Financial Results

This Cannabis Co. Expects Significant Growth Once Ohio's Retail Market Launches, Reports Slight YoY Decrease In 2023 Revenue
SNDL Cannabis Co. Wraps Up Q1 With No Outstanding Debt As It Works On Expanding In US
Medical Marijuana Giant Trulieve, Backer Of Florida's Recreational Cannabis Ballot, Narrows Loss, Reports Uptick In Q1 Revenue, Gross Profit
SNDL Cannabis Co. Wraps Up Q1 With No Outstanding Debt As It Works On Expanding In US
Medical Marijuana Giant Trulieve, Backer Of Florida's Recreational Cannabis Ballot, Narrows Loss, Reports Uptick In Q1 Revenue, Gross Profit
C21 Reports Slight YoY Increase In Q4 Same Store Cannabis Sales As It Prepares To Wrap Up Acquisition of Deep Roots Harvests
IM Cannabis Doubles Down On Germany Following Legalization Policy Change, Reports YoY Drop In Q1 Gross Profit And Revenue

Financial Results Recent News

Revenue Growth And Cannabis Market Expansion: RIV Capital's Fiscal Highlights For 2023
Numinus Wellness Q2 2024 Revenue Declines Amid Clinic Reshuffling And Expected Industry Trends
International Expansion Drives Growth For This Canadian Cannabis Producer As It Reports Record Q1 Revenue
Canadian cannabis producer Avant Brands Inc reported on Monday its financial results for the first quarter that ended Feb. 29, 2024. For the quarter, Avant Brands reported "records across key financial metrics, underscoring the company's commitment to operational excellence," according to a Monday press release. International sales hit a record of CA$3.3 million, representing a 21% year-over-year increase, with sales accounting for 37% of total gross revenue. The company attributed the growth to its aggressive market penetration in "key regions," including Australia, Germany and Israel.
Cannabis CPG Co. SLANG Worldwide Narrows Q4 Loss By 56% YoY, Reports Dip In Revenue
SLANG Worldwide Inc. announced on Friday financial results for the three and twelve months ended Dec. 31, 2023, revealing a double-digit decrease in both the fourth quarter and full year 2023 loss. "In 2023, we took a deliberate approach to advancing our strategy of profitable growth, creating a leaner, more nimble SLANG. As a result, we ended the year with increased gross profit, higher margins, and lower operating expenses which resulted in significantly lower total comprehensive loss and lower adjusted EBITDA loss, John Moynan, the company's CEO, said. "With the fourth quarter historically our seasonally lowest revenue quarter, we took the opportunity to further fortify our business and refine our product offering, which will help us make meaningful progress on the path to profitability."
Female-Led California Weed Co. Gold Flora's Net Loss Grows In Q4, Reports YoY Increase In Revenue & Gross Profit
Vertically-integrated California cannabis company Gold Flora Corporation announced on Friday its financial results for the three-month and twelve-month period ended Dec. 31, 2023. "We have strategically built a solid foundation consisting of premier indoor cultivation, and full vertical operations with deep consumer insights that have enabled our business to continue to expand its leadership position in California," Laurie Holcomb, CEO of Gold Flora, said. "This platform, combined with our focus on high-quality, profitable revenue streams has allowed us to capture more margin across every step of the supply chain and, as a result, we achieved positive adjusted EBITDA in the quarter, and improved our adjusted gross margin to approximately 66%, ahead of some of the leading multi-state operators in the industry.
Lifeist Reports Highest Quarterly Gross Profit In History, Continues To Diversify Its Wellness Business
Lifeist Wellness Inc. reported on Monday its financial results for the three and 12 months ended Nov. 30, 2023. The Toronto-based company said it achieved the highest quarterly gross profit in the company's history in the fourth quarter totaling CA$2 million ($1.5 million), representing a gross margin of 42%, compared to CA$1.9 million, or 31% gross margin, in the corresponding quarter of 2022."Our performance in the fourth quarter of 2023 reflects our strategic focus on high-margin activities and operational efficiency, resulting in the highest quarterly gross profit in our company's history," Meni Morim, CEO of Lifeist, said. "Though accompanied by unique hurdles, our focus towards enhancing gross profit has produced promising results." The company recently announced that it has entered into a definitive share purchase agreement with 1463663 B.C. Ltd., a newly incorporated affiliate of Tierra Corp., and the company's Canadian cannabis subsidiaries, collectively referred to as the CannMart Group, to divest and sell all of the shares of the CannMart Group to the buyer for CA$5 million.
Cannabinoid-Based Products Maker Sees Triple-Digit Growth In 2023 Gross Profit, Revenue Surges 314% YoY
Cannabinoids-focused biopharmaceutical company Avicanna Inc. (TSX: AVCN) (OTCQX: AVCNF) (FSE: 0NN) reported on Tuesday year-end 2023 results and audited financial statements. The Canadian company reported CA$16.8 million ($12.3 million) in total revenue, up by 314% year-over-year. Avicanna mostly attributed a surge in revenue to the acquisition of Medical Cannabis by Shoppers from Shoppers Drug Mart and the launch of MyMedi.ca. "2023 was a tremendous year for Avicanna where we solidified our leadership position in the Canadian medical cannabis sector through our proprietary products and the launch of MyMedi.ca," he said. "We have successfully demonstrated the scalability of our revenues and made significant improvements in our fundamentals while advancing all our business pillars."
