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Editor&#8217;s note: This story has been updated to make clearer and add more details around the rebranding of Dama Financial&#8217;s remaining assets as GrowFlow. 
LeafLink, a major U.S. cannabis wholesale platform, announced its acquisition Wednesday of Dama Financial's <a href="https://www.benzinga.com/topic/cannabis-banking">banking division</a> in a move aimed to address a major challenge faced by cannabis operators: the lack of access to secure and compliant financial services.
LeafLink&#8217;s platform provides various services for cannabis brands and retailers, including tools for order and category management, payments, data analytics and advertising.
Due to its strong performance, LeafLink recently increased its Series D fundraising round from $100 million to $125 million. Investors in this round include CPMG, Nosara, L2 Ventures, Thrive Capital and Tiger Global.
See Also: <a href="https://www.benzinga.com/markets/cannabis/24/05/39014160/boosting-cannabis-retail-growth-with-data-leaflink-and-casa-unite-to-deliver-profit-driving-anal">Boosting Cannabis Retail Growth With Data: LeafLink And CASA Unite To Deliver Profit-Driving Analytics</a>
<h2 class="wp-block-heading">A Step Toward Integrated Financial Solutions</h2>
"LeafLink provides customers with integrated tech solutions that make it easier to run their businesses," said Artie Minson, CEO of LeafLink. 
"Over the last year, we&#8217;ve released several products that will significantly improve our customers' operating performance and profitability. After witnessing firsthand the negative impact the federal prohibition has had on operators' access to traditional banks, we are thrilled to add banking to LeafLink's product suite.&#8221;
Patrick O&#8217;Boyle, the former CEO of Dama Financial, is now the CEO of GrowFlow, which owns the Dama Financial assets not acquired by LeafLink.
"The cannabis industry is in need of integrated solutions at scale and this deal is a great example of the benefits it will bring to our industry. LeafLink is in a strong position to take our established banking solution and build on it even further, offering the industry a unified financial services experience,&#8221; O´Boyle said.
&#8220;The product lines not included in this acquisition will rebrand to GrowFlow, remaining focused on enhancing and growing our retail and wholesale product lines to service the cannabis industry."
<h2 class="wp-block-heading">Federal Prohibition: No Banking For The Cannabis Industry</h2>
Fed prohibition has limited cannabis operators' access to traditional banking services, often leaving them with minimal features, cumbersome processes and high operating costs. Credit unions and small state-chartered banks, which service the remainder of the industry, face similar limitations.
Dama Financial, with over $3 billion in processed transactions, serves more than half of the cannabis-legal states in the U.S. It has worked closely with leading U.S. sponsor banks to develop financial solutions for cash-intensive industries, particularly cannabis. 
Furthermore, Dama Financial's offerings include checking accounts, payment processing, cash pickup services, and on-site smart safes, while ensuring compliance with current banking and cannabis regulations.
Read Next:
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<li><a href="https://www.benzinga.com/markets/cannabis/24/06/39230436/gop-congress-member-aims-wants-to-remove-cannabis-banking-protections-from-spending-bill-calls-f">GOP Congress Member Wants To Remove Cannabis Banking Protections From Spending Bill, Calls For Prohibition To Continue</a></li>
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Photo via Shutterstock.

Cannabis

News

Markets

LeafLink Acquires Dama Financial's Banking Division To Address Cannabis Industry's Financial Challenges (UPDATED)

Earnings

Management

Ford CEO Said We Believe Smaller, Affordable EVs Are The Way To Go -Conf Call

Live Oak Bancshares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/LOB#NYSE">LOB</a>) reported quarterly earnings of $0.59 per share which beat the analyst consensus estimate of $0.48 by 22.92 percent. This is a 51.28 percent increase over earnings of $0.39 per share from the same period last year. The company reported quarterly sales of $125.479 million which beat the analyst consensus estimate of $120.120 million by 4.46 percent. This is a 15.69 percent increase over sales of $108.458 million the same period last year.

