Cannabis Earnings Roundup: Avicanna, Cannara Biotech, Halo Labs

Here's a closer look at three cannabis earnings reports from this week. 

Avicanna Reports Higher Q4 Revenue And Net Loss Year-Over-Year

Cannabinoid-focused biopharmaceutical company Avicanna (TSX: AVCN) AVCNF reported Wednesday with fourth-quarter 2019 revenue of CA$122,715 ($87,252) versus revenue of CA$24,142 in the corresponding period of 2018.

During the quarter, the Ontario-based company also generated a net loss before taxes of CA$8.67 million or CA$0.33 per share compared to a net loss of CA$3.34 million or CA$0.25 per share in the same quarter of the prior year.

Avicanna reported having CA$441,757 in cash at the end of 2019, compared to $69,295 at the end of 2018.

Avicanna’s shares were down 1.7% at $1 at the time of publication Friday. 

Cannara Shares Jump On Earnings

Vertically integrated cannabis company Cannara Biotech Inc. LOVE LOVFF posted Thursday a total consolidated, comprehensive loss of CA$3.7 million, or CA$0.01 per share, for the three months ended Feb. 29, compared to a loss of CA$4 million or CA$0.01 per share in the same period of 2019.

The company disclosed a total second-quarter loss of CA$6.7 million or $0.01 per share versus a loss of CA$6.3 million or CA$0.01 per share in the corresponding period of the previous year.  

Cannara’s shares closed Thursday’s session 14.53% higher at 7 cents per share.

Halo Labs Posts Higher 2019 Net Loss 

Halo Labs Inc. HALO AGEEF (Germany: A9KN) released fourth quarter and full-year 2019 financial results Friday, reporting revenue of $28.1 million for the full year, up by 158% from 2018.

In 2019, the Toronto-based cannabis company posted an adjusted EBITDA loss of $13.1 millio  and a net loss of $27.6 million, versus an adjusted EBITDA loss of $8 million and a net loss of $13.7 million in 2018.

Halo’s shares closed Thursday market session at 10 cents per share.