Cannabis Earnings News

02:24pm ET12/18/2024
Organigram's Q4 sales hit $31.22 million, boosted by recreational and international growth, with adjusted gross margin improving to 37% of net revenue.
Read More
03:30pm ET12/02/2024

Red Light Holland Corp. (OTCQB:TRUFF) announced its financial results Friday for the three months ending Sept. 30, 2024, reporting revenue of CA$1.37 million ($998,263), up by 39.1% from CA$983,324 in the same period last year. For the six months ended Sept. 30, 2024, the company disclosed revenue of CA$2.93 million, up by 33.9%, from CA$2.19 million in the same period of 2023.

The Ontario-based company produces and sells functional mushrooms and mushroom home grow kits in North America and Europe, and a range of psilocybin truffles to the legal, recreational market in the Netherlands.

“Our Q2 results reflect our unwavering commitment to sustainable growth, strategic partnerships, and strong financial discipline," stated Todd Shapiro, CEO and director of Red Light Holland. "With revenues growing by 33.9% year-over-year and a significant reduction in EBITDA and adjusted EBITDA, we are clearly on the path to long-term profitability. Notably, nearly all our income-generating portfolio companies have seen growth, with every business over the last 12 months, except one (Mush Room & More), running in the black in terms of operating cash flow as a net positive company-excluding depreciation, corporate costs, and other non-operational expenses. This is a clear indication of how well we are managing our operations."

The company also announced that Ann Barnes has departed from the company’s board of directors and it will name a new board member in the coming weeks.

Read Also: Canadian Cannabis Co. Entourage Health Shares Spike On 8% YoY Q3 Revenue Growth, Reduced Losses

Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you're serious about the business, you can't afford to miss out.

Financial Highlights

  • Gross profit for three and six months: CA$551,931 and CA$1.18 million compared to CA$444,668 and CA$967,765 in the same periods last year.
  • Net loss for three and six months: CA$590,455 and CA$1.11 million compared to loss of CA$2.04 million and CA$2.99 million in the same periods last year.
  • EBITDA loss for three and six months: CA$319,903 and CA$1.53 million compared to EBITDA loss of CA$897,100 and CA$2.57 million in the same periods last year.
  • Adjusted EBITDA loss for three and six months: CA$480,720 and CA$715,189 compared to adjusted EBITDA loss of CA$1.05 million and CA$1.48 million in the same periods last year.
  • Additional Cash: Received a sales tax refund and interest on Nov. 19,2024, of CA$868,960 and Costco payment on receivables of CA$468,668 on November 8, 2024, bringing the cash balance to approximately CA$13.5 million as of today
  • Cash Balance: CA$12.79 million as of September 30, 2024, including restricted cash (CA$14.37 million as at March 31, 2024)
  • Total Assets: CA$23.3 million (CA$24.1 million as at March 31, 2024)

Outlook

The company said it remains committed to its strategic path of profitability and continued advocacy for the legalization of, and adult access to psilocybin.

“Red Light Holland’s motto is: ‘Mind, Body, Gain – Grow your health, Build your wealth.’ We look forward to what the New Year can bring,” added Shapiro.

Price Action

Red Light Holland shares closed Friday's market session flat at $0.034 per share.

Read Next:

Photo: Courtesy of Bigc Studio via Shutterstock

Read More
03:09pm ET12/02/2024

Red White & Bloom Brands Inc. (CSE:RWB) reported its condensed interim consolidated financial statements Friday for its third quarter ended Sept. 30, 2024. Canadian cannabis company disclosed quarterly revenue of CA$21.7 million ($15.47 million) compared to CA$20.1 million in the same period last year.

“Our primary focus has been, and remains, optimizing the business through careful analysis of all legacy, non-core assets and operations, with the goal of transitioning RWB into a profitable enterprise," stated company president Colby De Zen. "Over the first nine months of the fiscal year, we have made significant strides toward achieving our strategic objectives. Our EBITDA has increased 20 times compared to the same period last year, reaching approximately $7.5 million. Adjusted EBITDA stands at $9.6 million for the same period. These improvements reflect all of the RWB team's efforts in achieving more profitable revenue streams through organizational efficiencies and exiting unprofitable product lines and ventures.”