Earnings Beats

Live Oak Bancshares Q2 2024 GAAP EPS $0.59 Beats $0.48 Estimate, Sales $125.479M Beat $120.120M Estimate

ServiceNow Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/NOW#NYSE">NOW</a>) reported financial results for the second quarter Wednesday after the bell. Here&#8217;s a <a href="https://www.benzinga.com/pressreleases/24/07/b39942290/servicenow-reports-second-quarter-2024-financial-results">rundown of the report</a>.
Q2 Earnings: ServiceNow reported second-quarter revenue of $2.627 billion, beating the&nbsp;<a href="https://www.benzinga.com/calendars/earnings" target="_blank" rel="noreferrer noopener">consensus estimate</a>&nbsp;of $2.607 billion, according to&nbsp;<a href="https://benzinga.grsm.io/gxjhpowx7zks" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>. The company reported quarterly earnings of $3.13 per share, beating analyst estimates of $2.84 per share.
Total revenue was up 22% on a year-over-year basis. Subscription revenues were up 23% year-over-year. ServiceNow said it had remaining performance obligations of&nbsp;$18.6 billion, up 31% year-over-year. 
&#8220;ServiceNow&#8217;s elite-level execution is reflected in our continued outperformance across all topline growth and profitability metrics,&#8221; said&nbsp;Bill McDermott, chairman and CEO of ServiceNow.
&#8220;Our relevance as the AI platform for business transformation remains stronger than ever as CEOs are looking for new vectors of growth, simplification, and digitization. ServiceNow intends to reinvent every workflow, in every company, in every industry with GenAI at the core.&#8221;
Outlook: ServiceNow expects third-quarter subscription revenue of $2.66 billion to $2.665 billion, representing growth of 20% to 20.5% on a year-over-year basis. The company also guided for a third-quarter operating margin of 29.5%.
ServiceNow sees full-year 2024 subscription revenue in the range of $10.575 billion and $10.585 billion.
Management will hold a conference call to discuss ServiceNow&#8217;s second-quarter results at 5 p.m. ET.
ServiceNow also announced a <a href="https://www.benzinga.com/pressreleases/24/07/b39942198/servicenow-and-boomi-announce-strategic-commitment-to-elevate-customer-experiences-through-ai-powe">strategic commitment</a> to jointly elevate customer experiences through AI-powered self-service&nbsp;with Boomi. The company further announced that it will make a <a href="https://www.benzinga.com/pressreleases/24/07/b39942238/servicenow-to-make-strategic-growth-investment-in-leading-telecommunications-services-partner-prod">strategic investment in&nbsp;Prodapt</a>, a leading provider of digital and network services for the telecom and technology industries.
Check This Out: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39939101/gdp-q2-preview-5-etfs-to-monitor-thursday-as-economic-data-unfolds">GDP Q2 Preview: 5 ETFs To Monitor Thursday As Economic Data Unfolds</a>
Leadership Changes: ServiceNow also announced that it reached a mutual agreement with president and COO CJ Desai under which Desai will resign from all positions with the company, effective immediately.&nbsp;
ServiceNow also said it completed an internal investigation related to the hiring of the former chief information officer of the U.S. Army.&nbsp;The company&#8217;s board determined that a company policy was violated during the hiring process. As a result, the individual has departed the company. 
ServiceNow appointed Chris Bedi as interim chief product officer, effective immediately. Bedi has been at ServiceNow for nearly a decade. Previous roles included chief digital information officer and chief customer officer.
NOW Price Action: <a href="https://www.benzinga.com/quote/NOW" target="_blank" rel="noreferrer noopener">ServiceNow shares</a> were up 6.17% after hours at $776 at the time of publication Wednesday, according to <a href="http://pro.benzinga.com" target="_blank" rel="noreferrer noopener">Benzinga Pro</a>.
Photo: Shutterstock.

