Articles written by Jelena Martinovic

California Cannabis Co. Gold Flora Reports 150% YoY Increase In Q1 Gross Profit, Trims Loss Sequentially

California cannabis company Gold Flora Corporation (Cboe Canada: GRAM) announced on Wednesday its first quarter financial results for the three months ended March 31, 2024. "Our Q1 2024 results reflect the work we have done to scale our operations to leverage the solid foundation we have built and realize the significant benefits of our vertical integration," Laurie Holcomb, the company's CEO, said.Gold Flora significantly expanded its cultivation operations with the introduction of the Gramlin brand. The expansion increased the canopy space to 107k square feet, a more than double increment from the previous year. The launch of Gramlin, targeting high-volume consumers with affordable pricing and trendy packaging, aims to elevate sales of in-house products from 22% to 30%, as Benzinga's Nicolás Jose Rodriguez highlighted in his recent recap of cannabis analysts' reports.

AYR Wellness Improves Financial Position YoY, Q1 Revenue And Gross Profit In Anticipation Of OH, FL And PA Cannabis Market Launches

Cannabis multi-state operator AYR Wellness Inc. (CSE: AYR.A) (OTCQX: AYRWF) reported on Wednesday the first quarter financial results for the three months ended March 31, 2024."2024 continues to be about execution for AYR, furthering the progress we made in 2023 by focusing on improving product quality and consistency, building a loyal retail customer base, rebuilding our CPG brand platform, and continuing to prioritize cost controls," David Goubert, president & CEO of AYR, said.

Cresco Labs CEO Touts 10x Increase In Operating Cash Flow YoY As Cannabis Company Reports Q1 Results

Cannabis producer Cresco Labs Inc. (CSE: CL) (OTCQX: CRLBF) (FSE: 6CQ) announced on Wednesday its financial and operating results for the first quarter ended March 31, 2024. "I want to thank the Cresco team for taking our learnings from the Year-of-the-Core, making them a part of our DNA and producing such a strong start to 2024," Charles Bachtell, CEO of Cresco Labs, said. "The continued development of our teams' capabilities and our relentless focus on efficient execution is leading to very strong performance across our retail and branded product business resulting in a 10x increase in operating cash flow year-over-year."

POSaBIT's 2023 Revenue Drops 7% YoY, Core Business Grows As It Seeks To List Its Shares On TSX

POSaBIT Systems Corporation (CSE: PBIT) (OTC: POSAF), a provider of payments infrastructure in the cannabis industry, announced on Tuesday its financial results for the twelve months ended Dec. 31, 2023. "Despite the challenges posed by several industry-wide payment disruptions in 2023, I am proud that we achieved a combined 23% growth in our core payments and point-of-sale business, excluding a one-time licensing fee booked in 2022," Ryan Hamlin, co-founder and CEO of POSaBIT, said. "Our unwavering dedication to supporting our merchants, clients, and providing best-in-class service remains our top priority."

Cannabis Company iAnthus Trims Net Loss In Q1, Reports YoY Increase In Revenue, Gross Profit

iAnthus Capital Holdings reported on Tuesday its financial results for the first quarter ended March 31, 2024.Revenue totaled $41.6 million, representing a sequential increase of 1.7% from the prior period and an increase of 13.1% year-over-year.Net loss totaled $14 million, or a net loss of less than $0.01 per share, compared to a net loss of $18.7 million, or a net loss of less than $0.01 per share in the prior quarter, and compared to a net loss of $18.6 million, or a net loss of $0.01 per share, in the prior year's period.

CBD-Focused Avicanna Reports First-Ever Adjusted EBITDA Positive Quarter, 451% YoY Spike In Q1 Record Revenue

Cannabis-focused biopharmaceutical company Avicanna Inc. announced on Tuesday financial results for the first quarter of fiscal 2024.CEO Aras Azadian called it its "best quarter." In addition to being its first EBITDA-positive quarter, it also saw record gross margins.Azadian credited the results to "the proprietary nature of products and services we offer in Canada."

Ancillary Cannabis Co. Hydrofarm Reports YoY Drop In Q1 Sales, Gross Profit While Narrowing Loss, Expects To Cash In On Marijuana Rescheduling

Hydrofarm Holdings Group, Inc., a cannabis-focused manufacturer and distributor of branded hydroponics equipment and supplies for controlled environment agriculture, announced on Tuesday financial results for its first quarter ended March 31, 2024."We are pleased with our first quarter results, as we delivered adjusted gross profit margin expansion for the fifth consecutive quarter driven by elevated operational productivity," Bill Toler, chairman and CEO of Hydrofarm, said.

GOP Governors In Vermont And Alaska To Weigh In On Psychedelic-Assisted Therapy Task Force Bills

House members recently approved the Senate measure, that seeks to set up an eight-person psychedelic-assisted therapy working group, with amendments. Vermont Senators gave the green light to the revised language of the bill, S.114, on Friday, approving changes previously made in the state's House of Representatives. The bill, from Sen. Martine Larocque Gulick (D), which was first passed in the Senate, before the amendments in the House would "review the latest research and evidence of the public health benefits and risks of clinical psychedelic-assisted treatments" and "examine the laws and programs of other states that have authorized the use of psychedelics by health care providers in a therapeutic setting." Meanwhile, in Alaska, the state Senate members on Friday approved a House-passed measure to set up a task force with an aim to study how to license and regulate psychedelic-assisted therapy. That is if substances like MDMA and psilocybin are approved on the federal level.

