Fourth Quarter Earnings

Aurora Reports 20% YoY Uptick In Global Medical Marijuana, Expects Benefits From International Cannabis Regulatory Reforms
This Undervalued Cannabis Stock Has Another Year Of Growth: Reports Record 2023 Revenue And Adjusted EBITDA
California Cannabis Co. Blüm Reports 36% YoY Drop In 2023 Revenue, Narrows Net Loss By 93%
This Undervalued Cannabis Stock Has Another Year Of Growth: Reports Record 2023 Revenue And Adjusted EBITDA
California Cannabis Co. Blüm Reports 36% YoY Drop In 2023 Revenue, Narrows Net Loss By 93%
Cannabis CPG Co. SLANG Worldwide Narrows Q4 Loss By 56% YoY, Reports Dip In Revenue
Female-Led California Weed Co. Gold Flora's Net Loss Grows In Q4, Reports YoY Increase In Revenue & Gross Profit

Fourth Quarter Earnings Recent News

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."
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.
Restructuring Plan Pays Off For Ancillary Cannabis Co. Despite YoY Net Sales Drop In Q4
Hydrofarm Holdings Group, Inc. reported a 23% year-over-year decrease in net sales for the fourth quarter of 2023, amounting to $47.2 million. The company's successful restructuring plan and cost-saving initiatives led to positive Adjusted EBITDA and Free Cash Flow for the year. In Q4 2023, gross profit increased to $8.4 million, with a gross profit margin of 17.9%, compared to a loss in the same period in 2022. The net loss improved to $15.2 million, and Adjusted EBITDA showed a significant year-over-year improvement of 92%. For the full year 2023, net sales dropped to $226.6 million, but gross profit increased to $37.6 million, with a gross profit margin of 16.6%. The net loss decreased to $64.8 million, and Adjusted EBITDA turned positive at $0.3 million. Operating activities generated $7 million cash, with free cash flow reaching $2.8 million.
Zig-Zag Segment Stable, Says CEO As Turning Point Reports Profit Increase And 6.1% YoY Drop In Q4 Net Sales
Maker of Zig-Zag rolling papers Turning Point Brands announced on Wednesday financial results for the fourth quarter and full year ended Dec. 31, 2023.Graham Purdy, president and CEO, praised quarterly results.  "Our fourth quarter results were at the high end of our expectations," Purdy said. "The Zig-Zag segment was stable from the previous year excluding the impact of a discontinued product line and is well positioned to return to growth in 2024. We also had strong free cash flow generation during the year allowing us to build a cash balance to address the remaining principal amount of our convertible notes at maturity in July."
Planet 13 Cannabis Co. Shrinks Net Loss Over 60%, Achieves Positive EBITDA In Q4 Despite Industry Headwinds
Planet 13 Holdings, a cannabis multi-state operator, released its unaudited preliminary financial results for Q4 2023, noting a solid performance despite challenges in the industry. Total revenue decreased to $23 million, with a 2.8% increase in gross profit and a 47.8% gross margin. Operating expenses saw a significant decline, resulting in a net loss of $14.3 million. However, adjusted EBITDA turned positive at $1.3 million. The company had $17.4 million in cash and is focused on expanding its retail portfolio in Illinois and finalizing the acquisition of VidaCann in Florida. Planet 13 aims to enhance its operational efficiency and drive growth in operating cash flow and shareholder value in 2024.
Heritage Cannabis Co. Boosts Gross Margin Over 50% In 2023 Thanks To This Smart Move
Heritage Cannabis Holdings reported an increase in gross margin of more than 50% for the year and 628% for the quarter ended October 31, 2023. CEO David Schwede credited the company's focus on product optimization and operational efficiencies for this growth, with products like RAD vape and Adults Only brand remaining in high demand. The company saw strong growth in states like New York, Missouri, and West Virginia, with over $3.5 million in sales. While net revenue slightly dropped in Q4 2023 compared to the prior year, cost of sales decreased significantly, leading to a higher gross margin. For the full year 2023, net revenue increased, costs decreased, and the company reported lower comprehensive losses compared to the previous year. Schwede expressed optimism for continued growth in revenue and gross margin for 2024 with a focus on exploring new revenue channels in the U.S. and abroad.
Cannabis Co. Agrify Expects To Shrink Net Loss, Expand Gross Profit In Q4
On Wednesday, Agrify Corporation (NASDAQ: AGFY), an ancillary cannabis company, reported preliminary unaudited fourth-quarter financial results for 2023. The company anticipates a net loss of $750,000, a significant improvement from previous quarters. Loss from operations is expected to decrease by 46% to $2.5 million, marking a historical low. Gross profit is projected to rise by 105% to $1.9 million, a substantial increase year-over-year. Agrify aims for its lowest net cash burn in company history and plans to approach cashflow break-even in the second half of 2024. These positive financial outlooks come after a third-quarter revenue decrease but a significant improvement in net loss compared to the previous year. CEO Raymond Chang expressed optimism about the direction the company is headed based on the encouraging Q4 results. AGFY's share price showed a 1.58% increase during pre-market trading.