Read Also: Cannabis-Focused RIV Capital Reports 186% YoY Surge In Q3 Revenue Ahead Of Major Merger That Will Cover 25% Of US Population

Get Benzinga's exclusive analysis and the top news about the cannabis industry and markets daily in your inbox for free. Subscribe to our newsletter here. If you're serious about the business, you can't afford to miss out.

Q3 Financial Highlights

  • Gross profit before fair value adjustments was CA$7.0 million, down from CA$7.9 million, primarily due to inventory adjustments at Emblem Group.
  • Gross profit after fair value adjustments rose to CA$10.3 million from CA$6.6 million.
  • Adjusted EBITDA was CA$3.85 million compared to adjusted EBITDA of CA$4.82 million in the same period last year.
  • Net loss narrowed to CA$1.84 million from CA$4.77 million in the same quarter of 2023.

Q3 Operational Milestones

  • Red Light Holland's subsidiary Emblem Cannabis Corporation has been granted a total of 72 new Platinum and DIVVY product listings in preferred product formats across all provincial distributors, up from 67 as of 2024-Q2 close, including 35 listings approved by the Ontario Cannabis Store, up from 28 as of 2024-Q2 close.
  • Added Prince Edward Island and New Brunswick to its Emblem distribution network with another Eastern province pending confirmation of activation in 2024-Q4 as well as continuing to increase penetration in existing markets such as Alberta, Saskatchewan, Manitoba, and British Columbia
  • Updated genetics and refined cultivation processes at the Paris indoor facility, boosting efficiency, increasing THC potency, and improving harvest yields.
  • Launched a new line of live rosin and live resin products in our California distribution network, further expanding our product portfolio.
  • During the quarter, adult-use sales began in Ohio with Platinum Vape products under a licensing deal with a local producer.
  • Continued with the corporate restructuring of our adult-use and medical-use retail operations in Michigan, contributing to prospective cost savings associated with variable and fixed overheads for each of the target retail locations.

Read Next:

Photo: Courtesy of iQoncept via Shutterstock

Read More
03:03pm ET12/02/2024
Cannabis products company PharmaCielo Ltd. (TSXV: PCLO) (OTC: PCLOF) announced on Monday financial and operational results for the three and nine months ended Sept. 30, 2024. The Toronto-based company said revenue for the third quarter totaled CA$1.3 million ($927,772), up from CA$352,000 in the prior year's period. For the nine months, total revenues reached CA$2.4 million, compared to CA$1.3 million in 2023. "PharmaCielo achieved substantial revenue growth, successfully expanded into new international markets, and continued its focus on reducing costs to improve its operational efficiency," Marc Lustig, chairman and CEO of PharmaCielo, said. "Our strategic position in multiple regions, coupled with an expanding product portfolio beyond CBD isolate, has enhanced our ability to serve diverse international markets and generate increased revenue."
Read More
05:21pm ET11/29/2024
Ayurcann Holdings Corp. (CSE: AYUR) (OTCQB: AYURF), a Canadian processing and manufacturing company specializing in cannabis 2.0 and 3.0 products, announced on Thursday its first quarter financial and operational results for the three months ended Sept. 30, 2024. The Toronto-based company highlighted a 25% year-over-year increase in gross revenue, strong gross margin and top market presence in the vapes and pre-roll category in Ontario during the period.Ayurcann said fiscal 2024 and the beginning of fiscal 2025 was a pivotal time for Ayurcann and the broader cannabis industry in Canada.
Read More
03:45pm ET11/29/2024
Canadian cannabis producer Entourage Health Corp. (TSX-V: ENTG) (OTCQX: ETRGF) (FSE: 4WE) announced on Friday its third quarter financial results for the three months ended Sept. 30, 2024. The company reported an 8% year-over-year increase to CA$9.5 million ($6.8 million) in net revenue for the period. Sequentially, net revenue increased by 2.1%. George Scorsis, the company's CEO and chair, said the revenue growth is a result of a strategic shift into different markets. The move allowed the company to "diversify and tap into new opportunities," Scorsis said.
Read More
02:26pm ET11/29/2024
RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) reported on Friday its third quarter results for the three months ended Sept. 30, revealing a 28% sequential and 186% increase year-over-year in net revenue to $4.9 million.Out of that sum, retail revenue accounted for $3.4 million, up from $1.5 million in the third quarter, reflecting strong growth from adult-use dispensaries in New York. Wholesale revenue surged to $1.6 million, up from $0.3 million over the same period, the company said in a press release.
Read More