Cannabis Earnings News

02:46pm ET04/19/2024
Endexx Corporation (OTC: EDXC) reported on Thursday an increase in 2023 revenue and expansion into new global markets. The Arizona-based company has expanded its presence in international markets. In its recent press release it highlighted revenue contributions from Italy, which accounted for 48% of total revenues. Moreover, continued strong performance in the U.S. and Russia further demonstrated Endexx's broad international appeal, the company said.
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01:24pm ET04/18/2024
Vertical cannabis operator LEEF Brands, Inc. (CSE: LEEF) (OTC: LEEEF) announced on Thursday the release of its audited financial statements for the year ended 2023 along with the interim financial statements for the first quarter of fiscal 2024. "I am proud of the team and their performance in the past year and specifically in this quarter," Micah Anderson, the company's CEO, said. "We've seen stronger margins and EBITDA in the first quarter of the year and believe Q1 results are the beginning signs of success stemming from the efforts to reduce redundancies after our merger with Icanic Brands."
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01:02pm ET04/16/2024

A vertically-integrated cannabis company 4Front Ventures Corp. (CSE:FFNT) (OTCQX:FFNTF) reported its financial results for the fourth quarter and full year ended December 31, revealing quarterly revenue of $21 million, down 21% from the same period of 2022. For the three months ended December 31, the multi-state operator disclosed an Adjusted EBITDA of $2.5 million.

“Our growth strategy, particularly in Illinois with the imminent opening of our Matteson facility and two new stores, is expected to double our production capacity and significantly boost our revenue and profitability in the state," stated Andrew Thut, CEO of 4Front Ventures. "Additionally, we anticipate further growth in Massachusetts that is expected to accelerate starting in the second quarter, as we expand our wholesale channels and continue to benefit from investments in our cultivation facilities, adjustments made to our product lines, and an improved menu offering.”

Fiscal year 2023 Highlights

  • Total revenue amounted to $97.4 million, compared to $107.7 million in 2022.
  • Adjusted EBITDA was a gain of $10.1 million, versus adjusted EBITDA of $31.9 million last fiscal year.
  • Gross profit was $45.9 million, which compares to gross profit of $51.4 million in the previous year.
  • Net loss amounted to $91.6 million, versus a net loss of $46.9 million in 2022.
  • As of December 31, 2023, 4Front had $3.4 million in cash and 47.5 million in related-party long-term debt, which has since been reduced by $23 million post quarterly, by converting $23 million of senior secured debt into common stock and reducing annual interest expense by approximately $3 million.

“Over the past year, we achieved substantial growth in our wholesale revenue, with a 75% increase in Illinois and 42% in Massachusetts. This growth is a testament to our capacity to deliver high-quality products at the right price,” Thut continued. “The Washington facilities enjoyed a significant revival, with flower revenue nearly doubling from the first to the last quarter. It’s noteworthy that these positive achievements helped to balance out a year fraught with headwinds, particularly in California, and in other competitive local environments as well. While these challenges were costly, they have ultimately paved the way for a more focused, streamlined, and profitable business. We have learned a great deal from our experiences, and our team is stronger and better prepared for the future as a result. With the advancement of our Matteson facility and our ongoing expansion into Illinois retail, I believe that 2024 and 2025 will truly showcase our ability to compete and win in battleground markets.”

Price Action 

4Front Ventures shares closes Monday market session 2.0% lower at $0.09 per share.

Photo: Courtesy of iQoncept via Shutterstock

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12:58pm ET04/16/2024
California cannabis producer Blüm Holdings Inc. announced on Tuesday financial results for the full year and fourth quarter ended Dec. 31, 2023. The company reported a 36% year-over-year drop in revenue to $33.2 million, due to a "strategic slowdown in its underperforming distribution segment." However, the company's CFO Patty Chan said the decrease in gross margin was only $0.5 million on a revenue decrease of $18.8 million. "2023 was a truly transformative year for Blüm Holdings during which the Company focused on disposing nearly all the company's underperforming assets and significantly reducing selling, general, and administrative expenses while simultaneously realigning our strategic focus to increasing our gross margin from 35% in 2022 to 53% in 2023," Chan said.
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12:17am ET04/16/2024
Agrify Corporation (NASDAQ: AGFY), a trailblazer in cultivation and extraction technologies for the cannabis sector, has disclosed its financial achievements for the fiscal year ending December 31, 2023, marking a significant turnaround with its first-ever pos
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08:13pm ET04/15/2024

Psychedelics healthcare company Numinus Wellness (OTCQX:NUMIF) shared its unaudited, condensed and consolidated interim financial results for the three and six months ended February 29, 2024. 

Q2 showed:

  • Cash position of $4.8 (CA$6.6) million by February 29, 2024, compared to the $14.33 million held by February 28, 2023.
  • Three and six months revenue of $3.66 million and $7.98 million respectively, compared to $3.89 million and $8.0 million during the same comparable periods in 2023.
  • After costs, three and six months gross profit was $1.2 million and $2.77 million respectively, while $1.53 million and $3.26 million during the same periods in 2023.
  • Three and six months G&A (general and administrative) expenses totaled $4.23 million and $8.16 million, as compared to $5.47 million and $10.78 million during the same comparable periods in 2023.
  • Three and six month expenses totaled $4.88 million and $9.47 million respectively, as compared to $6.69 million and $13.3 million in the same periods in 2023.
  • Three and six month net loss totaled $4.33 million and $7.53 million, while $5.33 million and $9.9 million during the comparable 2023 periods.
  • Deficit of $92.5 million by February 29, 2024.