After-Hours Center

Movers

ServiceNow Q2 Earnings: Revenue Beat, EPS Beat — 'ServiceNow Intends To Reinvent Every Workflow, In Every Company, In Every Industry With GenAI'

Offerings

NLST

Netlist Files $200M Mixed Securities Shelf

Independent Bank Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/IBTX#NASDAQ">IBTX</a>) reported quarterly earnings of $0.60 per share which beat the analyst consensus estimate of $0.58 by 3.45 percent.

IBTX

Independent Bank Gr Q2 2024 Adj EPS $0.60 Beats $0.58 Estimate

Guidance

Teradyne Expects Q3 Revenue Of $680M - $740M (Est $717.66M), Adj EPS Of $0.66 - $0.86 (Est $0.86)

WIIM

ORLY

O'Reilly Automotive shares are trading lower after the company reported worse-than-expected Q2 financial results and issued FY24 guidance below estimates.

Champion Discontinued Providing Quarterly Guidance Due To Pending Acquisition By SLB

West Fraser Timber (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/WFG#NYSE">WFG</a>) reported quarterly earnings of $1.20 per share which missed the analyst consensus estimate of $1.62 by 25.93 percent. The company reported quarterly sales of $1.71 billion which beat the analyst consensus estimate of $1.61 billion by 5.87 percent. This is a 6.03 percent increase over sales of $1.61 billion the same period last year.

Earnings Misses

West Fraser Timber Q2 2024 Adj EPS $1.20 Misses $1.62 Estimate, Sales $1.71B Beat $1.61B Estimate

P.A.M. Transportation (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PTSI#NASDAQ">PTSI</a>) reported quarterly losses of $(0.13) per share which missed the analyst consensus estimate of $0.08 by 262.5 percent. The company reported quarterly sales of $182.90 million which missed the analyst consensus estimate of $186.70 million by 2.04 percent. This is a 0.45 percent increase over sales of $182.08 million the same period last year.

PTSI

P.A.M. Transportation Q2 2024 Adj EPS $(0.13) Misses $0.08 Estimate, Sales $182.90M Miss $186.70M Estimate

Viking Therapeutics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/VKTX#NASDAQ">VKTX</a>) shares are trading higher after the company reported its second-quarter financial results Wednesday. Here's a look at the key <a href="https://www.benzinga.com/pressreleases/24/07/n39942075/viking-therapeutics-reports-second-quarter-2024-financial-results-and-provides-corporate-update">figures from the report. </a>
The Details: Viking Therapeutics reported quarterly losses of 20 cents per share which beat the analyst consensus estimate of losses of 27 cents by 25.93%.
Viking reported a net loss of $22.3 million for the second quarter, compared to a net loss of $19.2 million in the corresponding period in 2023.&nbsp; The increase in net loss for the three months ended June 30, 2024, was primarily due to the increase in research and development expenses and general and administrative expenses, noted previously, partially offset by increased interest income, compared to the same period in 2023.
Research and development expenses were $23.8 million for the quarter, compared to $13.9 million for the same period in 2023. Viking said the increase was primarily due to increased expenses related to manufacturing for the company&#8217;s drug candidates, clinical studies, pre-clinical studies, salaries and benefits and stock-based compensation.
Read Also: <a href="https://www.benzinga.com/24/07/39940684/whats-going-on-with-meta-stock">What&#8217;s Going On With Meta Stock?</a>
&#8220;The first half of 2024 was marked by strong momentum in the company&#8217;s pipeline programs, as we reported successful outcomes from three different clinical trials, and began preparing for next steps with each program,&#8221; stated Brian Lian, Ph.D., CEO of Viking. 
&#8220;The Phase 2 VENTURE study of VK2735 in obesity demonstrated up to an approximately 15% reduction in body weight from baseline following 13 weeks of dosing, as well as promising safety and tolerability. Following receipt of written feedback from an FDA Type C meeting, we are advancing this compound into Phase 3 development. We are currently preparing for an end of Phase 2 meeting with the agency, which we expect to occur later this year,&#8221; Lian added. 
VKTX Price Action: According to <a href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw">Benzinga Pro</a>, Viking Therapeutics shares are up 10.10% after-hours at $55.50 at the time of publication Wednesday.
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<li><a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/07/39939280/whats-going-on-with-riot-platforms-stock">What&#8217;s Going On With Riot Platforms Stock?</a></li>
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Image:&nbsp; Csaba Nagy from Pixabay

Biotech

Health Care

VKTX

Viking Therapeutics Stock Climbs On Q2 EPS Beat

Waste Management shares are trading lower after the company reported worse-than-expected Q2 financial results.

