420 Investor Weekly Review 08/12/22


Illinois medical cannabis sales for July were released and left overall sales for the state up 6% from a year ago and just 1.6% sequentially from June. Michigan adult-use flower sales boomed, leaving July sales at a record $210 million, up 12% sequentially.

I distributed this written material to 420 Investor subscribers during the week:

Here are some of this week's highlights for Focus List names:

  • AAWH opened its 3rd NJ dispensary in Fort Lee.
  • AYRWF opened its 50th Florida medical dispensary and its third Massachusetts adult-use store, Somerville.
  • CCHWF launched its first pre-rolls in NY.
  • CEAD posted $3 million in revenue in Q2 and ended with cash well above its market cap at $20.6 million and no debt.
  • CRON revenue slipped sequentially but grew a lot from last year on better profitability in Q2.
  • CRLBF praised the success in Illinois for social equity groups helped by its SEED Initiative
  • CURLF named a new CFO and two additional hires. The company's Q2 report was in line with expectations for revenue ($338 million) and better than expected on adjusted EBITDA ($86 million). It took control of Polish company, CanPoland, and a German company, Four 20 Pharma.
  • CWBHF had a big miss in Q2, with revenue of $18.9 million and adjusted EBITDA of -$5.4 million. The company engaged Hanson Faso Sales and Marketing for the central part of the U.S. The company also revealed a premium sports product line undergoing NSF's certification process.
  • GDNSF posted a stronger-than-expected Q2 at $21.1 million revenue.
  • GNLN secured a $15 million asset-based loan.
  • GRWG lost is CFO, replacing Jeff Lasher with Greg Sanders, formerly the Controller.
  • HYFM soared after releasing its Q2 results that had been pre-announced. Sales fell from $133.8 million a year ago to $97.5 million.
  • JUSHF allowed its former CFO to join Curaleaf and settled the lawsuit against the company.
  • LOWLF reported revenue for Q2 below expectations at $13.2 million with adjusted EBITDA at -$1.1 million.
  • MAPS lowered its outlook for 2022 after missing estimates for Q2 at $58.3 million in revenue. The company launched Weedmaps for Business, a fully integrated suite of end-to-end solutions for retailers and brands.
  • TCNNF slightly missed expectations in Q2, reporting revenue of $320 million and adjusted EBITDA of $111 million. It lowered its 2022 outlook.
  • TLLTF is launching the 1906 brand in Pennsylvania.
  • TRSSF revenue grew substantially due to NJ, but it was below expectations at $65 million.
  • VFF reported overall cannabis revenue of $35.6 million in Q2, up 24% sequentially and 44% from a year ago. It reported a big loss with fundraising ahead.
  • VRNOF released Reserve and Essence flowers into AZ, FL, MA and PA. It opened its 55th Florida medical dispensary.

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Please check the Focus List, (which has technical, fundamental and valuation ratings as well as a market-cap table). To help track market caps, we maintain tables for the Canadian LPs and the American cannabis operators and ancillary companies.

Market Performance

The Global Cannabis Stock Index rallied but trailed the broad market strength, increasing 1.9% to 15.56, still up from the all-time low close of 14.76 set 6/30:

Posted to Benzinga PotProfits on Aug 12, 2022 — 6:08 PM
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