Earnings Roundup: GrowGeneration, 1933, Nutritional High
GrowGeneration Corp. (OTCQX: GRWG) reported revenue of $29.0 million or 102% over 2017 revenues of $14.4 million. The company delivered a net loss of $5 million for 2018 a big increase over 2017’s net loss of $2.5 million. Gross profits were $6.4 million for 2018, as compared to $3.3 million for 2017, an increase of approximately $3.1 million or 97%. The company’s same-store sales, in the 4th quarte,r increased by 12.4%
Darren Lampert, Co-Founder, and CEO, said, “This was our 5th consecutive year of record growth for GrowGeneration, with revenues growing over 100% year over year. GrowGen is now EBITDA profitable, starting in Q1 2019. We are forecasting 2019 revenue of $52M–58M and adjusted EBITDA of $.12–$.16 per share for 2019.”
Since the quarter ended, GrowGeneration made the following moves:
- Q1 2019, acquired certain assets and product trademarks from the 3rd largest hydroponic distributor.
- Q1 2019, we acquired 3 additional stores, in Denver, CO, Palm Springs, CA and Reno, NV.
- Opened stores in Brewer, ME and Tulsa, OK.
Nutritional High International Inc. (CSE: EAT) (OTCQB: SPLIF) reported revenue of $6.1 million for the second quarter of 2019 from the sale of Cannabis related products in California primarily via its wholly owned distributor, Calyx Brands Inc. The company also reported a gross profit of $1.5 million, but a net loss of $6.8 million. At the end of January 31, 2019, the company has now recognized a trailing-twelve-month revenue from Cannabis sales of approximately $17.6 million.
Jim Frazier, Nutritional High’s CEO said, “With Q2 2019, we continue to deliver on our results. We have maintained and increased our revenue base in California, while also successfully executing on margin enhancing initiatives. Our plan to expand in other major US jurisdictions are starting to take further shape. Green Therapeutics continues to make strides towards vertical integration in Nevada and we are also laser-focused on expanding our product and commercial footprint in Oregon and Washington.”
The company continues to expand its California product portfolio by signing a letter of intent in January 2019, to purchase a controlling 51% interest in Tres Ojos Naturals, LLC d/b/a SolDaze. In January 2019, the Company entered into a license and trademark agreement with Docklight, LLC of Seattle, Washington, providing Nutritional High the rights to produce, market and sell inhalable cannabis products (whole flower, pre-rolls and oil cartridges) in the state of Washington and Oregon, under the iconic brand Marley Natural, which is the official cannabis brand of Bob Marley. Additional brands secured as part of the Docklight License include Dutchy, Headlight, Irisa, Grail, and Martian Gardens, which together with Marley Natural, are the “Branded Products”. In Washington, Nutritional High will sublicense the rights to manufacture the Branded Products to a locally-licensed facility, while production of Marley Natural will begin in short order in Oregon.
1933 Industries Inc. (CSE: TGIF) (OTCQX: TGIFF) reported that for the second quarter FY2019, the company had consolidated revenues of $3,720,993, gross margin of $2,088,740 and a net loss of $2,926,981.
Mr. Chris Rebentisch, USA COO and Founder of Infused, said, “Year to date, the Company has experienced a steady 54% growth in sales revenues over the same period last year. Sales in Q2 were lower than in the previous quarter due to the performance of our AMA subsidiary, which experienced slower than expected sales due to challenges with yield and access to supply. We are seeing dramatic increases in yield and quality since appointing an experienced master grower.”
On March 13, the company announced a non-brokered private placement of 10,000,000 units at $0.45 per Unit for total proceeds of $4.5 million and subsequently announced its close on March 15th as the Offering was fully subscribed by one place.
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