ChampionX (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/CHX#NASDAQ">CHX</a>) reported quarterly earnings of $0.27 per share which missed the analyst consensus estimate of $0.46 by 41.3 percent. The company reported quarterly sales of $893.300 million which missed the analyst consensus estimate of $959.287 million by 6.88 percent. This is a 3.59 percent decrease over sales of $926.600 million the same period last year.

ChampionX Q2 2024 GAAP EPS $0.27 Misses $0.46 Estimate, Sales $893.300M Miss $959.287M Estimate

Oceaneering International (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OII#NYSE">OII</a>) reported quarterly earnings of $0.28 per share which missed the analyst consensus estimate of $0.30 by 6.67 percent. The company reported quarterly sales of $668.808 million which beat the analyst consensus estimate of $653.475 million by 2.35 percent. This is a 11.86 percent increase over sales of $597.910 million the same period last year.

Oceaneering International Q2 2024 Adj EPS $0.28 Misses $0.30 Estimate, Sales $668.808M Beat $653.475M Estimate

Home Federal Bancorp, Inc. of Louisiana (the "Company") (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/HFBL#NASDAQ">HFBL</a>), the holding company for Home Federal Bank, announced today that its Board of Directors at their meeting on July 24, 2024, declared a quarterly cash dividend of $0.13 per share on the Company's common stock. The dividend is payable on August 19, 2024, to the shareholders of record at the close of business on August 5, 2024.

Dividends

HFBL

Home Federal Bancorp, Inc. Of Louisiana Increases Quarterly Dividend To $0.13 Per Share

Empire State Realty Trust (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ESRT#NYSE">ESRT</a>) reported quarterly earnings of $0.24 per share which met the analyst consensus estimate. This is a 7.69 percent decrease over earnings of $0.26 per share from the same period last year. The company reported quarterly sales of $152.470 million which missed the analyst consensus estimate of $189.402 million by 19.50 percent. This is a 1.38 percent decrease over sales of $154.603 million the same period last year.

ESRT

Empire State Realty Trust Q2 2024 GAAP EPS $0.24, Inline, Sales $152.470M Miss $189.402M Estimate

First Bank (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/FRBA#NASDAQ">FRBA</a>) reported quarterly earnings of $0.47 per share which beat the analyst consensus estimate of $0.40 by 17.5 percent. This is a 34.29 percent increase over earnings of $0.35 per share from the same period last year. The company reported quarterly sales of $31.229 million which beat the analyst consensus estimate of $30.310 million by 3.03 percent. This is a 34.28 percent increase over sales of $23.256 million the same period last year.

FRBA

First Bank Q2 2024 Adj EPS $0.47 Beats $0.40 Estimate, Sales $31.229M Beat $30.310M Estimate

Teradyne (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TER#NASDAQ">TER</a>) reported quarterly earnings of $0.86 per share which beat the analyst consensus estimate of $0.77 by 11.69 percent. This is a 8.86 percent increase over earnings of $0.79 per share from the same period last year. The company reported quarterly sales of $729.879 million which beat the analyst consensus estimate of $701.204 million by 4.09 percent. This is a 6.64 percent increase over sales of $684.437 million the same period last year.

Teradyne Q2 2024 Adj EPS $0.86 Beats $0.77 Estimate, Sales $729.879M Beat $701.204M Estimate

Bankwell Finl Gr (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BWFG#NASDAQ">BWFG</a>) reported quarterly earnings of $0.14 per share which beat the analyst consensus estimate of $0.10 by 40 percent.

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