Marijuana Money: January 14, 2022
Tilray, Inc. (Nasdaq: TLRY) stock jumped this week when the company turned in a solid earnings report for the second fiscal quarter with revenue increasing approximately 20% to $155 million versus last year’s $129 million.
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI) delivered its results for the first fiscal quarter with revenue increasing 57% to $30.4 million, from $19.3 million for last year. Organigram also trimmed its net loss to $1.3 million, versus last year’s net loss of $34.3 million.
Hydroponic chain GrowGeneration Corp. (NASDAQ: GRWG) announced revised full-year 2021 revenue expectations of $420 million to $422 million, versus $193 million for 2020, an increase of 118%. The important news though was that same stores sales are expected to decline in the fourth quarter by 12.3%. This follows other hydroponic companies like Hydrofarm and Scotts Miracle-Gro that also warned of slowing sales.
Leafly Holdings Inc. and cannabis SPAC Merida Merger Corp. I (NASDAQ: MCMJ) announced that it has entered into a $30 million convertible note agreement, but more importantly, Merida has postponed the member vote on the SPAC which had originally planned to close at the end of December.
Halo Collective Inc. (NEO: HALO) (OTCQB: HCANF) announced that it is expanding into the functional beverage market with an acquisition of H2C Beverages in a deal valued at $30 million. It brings to Halo the Halo’s H2C and Hushrooms branded products.
Private companies were all over the news this week with several announcing fund raising rounds.
Cannabis industry hiring platform Vangst has completed a $19 million Series B financing. Vangst said it plans to use the money to expand its platform into new markets to support the influx of jobs. Vangst also said it will use this infusion of capital to launch products that support both cannabis businesses and employees, including training and employee payment solutions.
Michigan-based Viola Brands announced the closing of a $13 million equity funding round. The company said this latest round of funding will allow it to expand into several key new markets, including Pennsylvania, Illinois, New Jersey, and Maryland,
Female-owned Garden Society has raised more than $7 million in Series A funding. The funding was led by RJ Primo LLC and the proceeds will be used to scale product offerings, modernize manufacturing, and further expand its team to meet the growing demand throughout California, as well as to expand into other states in 2022.