Here's Why Cannabis-Related Stock Clever Leaves Is Rising During Thursday's After-Hours Session

Clever Leaves Holdings Inc CLVR shares are trading higher by 9.5% to $1.73 during Thursday's after-hours session after the company reported better-than-expected fourth-quarter sales results and reaffirmed FY22 guidance.

Clever Leaves Holdings reported quarterly sales of $4.20 million which beat the analyst consensus estimate of $4.13 million by 1.7%. This sales figure represents a 25% increase over sales of $3.35 million in the same period last year.

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"We have made progress in the fourth quarter by strengthening our operational foundation and advancing our commercial momentum to better position us for 2022," said Andres Fajardo, President and incoming CEO of Clever Leaves.

"We delivered year-over-year revenue growth of 26% and 29% across our non-cannabinoid and cannabinoid businesses, respectively. We also maintained our prudent approach to cost management as we drove continued production efficiencies. We believe the incremental milestones we achieved throughout our first year as a public company will enable us to leverage our low-cost production advantages and advance our global distribution efforts in 2022," Fajardo stated.

Clever Leaves Holdings is a producer of pharmaceutical and consumer cannabis brands. The company operates and has investments in Canada, Colombia, Germany, Portugal, and the United States.

Clever Leaves Holdings has a 52-week high of $13.54 and a 52-week low of $0.91.