More earnings reports are coming out but as every week passes the industry expands and colors in some of the blanks. One interesting announcement that did not make this list was Horizon’s new ETFs that allow for the ability to either short or double-down on the sector, see the things that did make the cut below.
1. The FLOWR Corporation is approved for Nasdaq listing
The company’s CEO, Tom Flow, is somewhat of a legend in the space. He co-founded MedReleaf Corp. that was purchased by Aurora Cannabis
On May 17th, Flowr announced financials showing an 8% increase in production, a 9% increase in price-per gram and net revenues of $1.6 million for the quarter.
“We have made tremendous progress against our strategic priorities in 2019, and the approval of our listing on the Nasdaq further enhances our capital markets objectives. This listing provides us with broader access to investors around the world and is a natural progression for Flowr,” commented Vinay Tolia, Chief Executive Officer of Flowr. “Later this year we expect to complete construction of our purpose-built indoor cannabis facility, Kelowna 1, which will position us to pursue further expansion at our Kelowna Campus, while at the same time advancing our global plans through our announced partnership with Holigen Holdings Limited.”
2. TerrAscend reports record revenues
“Our first quarter results reflect substantial progress toward our goal of becoming the leading North American Operator in the cannabis sector,” said Matthew Johnson, President of TerrAscend Corp., and TerrAscend USA, Inc. “While achieving strong top-line growth at Arise, we’re focused on operational excellence that will enable us to become the leading global provider of hemp-based products. We’re nearing the closing of our acquisition of The Apothecarium, which we announced on February 11. In New Jersey, our first East Coast Apothecarium and supporting cultivation operations will be up and running by the second half of the year.”
3. Canopy Growth acquires This Works
“We believe CBD has the potential to disrupt the cosmetic and sleep solution industries and have been working for years to build and establish the right entry point into this opportunity,” said Bruce Linton, Chairman & Co-CEO, Canopy Growth. “As soon as we met with Dr. Persaud and her team, we knew they were the right partner to embark with on this journey.”