Cannabis Earnings News

Canadian Weed Producer Red White & Bloom Narrows Loss, Reports 15% YoY Drop In Q1 Revenue As It Wraps Up Aleafia Acquisition

Canadian cannabis company Red White & Bloom Brands Inc. (CSE: RWB) announced on Thursday that it has filed its condensed interim consolidated financial statements for its first quarter ended March 31, 2024.Revenues were CA$22.6 million ($16.5 million), representing a CA$2.7 million increase over the previous quarter and a decrease of CA$3.9 million year-over-year.Net loss from continuing operations attributable to shareholders was CA$3.7 million, representing a year-over-year improvement from CA$6.5 million net loss in the first quarter of last year.

Cansortium Cuts Loss YoY, Reports 14% Increase In Q1 Revenue Driven By Florida Cannabis Sales Ahead Of Merger With RIV Capital

Cansortium Inc. (CSE: TIUM.U) (OTCQB: CNTMF) a vertically-integrated, multi-state cannabis company operating under the FLUENT brand, announced on Thursday financial and operating results for the first quarter ended March 31, 2024."We delivered another quarter of year-over-year revenue growth and positive cash flow generation during the first quarter as we continued to execute on our growth objectives," CEO Robert Beasley said. "We are making the critical investments needed to lay the foundation for growth and support our future plans and remain excited about the opportunities ahead."

RIV Capital Reports YoY Increase In Q1 Revenue, Gross Profit Ahead Of Merger With Cansortium To Create Four-State Cannabis Company

Cannabis-focused acquisition and investment firm RIV Capital Inc. (CSE: RIV) (OTC: CNPOF) released on Thursday its financial results for the first quarter ended March 31, 2024.Mike Totzke, the company's COO and interim CEO, called the first quarter "pivotal" referring to the official launch of the company's recreational cannabis operations in New York. The company opened its first adult-use dispensary in White Plains.

Acreage's Q1 Revenue Slips 19% YoY But CEO Foresees 'Significant Growth Opportunities' As Canopy Growth Strategy Moves Forward

Multi-state cannabis operator Acreage Holdings, Inc. (CSE: ACRG.A.U, ACRG.B.U) (OTCQX: ACRHF, ACRDF), reported on Friday its financial results for the first quarter ended March 31, 2024. "In the first quarter, we diligently focused on cash preservation, implementing cost-saving measures, and honing our business strategy," Dennis Curran, the company's CEO, said. "Our Northeastern footprint was a focal point with our entry into the New York adult-use wholesale market and the conversion of our third dispensary in Connecticut to a hybrid model serving both patients and consumers."

Grown Rogue Reports Record Q1 Revenue, CEO Calls These Two States 'Primary Growth Drivers'

Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF) reported on Thursday its first-quarter 2024 results for the three months ended March 31, 2024.The Medford, Oregon-based company reported record quarterly revenue of $6.7 million, compared to $6 million in the three months ended April 30, 2023, representing a year-over-year increase of 11%."This was another exciting quarter with record revenue and aEBITDA despite the year-ago comparison period including April instead of January; April is seasonally a stronger month for the industry," Obie Strickler, CEO of Grown Rogue, said. "In addition, we achieved record indoor revenue in Michigan and Oregon during the quarter and are thrilled that an increasing number of customers in competitive markets are choosing our products which means we are continuing to bring them value."

SLANG Worldwide Q1 Revenue Drops 35% YoY, Touts E-Commerce Segment Improvement Thanks To CBD Gummy Brand

Cannabis consumer packaged goods company, SLANG Worldwide Inc.(CSE:SLNG) (OTCQB:SLGWF) released its financial results Thursday for the first quarter ended ended March 31, 2024. The Toronto-headquartered company announced revenue of CA$7.03 million ($5.13 million), down from CA$10.8 million.

The company attributed revenue declines to increased competition in recreational cannabis stores in core markets in Vermont and Colorado, offset by increases in its wholesale channel in Vermont and a decline in the overall cannabis market in Colorado.

“Our results for the first quarter demonstrated the importance of SLANG’s diversified strategy as well as our commitment to our disciplined, efficient business model,” stated John Moynan, chief executive officer of SLANG. “While we saw softness in our Core Markets in the first quarter, we mitigated the impact on our business with increased sales in our newer, higher-margin e-commerce channel, our Vermont wholesale channel and across our Emerging Markets, and by reducing operating expenses sequentially and year-over-year, driving operational efficiencies across most segments of our business.

More about investments and financial data from the industry you can hear at the 19th Benzinga Cannabis Capital Conference in Chicago this October 8-9. Engage with top executives, investors, policymakers, and advocates to explore the industry’s future. Secure your tickets now before prices increase by following this link.

Q1 2024 Financial Summary

Gross profit of CA$3.36 million (48% gross margin) in Q1 2024, compared with CA$5.72 million (53% gross margin) in Q1 2023, representing a 41% decrease in gross profit and a 5% decrease in gross margin year-over-year.
Operating expenses of CA$5.54 million in Q1 2024, compared with CA$5.78 million in Q1 2023 and CA$6.63 million in Q4 2023, representing a 4% decrease year-over-year and 16% decrease quarter-over-quarter.
Adjusted EBITDA was a loss of CA$1.06 million in Q1 2024, compared with a gain of CA$742,000 in Q1 2023.
Total comprehensive loss amounted to CA$6.02 million, which compares to a loss of CA$2.33 million in Q1 2023.
The company had CA$8.32 million in cash and restricted cash on March 31, 2024, compared to CA$9.04 million on December 31, 2023.

Q1 2024 Operational Highlights

Vermont Q1 2024 wholesale sales were CA$310,000, compared to CA$60,000 in Q1 2023.
During Q1 2024, SLANG signed an agreement with a new distribution partner to sell its Alchemy Naturals CBD gummies throughout the United States.

“During the quarter, our new channels continued to increase their contribution to our overall sales. Revenue from our e-commerce business segment increased by approximately 45%, demonstrating the strength of our Alchemy Naturals CBD gummy product line, and our Vermont wholesale sales channel increased by approximately 417% year-over-year," Moynana continued. "Looking ahead, we believe we will continue to elevate our market position and build our leadership position in these important cannabis product categories.”

Price Action

Slang shares traded 7.32% lower at $0.02 per share at the time of writing Thursday morning.

Photo: Courtesy of SD_FlowerPower via Shutterstock

Canopy Growth Reports 7% YoY Increase In Q4 Net Revenue, Continues Focus On Innovation In Canada And International Expansion

Canopy Growth Corporation (TSX: WEED) (NASDAQ: CGC) announced on Thursday financial results for the fourth quarter and fiscal year ended March 31, 2024.Fourth quarter net revenue for the company's subsidiary Storz & Bickel which manufactures high-end and medically certified cannabis vaporizers surged 43% year-over-year to CA$22million ($16 million).Moreover, Canada's cannabis net revenue in the same period increased 4% year-over-year led by a 16% increase in the Canada medical cannabis business that saw its 5th consecutive quarter of revenue growth.

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