Atai Life Sciences Q4 And Full-Year 2023 Results: Steep Cash Drain Yet 2026 Target Remains, Update On Psychedelic Pipeline
Hemp-Focused Wellness Co. Moves Closer To Profitability, Reports Flat 2023 Revenue, Increase In Gross Profit
Hemp-focused consumer wellness company CV Sciences, Inc. (OTCQB: CVSI) announced on Thursday its financial results for the year ended Dec. 31, 2023. The San Diego-based company reported a gross margin of 44.3% for fiscal year 2023, representing an improvement from 34.2% for 2022. For the fourth quarter gross margin was 45.8%, representing a sequential improvement from 45.1% in the third quarter. "Our 2023 progress demonstrates our continuous commitment to innovation and cost-efficient execution as we move closer to profitability and positive cash flow," Joseph Dowling, CEO of CV Sciences, said. "As the CBD category consolidates, we have increased our market share in key sales channels, including the natural product retail channel. We will continue to focus our resources on new product development, as evidenced by our pet line expansion with our recent launch of pet chews for hip and joint health and calming care."
IM Cannabis' Q4 Revenue: Gross Profit Drops Due To Negative Impact Of Israel-Hamas War, Sees Germany As Growth Opportunity
IM Cannabis Corp. (NASDAQ: IMCC) (CSE: IMCC) announced on Thursday its financial and operational results for the year ended Dec. 2023. The Toronto-headquartered medical cannabis company with a focus on Israel and Germany reported a 10% year-over-year decrease in revenue to CA$48.8 million ($36 million) in 2023. IM Cannabis attributed it to "negative currency fluctuations and the impact of the Israel-Hamas war on the company's operations." Fourth quarter revenue dropped 26% year-over-year to CA$10.7 million. "As previously warned and as expected, unfortunately, the Israel-Hamas war had a negative impact on our fourth quarter 2023 results, which weighed on our full-year results.," Uri Birenberg, chief financial officer of IMC, said. "Coupled with our fourth quarter of 2023 inventory reduction, the war caused our fourth quarter gross profit to decrease by 68% as compared to the fourth quarter of 2022."
This Cannabinoids-Focused Pharma Co. Sees 50% YoY Surge In Revenue In 2023, Trims Losses
Cannabinoids-focused pharmaceutical company MediPharm Labs Corp. (TSX: LABS) (OTCQB: MEDIF) (FSE: MLZ) announced on Wednesday its financial results for the full year and three months ended Dec. 31, 2023. Net revenue grew to CA$33 million ($24.3 million), from CA$22.1 million in 2022, representing roughly a 50% year-over-year increase. "Over the years we have invested in our infrastructure as a high quality and high-capacity pharmaceutical grade manufacturer, allowing us to grow sales with new opportunities and markets, without additional investment into capital or resources," David Pidduck said. "We are proud of the work completed in 2023 and excited about the future of MediPharm Labs."
Enveric Biosciences Optimistic On Q4 And Full-Year Results: 'Psychedelic-Inspired' Meds For Future Growth
Body and Mind's Q2 Revenue Flat YoY, Narrows Loss By 94%
Body and Mind announced on Tuesday its financial results for the second quarter of fiscal year 2024 ended Jan. 31, 2024, revealing a 94% year-over-year drop in net loss. The company said that during the quarter it has entered into a definitive agreement to divest its Nevada cultivation and production operations for a total consideration of $2 million to fund its projects in Illinois and New Jersey. According to CEO Michael Mills these two markets "continue to be underserved and offer significant opportunities for revenue growth as we expand our brand and bring our skilled teams to these new markets." "The most recent quarter reflects our work to improve financial performance, improve margins and streamline our operations to support building our operations in Illinois and New Jersey," Mills said. "Nevada's wholesale pricing challenges and wholesale tax structure made it difficult to see the Company's Nevada operations generating sufficient profits over the long term when compared with the opportunity presented by taking the proceeds from Nevada's sale and continuing to build on our Illinois and New Jersey opportunities."
Cannabis CPG Co. Cuts Losses, Boosts Gross Profit, Achieves Record Revenue In 2023 Amid Industry Headwinds
Auxly Cannabis Group reported on Monday its financial results for the fourth quarter and full year ended Dec. 31, 2023. The Toronto-based company said it has achieved record net revenues of CA$101.1 million ($74.3 million) in 2023, representing an increase of 7% compared to 2022. Hugo Alves, the company's CEO called 2023 a "pivotal year for Auxly." "We focused and optimized our business, resulting in meaningful cost savings and industry-leading margins, all done while delivering quality products and meeting the ongoing demands of our consumers," Alves continued.
