Earnings Roundup: Power REIT And MariMed Report Revenue Spikes, Willow Biosciences Explores CBG

Power REIT Q4 Revenue Increases 122% YoY, Eyes 'Accretive Acquisitions'

Power REIT (NYSE-AMEX: PW) reported Wednesday its core funds from operations (Core FFO) per common share amounted to $0.51 in the fourth quarter of 2020 and $1.34 for the full year. That’s a year-over-year increase of 200% and 113%, respectively.

These results stem from the updated business plan the company launched in the second half of 2019, according to CEO David Lesser. 

Power REIT recently raised approximately $36.7 million through a rights offering of its shares to fund “additional accretive acquisitions,” Lesser disclosed.

The Old Bethpage, New York-based real estate investment trust generated roughly $1.4 million in the fourth quarter, up by 122% year-over-year.

For the full year, revenue amounted to $4.27 million compared to $2.18 million in 2019.

On Dec. 30, cash and cash equivalents totaled $5.6 million, compared to $15.8 million in the year before.

Currently, Power REIT's portfolio includes 17 controlled environment agriculture (CEA) properties, seven solar farm ground leases, and 112 miles of railroad property.

The company has been expanding in Colorado over the past couple of months, by purchasing two properties spanning 4.21 acres and 2.2 acres in Crowley County via its wholly-owned subsidiary, PropCo. and a 4.3-acre property in Ordway.

Poer REIT also enhanced its footprint in California by acquiring a greenhouse cannabis cultivation facility in Riverside County for $7.685 million.

MariMed Generates $20.4M In Q4, Up By 292% YoY

Cannabis company MariMed, Inc. MRMD disclosed its revenues spiked 292% year-over-year, reaching $20.4 million in the fourth quarter of 2020.

For the full year, revenue amounted to $50.9 million, representing year-over-year growth of 207%.

Gross profit on core cannabis revenues increased 377% over the same period, to $13.4 million in the fourth quarter.

The Norwood, Massachusetts-based company reported achieving a positive adjusted EBITDA of $7.73 million in the last quarter of 2020, compared to a loss of roughly $16 million in the corresponding period in the year before.

Operating expenses for the full year amounted to $16.8 million versus $31.2 million in 2019. Net income for the same period was $2.4 million.

As of Dec. 31, MariMed had $3 million in cash and cash equivalents, including restricted cash.

Earlier this month, the company secured $46 million in financing through a deal with Hadron Healthcare Master Fund.

The sum includes the initial tranche of $23 million the company plans to utilize to repay its long-term debt and further develop its cannabis facilities.

The company plans to utilize the other half of the funds to boost its state cannabis businesses and execute its strategic plan.

“We intend to continue to implement our strategic plan to acquire and consolidate the businesses we organically built into our public company and are poised to become one of the leading fully integrated and profitable multi-state operators in the cannabis industry,” CEO Bob Fireman said Wednesday.

MariMed expects to generate $100 million in revenue in 2021 and $30 million in adjusted EBITDA.

Willow Biosciences Has $15.9M Cash Balance, Posied To Launch CBG Sales

Canadian biotechnology company Willow Biosciences Inc. WLLW CANSF wrapped up 2020 with roughly $15.7 million in working capital and $15.9 million of cash.

As of March 23, the company had around $47.3 million in cash.

"Looking back on the year, we shortened our timelines to commercialization, moved beyond proof of concept with multiple pilot production runs, provided samples of our first cannabinoid to prospective customers, strengthened our balance sheet, and identified a partner and assets to commercialize our first cannabinoid," President and CEO Trevor Peters said Tuesday.

In February, the company closed a bought deal public offering of some 17.4 million of its shares at $1.65 per share, securing a total of $28.75 million in financing.

Willow said it's poised to commercialize CBG, its first cannabinoid, in the first quarter of 2021, and launch its sales in the second quarter.

"Ultra-pure, sustainably made, biosynthesized cannabinoids are the future of manufacturing consumer products with cannabinoids as a core ingredient. Commercializing our first cannabinoid this year will not only be a significant milestone for Willow, it will be significant for our industry," Peters explained.