Itâ€™s time for your Daily Hit of cannabis financial news for August 14, 2019.
Zenabis Global Inc. (TSX: ZENA) (OTC: ZBISF) reported that its second-quarter net revenue rose 78% to $25 million from last yearâ€™s $4.1 million for the period ending June 30, 2019. The company said that the results were achieved â€śdespite being negatively impacted by temporary price reductions on inventory sold to provincial counterparties designed to help Zenabis to capture a larger share of the recreational cannabis market.â€ť
Charlotteâ€™s Web Holdings, Inc. (TSX: CWEB)(OTCQX: CWBHF), a producer ofÂ whole-plant CBD hemp extract products, reported its financial results for the second quarter ending June 30, 2019. The companyâ€™s revenue grew 45% to $25 million over last yearâ€™s $17.2 million for the same time period. The net income fell to $2.2 million from last yearâ€™s $3.7 million.
If youâ€™re asking yourself whoâ€™s buying CBD products, just take a stroll to your local grocery store and mosey over to the vitamins and supplements section. Prepare to be overwhelmed by the thousands of nutraceutical â€śwellnessâ€ť products filling the shelves â€“ everything from melatonin chocolates for sleep-aid to echinacea for immune support â€“ and yes, very recently products containing the compound thatâ€™s outshined Beyonce in popularity, CBD.
Today, Jushi Holdings Inc. released its financial results for the second quarter. Year-over-year, revenue for the quarter increased to approximately $200,000, and the gross profit was roughly $200,000. The net loss increased to $11.8 million, up considerably from $100,000 in the same period of the previous year. Despite low earnings and high losses, the company has a net working capital of $95.4 million, of which $86.7 million is in cash.
Sundial Growers Inc. (NADAQ: SNDL) has released their financial results for the second quarter. Gross revenue was $20.3 million. The net loss declined from $16.6 million in the first quarter to $12.4 million. Adjusted EBITDA was a loss of $500,000, up from a loss of $5.5 million. â€śSundial accomplished great things this past quarter and our teamâ€™s solid execution across key areas of our business resulted in significant revenue growth,â€ť said Torsten Kuenzlen, CEO of Sundial. â€śWe are very confident in our go-to-market strategy, our strengthened balance sheet and our ability to execute upon organic growth opportunities.â€ť
After the close of the market yesterday, The Green Organic Dutchman Holdings Ltd. (TSE: TGOD) reported their financial results for the second quarter. Revenue rose 20% over the previous quarter to $2.9 million. The net loss rose from $8.5 million in the previous year to $16.6 million. Â â€śQ2 was pivotal for the Company as we began commercial production in the second phase of our Hamilton site and expanded our product line for the Growerâ€™s Circle,â€ť commented Brian Athaide, CEO of The Green Organic Dutchman.
Today, Helix TCS, Inc. (OTCQB: HLIX), announced the release of its financial results for the second quarter. Quarterly revenue was $3.9 million. The gross profit was $1.9 million, with a gross margin of 49%. â€śWe feel that we are still deeply undervalued due to our focus on execution as opposed to publicity, and are working to tell the simple truth of our constantly improving business and strong results,â€ť said Helix TCS CEO and Executive Chairman, Zachary L. Venegas.
HempFusion, Inc. closed a brokered and non-brokered private placements of a total of 28,800,000 units of the Company at a price of US$1.25 per Unit for gross proceeds of US$36 million. The brokered portion of the Offering consisted of the sale of 26,227,650 Units for aggregate gross proceeds of US$32,784,563 and was completed by a syndicate of agents led by Canaccord Genuity Corp. and including Haywood Securities Inc. and PI Financial Corp. Due to demand, the Offering was upsized from US$20 million to US$36 million.