CBD Of Denver's Success In Challenging Climate With Increase In Q4 Revenue
CBD of Denver has reported strong fourth-quarter revenues of approximately $1.31m, with $1.13m generated by Luxora and $176,000 by Libra 9. The CBD company attributed its growth to a number of factors, including its partnership with EDEKA and the popularity of its Magic Lappen product, both of which increased sales across Germany. CBD of Denver also highlighted the success of Libra 9's attendance at trade shows, which boosted brand recognition and allowed the company to form several significant partnerships. Meanwhile, Luxora's expansion into the European CBD wholesale market was credited with contributing significantly to the company's growth. Following the German government's expected approval of relevant legislation, Luxora Solutions will expand further into the German market. Germany's decision on legalising marijuana, which was set to be made in December, has been delayed until next year.
CBD Giant's Challenging Year: Q4 Net Sales Slide By 27% But Net Loss Narrows 67% YoY
cbdMD reported a 27% year-over-year drop in net sales for the fourth quarter of 2023, totaling $5.7 million. The company attributed the decline to industry trends, reduced marketing spend, and lower wholesale pricing for its new high-strength products. For the full fiscal year 2023, net sales reached $24.2 million, down from $35.4 million in the previous year. Gross profit for the year was approximately $15 million, a decrease from $22.3 million in fiscal 2022. The company reported a net loss of about $23 million, compared to $70 million in 2022. Operating expenses fell to $24.2 million from $40 million in the prior year. cbdMD's working capital on September 30, 2023, was $3.4 million, down from $10.7 million on the same date in 2022. The company also launched its hempMD and ATRx brands in 2023, expanding its product channels into Amazon and other consumer products channels.
Craft Cannabis Co. Grown Rogue Sees 29% Revenue Increase In Q4, Expands Construction Progress In New Jersey
Grown Rogue International has reported a 29% YoY increase in revenue for its fiscal Q4 2023, reaching $6.5m. The cannabis company saw a 3% sequential increase in revenue, despite a downturn in its Oregon outdoor business. The firm's CEO, Obie Strickler, said that despite sales being down from the previous quarter, Grown Rogue is on an "upward trajectory." Other Q4 financial highlights include gross profit of $4.4m and an adjusted EBITDA of $2.1m, compared to an adjusted EBITDA gain of $1.7m in the prior year's period. Grown Rogue unveiled plans to enter New Jersey's cannabis market, with construction already underway and scheduled to be completed in Q2 2024.
Organic Growth And Innovation Drive YoY Increase In Cannabis Producer Organigram's Q4 Revenue And Adjusted EBITDA
Canadian cannabis producer Organigram Holdings reported an 11% year-over-year increase in net revenue for the fourth quarter, reaching C$A161.6 million ($121 million). The company credited the growth to its focus on innovative products that meet consumer demand for convenience, such as pre-rolls and edibles. The increase in revenue contributed to a 71% rise in adjusted EBITDA to nearly CA$6m for the quarter, compared with the same period in 2022. Organigram's adjusted gross margin was CA$40.2m, up 20% on 2022. The company also reported a net loss of CA$248.6m, compared with CA$14.3m in 2022, due to impairments on property, plant and equipment, intangibles and goodwill. Organigram said it expects improved margins in future as efficiency gains from facility upgrades and expansion into higher-margin categories such as craft flower and vapes bear fruit.
Investors Would Do Well Buying This Cannabis Stock Despite Depressed Sector Valuations, Analyst Explains Why
It's a challenging time for the cannabis industry and businesses trying to stay afloat amid growing consumer pressure, oversupply in some markets and an evident lack of access to capital. Still, some well-established operators in the space, like Green Thumb Industries Inc.
Why You Should Consider Investing In This Marijuana Stock: One Of Canada's Best Operators, Says Analyst
OrganiGram Holdings Inc. (NASDAQ: OGI) recently reported that its net revenue in the 2022 fiscal year increased 84% to CS$145.8 million ($107.9 million) from CA$79.2 million in the previous
EXCLUSIVE: Tilray CEO Shares Insider Insights Into Earnings, International Opportunities, Alcohol Market & More
Tilray Brands Inc.'s (NASDAQ: TLRY) CEO Irwin Simon said on Thursday's "Cannabis Insider" that "Europe will legalize [cannabis] before the U.S."
Cannabis Reform Is 'By Far The Main Catalyst,' Analyst Discusses Jushi's Q4 Financial Results
Jushi Holdings Inc. (OTCQX: JUSHF) (CSE:JUSH) released its financial results for the first quarter of 2022 ended March 31, 2022, revealing revenue of $61
This Cannabis Retailer Is Poised To Grow Top-Line Despite Tough Environment, Analyst Explains Why
Fire & Flower Holdings Corp. (TSX: FAF) (OTCQX: FFLWF) reported its financial and operational results for the fiscal year and fourth quarter ended January 29, 2022.
InterCure Reports Record FY 2021 Revenue Of $89M, Q4 Adjusted EBITDA Spikes 140% YoY
InterCure Ltd. (NASDAQ: INCR) (TSX: INCR.U) (TASE: INCR), which is doing business as Canndoc, has announced its estimated financial and operating results for the fourth quarter and year ended December 31, 2021.