CBD-Focused Charlotte's Web Narrows Net Loss 75% YoY In Q4, Reports Drop In Revenue
Charlotte's Web Holdings, Inc. reported on Thursday financial results for the fourth quarter and year ended Dec. 31, 2023. The Louisville, Colorado-based hemp extract wellness producer reported a 16% year-over-year decrease in fourth-quarter consolidated net revenue to $15.9 million. The company said both retail and e-commerce revenues lower year-over-year. Charlotte's Web said CBD product sales remain below expectations, attributing it to "ongoing headwinds in the overall CBD category, including regulatory ambiguities at the federal and state levels, associated consumer confusion, and competitive crowding and pricing pressures."
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."
Second-Largest Cannabis Retailer In North America Reports Record Revenue, Adjusted EBITDA In Q1
High Tide Inc. released on Friday its financial results for the first fiscal quarter of 2024 ended January 31, 2024, revealing an 8% year-over-year and 1% sequential increase in revenue to CA$128.1 million. The Canadian cannabis retail giant also reported a breakeven net income with fully diluted earnings per share of CA$0.00 during the period, versus CA$(0.05) in the first fiscal quarter of 2023. Raj Grover, founder and CEO of High Tide said reaching break-even net income in the first quarter represents "a critical milestone in our ongoing corporate trajectory and is a rarity in the global cannabis space."
Cannabis Co. Cresco Nearly Doubles Adjusted EBITDA YoY To $54.8M In Q4, Narrows Loss In 2023
Cresco Labs announced on Wednesday financial and operating results for the fourth quarter and year ended Dec. 31, 2023.The Chicago-based cannabis giant behind Sunnyside dispensaries reported net revenues of $188.2 in the fourth quarter, decreasing from $199.6 million in the same quarter of last year. That's down 2% year-over-year. Cresco also reported a net income of $4.9 million for the fourth quarter compared to a $180.6 million net loss in the prior year's period and $133.4 million in the prior quarter as well as achieving positive adjusted EBITDA of $54.8 million, up from $29.6 million in the prior year's period.
NY Cannabis Giant Cannabist's 2023 Revenue Consistent With Prior Year At $511M, Narrows Q4 Net Loss By 76% YoY
The Cannabist Company Holdings Inc. reported on Wednesday its financial and operating results for the three months and full year ended Dec. 31, 2023, revealing a 76% year-over-year decrease in a net loss to $72.5 million in the fourth quarter.
Cannabis REIT Chicago Atlantic's Net Income Grows 20% YoY In 2023
Cannabis-focused commercial real estate finance company Chicago Atlantic Real Estate Finance, Inc. announced on Tuesday results for the fourth quarter and year ended December 31, 2023. The company reported on Tuesday total loan commitments of roughly $378.8 million – including $371.3 million funded and $7.5 million in future fundings - as of Dec. 31, 2023, across 27 portfolio investments. Net income in the fourth quarter was approximately $9.4 million, or $0.51 per weighted average diluted share, representing a sequential decrease of 5.8%, primarily due to the aforementioned increase in net management and incentive fees. Net Income was approximately $38.7 million in 2023, compared to $32.3 million in last year.
Cannabis REIT NewLake: YoY Increase In Q4 & FY 2023 Revenue Amid 'Challenging Environment,' CEO Says
Cannabis REIT NewLake Capital Partners, Inc. announced on Monday its financial results for the fourth quarter and full year ended Dec.31, The New Canaan, Connecticut-based company reported a 6.4% year-over-year increase in revenue to $13 million in the fourth quarter. Full-year revenue totaled $47.3 million, representing an increase of 5.1% year-over-year. "In 2023, we generated record revenue of $47.3 million, record AFFO of $40.7 million, and paid out $33.0 million or $1.57 per share in dividends to shareholders," Anthony Coniglio, the company's president and CEO, said. "During a very challenging environment for the cannabis industry, we were able to grow our dividend distributions by 9.0% year-over-year and for the first quarter of 2024 raised our quarterly dividend from $0.40 to $0.41 per share."
Israeli Company Reports Record 2023 Revenue, Wants To Transition Cannabis Operations To 'Third Party'
Evogene Ltd. released its fourth-quarter and full-year 2023 financial results, showing a 237% revenue increase for the year. Despite a 12% revenue decrease in Q4, the Israeli cannabis company reported $5.6 million in total revenue for the year. CEO Ofer Haviv highlighted the company's successful collaborations with industry leaders like Corteva, ICL, and Syngenta, contributing to revenue growth. In Q4, gross profit decreased to $180,000, but net financing income rose to $287,000. Total operating expenses increased to $7.8 million, leading to a net loss of $7.3 million. For the full year, gross profit reached $3.9 million, and net financing income was approximately $521,000. Evogene also secured partnerships with Verb Biotics and Colors Farm, along with receiving a €1.2 million EU grant for its Ag-Seed Division's research and development efforts.
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.