement Deal
Blueberries Medical, a Latin American licensed producer of medicinal cannabis and cannabis-derived products, has announced a non-brokered private placement, to raise approximately CA$1.9m ($1.4m). The company announced the sale of 180,716,00 common shares at CA$0.011 per share. The net proceeds from the sale will be used to repay existing debt and for general corporate and working capital purposes. The offering was led by Terraflos, a Latin American company founded and controlled by Facundo Garreton, who serves as Blueberries' chairman, CEO, and director. Terraflos is exploring opportunities in Argentina, Mexico, and Brazil and plans to expand into those markets in the near future.
22nd Century Group Exits Cannabis Industry, Closes Franchise Sale Deal
22nd Century Group, a biotechnology company focused on plant genetics and cannabis research, has announced the sale of its hemp/cannabis assets. The sale, along with the assignment of a non-strategic hemp/cannabis asset in Colorado, is expected to reduce the company's debt by $3.2 million. An additional $2 million reduction will come from the buyer's payment of a secured promissory note. After these transactions, the remaining outstanding debt is expected to be approximately $8.8 million. The company's chairman and CEO, Larry Firestone, stated that the sale will help reduce operating costs and move the business towards a sustainable, cash-positive operating basis. The insurance proceeds from a fire at the company's manufacturing facility in Grass Valley will also be used to further reduce the debt.
CBD Of Denver's Success In Challenging Climate With Increase In Q4 Revenue
CBD of Denver has reported strong fourth-quarter revenues of approximately $1.31m, with $1.13m generated by Luxora and $176,000 by Libra 9. The CBD company attributed its growth to a number of factors, including its partnership with EDEKA and the popularity of its Magic Lappen product, both of which increased sales across Germany. CBD of Denver also highlighted the success of Libra 9's attendance at trade shows, which boosted brand recognition and allowed the company to form several significant partnerships. Meanwhile, Luxora's expansion into the European CBD wholesale market was credited with contributing significantly to the company's growth. Following the German government's expected approval of relevant legislation, Luxora Solutions will expand further into the German market. Germany's decision on legalising marijuana, which was set to be made in December, has been delayed until next year.