CBD Helps With This Rare Blistering Skin Disorder, New Study From Avicanna Shows Promising Results In Epidermolysis Bullosa Treatment

There is no cure for a rare blistering skin disorder called Epidermolysis Bullosa (EB). But, treatments to help alleviate and control the symptoms do exist. The growing body of research suggests cannabinoid-based medicines help ease pain and pruritus in those with a disorder while improving wound healing.The latest scientifically prove healing power of cannabis was Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN), a biopharmaceutical company focused on the development, manufacturing, and commercialization of plant-derived cannabinoid-based products.

Cannabis Businesses Have More Access To Capital Via New FundCanna & Dama Partnership

FundCanna, a provider of capital to the cannabis sector, has teamed up with Dama Business Solutions.The new partnership, which will benefit both cannabis operators and the financial institutions that serve them, provides expanded access to capital and compliant banking and lending solutions to cannabis businesses, FundCanna said on Monday.

Here's Where To Buy Legal Weed: Florida's Thriving Cannabis Landscape And More New Marijuana Stores In US And Canada

In anticipation of the outcome of Florida's Measure 3, cannabis giants are racing to bolster their retail footprint statewide. In California, four new cannabis stores kicked off sales recently. New York's cannabis retail footprint continues to grow. Five states each opened a new cannabis store, while Canna Cabana retail presence expands in Canada,

Top Canadian Cannabis Producer Village Farms Strengthens Board Of Directors As It Eyes Legal Weed Opportunities In Europe

On the heels of reporting a new record with Canadian cannabis sales increasing 49% year-over-year to $37.4 million in the first quarter of 2024, which Michael DeGiglio, president and CEO of the company touted as "an especially strong start" to the new fiscal year, Village Farms International, Inc. (NASDAQ: VFF) opted to strengthen its board of directors with a new addition.Carolyn Hauger, who brings extensive finance, operations and public company director experience, joined Village's board effective immediately and will stand for election at the company's annual shareholders meeting slated to take place next month.

Vermont Gov. Scott Opposes Drug Safe Consumption Sites, Virginia's Cannabis 'Surveillance System' And More Updates

Vermont state's House of Representatives recently gave a green light to a measure this week that would set up a psychedelic-assisted therapy working group. Its eight members would be tasked with providing recommendations on regulation of legal access to substances like psilocybin and MDMA. In Virginia, officials are trying to keep cannabis off teens' and children's hands. In a recent letter to health care providers State Health Commissioner Karen Shelton raised concerns around numerous reports of minors getting sick from products containing CBD and THC. According to a report by the Missouri Department of Health and Senior Services obtained by Kansas City Star, nearly 2000 Kansans are holders of a medicinal marijuana license in Missouri.Illinois lawmakers have introduced a measure that seeks to regulate hemp-derived THC, including delta-8.

This Cannabis Co. Expects Significant Growth Once Ohio's Retail Market Launches, Reports Slight YoY Decrease In 2023 Revenue

Vext Science, Inc., which runs vertical cannabis operations in Arizona and Ohio, reported on Friday its financial results for the period ended Dec. 31, 2023. Revenue for 2023 slightly dropped year-over-year to $34.8 million from $35.4 million in 2022. Fourth quarter revenue grew year-year to $8.4 million, from $8.1 million in the prior year's quarter.

SNDL Cannabis Co. Wraps Up Q1 With No Outstanding Debt As It Works On Expanding In US

SNDL Inc. reported on Thursday its financial and operational results for the first quarter ended March 31, 2024.The company reported a total net revenue of CA$197.7 million, up from CA$191 million in the prior year's period. Out of that sum cannabis retail revenue amounted to CA$71.3 million, while cannabis operations totaled CA$22.4 million.SNDL attributed the increase to the cannabis retail and cannabis operations segments, as the liquor retail segment reported flat net revenue.

Medical Marijuana Giant Trulieve, Backer Of Florida's Recreational Cannabis Ballot, Narrows Loss, Reports Uptick In Q1 Revenue, Gross Profit

Trulieve Cannabis Corp. announced on Thursday its first quarter results for the three months ended March 31, 2024. The Tallahassee, Florida-based medical cannabis giant reported revenue of $298 million for the first quarter of fiscal 2024, representing an increase of 4% sequentially and year-over-year, with 96% of revenue from retail sales.

C21 Reports Slight YoY Increase In Q4 Same Store Cannabis Sales As It Prepares To Wrap Up Acquisition of Deep Roots Harvests

Vertically integrated cannabis company C21 Investments Inc. reported on Tuesday its unaudited financial results for the fiscal year ended Jan. 31, 2024.The company reported a slight increase in same-store sales over the previous fourth quarter, despite a decline of 12% in Nevada sales over the same period. CEO and President Sonny Newman called it "a testament to our strong brand and loyal customer base that has consistently generated 500,000 customer transactions annually."

Cannabis REIT NewLake Invests $16M In Connecticut Marijuana Cultivation Facility, Expands Partnership With Michigan's C3 Industries

IM Cannabis Doubles Down On Germany Following Legalization Policy Change, Reports YoY Drop In Q1 Gross Profit And Revenue

IM Cannabis reported a 13% sequential increase in revenue for the three months ended March 31, 2024, hitting CA$10.7 million ($7.8 million). That is, however, a 4% decrease compared to the same quarter of last year.Oren Shuster, the company's CEO, said IM Cannabis will double down on Germany, now that recent approvals from both the German Bundesrat and Bundestag legalized the possession of marijuana.

Village Farms Reports Record Q1 Canadian Cannabis Sales Following 49% YoY Increase, Continues To Strengthen International Presence

Village Farms reported on Wednesday its financial results for the first quarter ended March 31, 2024, revealing a new record with Canadian cannabis sales increasing 49% year-over-year to $37.4 million."The first quarter was an especially strong start to 2024," Michael DeGiglio, president and CEO of the company, said. "Our success in quality, innovation and brand building, together with the support of our provincial boards and retail partners, are driving these results as we delight our consumers."