The Daily Hit: October 28, 2019 - Grow Life 420

The Daily Hit: October 28, 2019

October 28, 2019

#KahliBuds #MMJ #CBD #THC

cannabis financial news

It’s time for your Daily Hit of cannabis financial news for October 28, 2019.

On The Site


After the market closed, MedMen Enterprises Inc.  (CSE: MMEN) (OTCQX: MMNFF) fourth-quarter revenue of $42 million, up 104% year over year, but the net losses were an eye-popping $82.9 million. The company’s full-year revenue was $130 million, up 227% year over year. The full-year net loss was $277.0 million, with net loss attributable to shareholders of MedMen Enterprises $79.1 million or loss of $0.75 per basic and diluted share. The company spent $42 million in executive compensation for the year.

Gross margins fell to 50% in the fourth quarter compared to 53% in the prior quarter. The company attributed the decline in gross margins “to new store openings, which initially have lower gross margins.” The company reported an Adjusted EBITDA loss of $39.4 million for the fourth quarter, representing a 7% improvement from the previous quarter. The company wrote in its filing that it could be considered at risk of ongoing concern citing, “The amount of new revenue to be generated from ongoing and planned operationalization of existing licenses to provide sufficient cash flow to fund operations and other committed expenditures.”


Denver-based 1906 closed on an $18 million in its most recent capital raise. The round was led by Navy Capital and included a range of institutions, high net worth individuals and 1906’s existing investors. 1906 said it will use the investment to fund the company’s launch in the additional states of Illinois, Massachusetts, and Michigan.

1906 is known more for its support of medicinal cannabis research and invests a percentage of its revenue in clinical trials and educating healthcare practitioners. The company also invests in corporate social responsibility, specifically targeting employment opportunities for those formerly incarcerated individuals who have paid the heaviest price for a century of cannabis prohibition.

General Cannabis

General Cannabis Corp. (OTCQX: CANN)  entered into a non-binding term sheet to acquire substantially all of the assets of a licensed recreational cannabis retailer in Boulder, Colorado. This comes two months after the company said it was buying a Denver-based dispensary.  In August, General Cannabis made its move saying it was taking these actions based on the signing of Colorado House Bill 1090, a recently approved law allowing public companies to own Colorado-licensed cannabis companies.

In Other News

CannTrust Holdings Inc. (TSX: TRST)(NYSE: CTST) announced that, following both the recent submission of its detailed remediation plan to Health Canada and the completion of its Special Committee’s independent investigation, the Company has begun the orderly process of renewing its Board of Directors. As part of this process, John T. Kaden has resigned from his position as Director.

Mr. Kaden is the co-Founder, Managing Partner, and Chief Investment Officer of Navy Capital Green Management LLC., a global investment firm specializing in the legal cannabis industry.

Jushi Holdings Inc.  (NEO: JUSH.B) (OTCQX: JUSHF) announced that it obtained DTC eligibility with The Depository Trust Company (“DTC”) for its shares listed on the OTCQX® Best Market.

1933 Industries Inc.  (CSE: TGIF) (OTCQX: TGIFF) will introduce its newest product, the Birdhouse CBD Balm by Canna Hemp X, on November 4th, 2019. The CBD Balm was developed in collaboration with Birdhouse Skateboards, targeting the action sports market and will be available for sale in dispensaries, wellness stores, skate shops and specialty retailers, including Zumiez in the United States.

The post The Daily Hit: October 28, 2019 appeared first on Green Market Report.



Staff, KahliBuds, 420GrowLife

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