The cannabis industry is abuzz with major developments from key players. High Tide, one of Canada’s largest cannabis retailers, prepares to release its latest financial results while expanding its retail presence and loyalty program. Meanwhile, POSaBIT Systems gears up for a major update on its fintech performance, and RIV Capital provides insights into its ongoing merger and financial growth, signaling further consolidation and expansion in the cannabis market.
High Tide
Canadian cannabis retail giant High Tide Inc. HITI HITI 2LYA will release its financial and operational results for the third quarter ended July 31, 2024, after the market close on Monday, Sept. 16, 2024.
The Calgary, Alberta-based company plans to host a webcast with Raj Grover, the company’s founder and CEO, and CFO Mayank Mahajan, to discuss the financial results and what the remaining fiscal year holds for the company, at 11:30 am Eastern Time on Tuesday, Sept. 17.
Simultaneously, High Tide said its Canna Cabana retail cannabis store at 2090 Hurontario Street in Mississauga, Ontario will kick off sales of recreational marijuana and consumption accessories on Friday, Aug. 23. The new opening marks the company's 182nd Canna Cabana branded retail cannabis location in Canada, the 68th in the province of Ontario and the 7th in the city of Mississauga.
Earlier this month, the company announced its Cabana Club loyalty program has surpassed 1.5 million members across Canada. Membership has increased by 5% since June 13, 2024, marking an annual growth rate of 37%. Since launching its discount club model in October 2021, over 1.2 million members have joined, reflecting a growth rate of more than 400%.
High Tide's shares traded 1.26% lover at $1.97 per share on Thursday afternoon.
Read Also: High Tide Reports $34.5M Cash Position, Sells 1,400 Shares In Q2, Expands Cannabis Footprint
POSaBIT
Cannabis fintech company POSaBIT Systems Corporation PBIT POSAF will host a conference call and live webcast on Tuesday, Aug. 27, 2024, at 4:30 pm Eastern Time to discuss the results of the second quarter ended June 30, 2024.
The company wrapped up 2023 by filing its application to list the company's common shares on the TSX Venture Exchange, as it seeks to “expose POSaBIT to a larger market of investors in the US, Canada and abroad,” according to Ryan Hamlin, the company’s CEO and co-founder.
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In 2023, POSaBIT achieved a combined 23% growth in its core payments and point-of-sale business, even though it faced challenges posed by several industry-wide payment disruptions, Hamlin said earlier this year.
The company faced ongoing “market challenges” with its payments business in early 2024. However, in June, Hamlin stated that these struggles are “now behind us,” with POSaBIT poised for long-term profitability and growth, driven by recurring cash inflows from licensing contracts, improved Adjusted Gross Profit margins and a restructured cost base aimed at boosting profitability.
POSaBIT's shares traded 10.47% higher at $0.11 per share on Thursday afternoon.
RIV Capital
RIV Capital Inc. RIV CNPOF will report its financial results for the second quarter and six months ended June 30, 2024, before markets open on Wednesday, Aug. 28, 2024.
The first quarter earnings report in May showed a year-over-year increase in net revenue and gross profit as well as a significant decrease in net loss to $5 million, down from $23.6 million in the first quarter of the prior year.
That report followed the announcement of RIV Capital’s merger with Cansortium Inc. CNTMF, a multi-state cannabis operator known for its FLUENT brand. The new combined company will operate in Florida, New York, Texas and Pennsylvania, covering 25% of the U.S. population with eight cultivation and processing facilities and 42 retail dispensaries.
On Monday, Robert Beasley, CEO of Cansortium, provided an update on the transaction. “With a number of key catalysts ahead in New York and Florida we are well on our way to integrating our businesses to ensure we hit the ground running upon completion,” Beasley said. “Our shared focus remains on driving growth and profitability by leveraging our core strengths in cultivation, operating expertise and inventory optimization to drive results for shareholders.”
RIV Capital encouraged its shareholders to weigh in on the business combination before the Aug. 23 deadline as its upcoming annual general and special meeting of shareholders will take place on Friday, Aug. 23, 2024.
RIV Capital's shares traded 0.84% higher at $0.12 per share on Thursday afternoon.
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