Revenues declined 15.4% in Q2 2024 vs. Q2 2023, reportedly due to the company’s further optimization of operations to focus on "profitability and seasonality effects."

Gross margin also sequentially declined 310 basis points in Q2 2024, to 33.0% from 36.1% in Q1 2024, reflecting the decrease in revenue compared to the prior quarter. 

The company reports that, in the quarter, it continued its "cost-containment initiatives" to refocus support on revenue-producing activities and profitability (see below.)

In terms of operations, the period's highlights include a doubled enrollment in Numinus training programs from Q1 to Q2 (1,400+ learners vs. 700+); 15 clinical trials managed at its Cedar Clinical Research (CCR); and 17,661 client appointments provided in its clinics (average of 299.3 appointments per operating day.)

  • Wellness clinics were responsible for $3.1 million of the total quarterly revenue, a 9.5% decrease compared to the $3.4 million during Q2 2023 -owing to the Phoenix location cessation of operations plus a drop in the number of scheduled appointments (cost containment procedures and focus on "appointment profitability.")
  • Clinical research quarterly revenues (conducted at CCR) were around $500,000, a 27.1% decrease Q1 2024 yet a 21.0% increase compared to Q2 2023. The sequential quarter decrease owes to completed high-value clinical trials and the operations cease at the Phoenix research center. 
  • CCR is currently conducting two psychedelic drug candidate clinical trials, with four further expected to commence in Q3 2024, plus other non-psychedelic studies. Since Q3 2023, CCR has managed 26 clinical trials. Recently, Numinus announced its submission of a Canadian clinical trial application to assess the feasibility of a group model in MDMA-assisted psychotherapy, enrolling trainee practitioners as participants.
  • Last, Numinus' Canadian and U.S.-accredited clinical training includes a certification program for practitioners on ketamine, MDMA and psilocybin-assisted therapy. The company has been working on the Oregon Health Authority (OHA) audit to meet requirements for psychedelic facilitators and has further diversified its training toward training clinical research teams.
  • Introduction of the free "Introduction to Psychedelics" training course is according to CEO Payton Nyquvest "proving to be a pathway" to the paid courses, with some 30+ learners already taking more advanced training offered by Numinus.

Closing Quarter & Near-Term Outlook

The Numinus model aims to help people heal and be well through developing and delivering innovative mental healthcare and access to safe, evidence-based psychedelic-assisted therapies (PAT) for depression, anxiety, trauma, pain and substance use.

Positioning itself as "an integrated mental healthcare provider," Numinus is building the needed infrastructure of clinical research support, practitioner training and patient therapy to serve the expected demand for PAT: with currently 90+ potential psychedelic drugs in the preclinical-to- final-clinical-development-stages, the FDA could eventually accept MDMA as a new drug application with a Prescription Drug User Fee Act (PDUFA) target action date of August 11, 2024.

In preparation for the above, Numinus launched two "critical" initiatives: one, cost containment; and two, strategic realignment. These involve:

  • A focus on profitable operations in the U.S., where psychedelic treatment is expected to be approved first. Numinus discontinued its unprofitable clinic in Phoenix, Arizona and consolidated operations at its successful Utah clinics toward optimizing patient experience and care model, improving efficiencies and establishing best practices for future expansion.
  • Reducing headcount by 60% since Q2 2023, eliminating non-revenue roles and aligning remaining employees "on growth-oriented initiatives and activities."

Review Process

In January 2024, the Numinus Board of Directors conducted a review process to "explore, review and evaluate a broad range of strategic alternatives" for the company to unlock shareholder value, with Stifel Canada as its sole financial and strategic advisor.

The review is officially complete, with Numinus deciding to explore opportunities to redefine, divest and/or discontinue its Canadian clinical operations.

The company will now focus on growth opportunities in the U.S. "while shifting to a resource-efficient, capital-light model" to continue supporting Canadian organizations, therapists and healthcare professionals in the field.

"This is consistent with our ongoing efforts to maximize shareholder returns based on our current financial and management resources," says management.

The company's U.S. operations reportedly generated 88% of its revenue in FY2023, with U.S. wellness clinics having "an optimized business model with full-time practitioners and near-term profitable EBITDA,” CEO Nyquvest detailed.

The Canadian reorganization includes a non-binding Letter of Intent (LOI) with the Canadian Centre for Psychedelic Healing (CCPH), which currently operates seven clinics across the country under the “Field Trip” brand.

Toward continuing to support healthcare providers and reinforce the company's commitment to advancing novel psychedelic-assisted therapies in Canada, a new pilot membership program under the Numinus Network initiative would allow therapists and healthcare professionals to retain access to the latest Numinus therapeutic protocols, including ketamine and psychedelic-assisted therapies.

The agreement has not been reached and the Canadian Reorganization has yet to take place.

Numinus has organized a Q2 2024 results conference call and webcast for April 15 at 5:30 p.m. ET, while the annual general meeting will be held on May 31.

Photo: Benzinga edit with images by Zita and canadastock on Shutterstock.

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01:46pm ET04/15/2024
Canadian cannabis producer Avant Brands Inc reported on Monday its financial results for the first quarter that ended Feb. 29, 2024. For the quarter, Avant Brands reported "records across key financial metrics, underscoring the company's commitment to operational excellence," according to a Monday press release. International sales hit a record of CA$3.3 million, representing a 21% year-over-year increase, with sales accounting for 37% of total gross revenue. The company attributed the growth to its aggressive market penetration in "key regions," including Australia, Germany and Israel.
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