The Daily Hit: November 12th, 2020 - Grow Life 420

The Daily Hit: November 12th, 2020

November 12, 2020

#KahliBuds #MMJ #CBD #THC

It’s time for your Daily Hit of cannabis financial news for November 12th, 2020. 

On the Site

Charlotte’s Web Revenue Declines But On Target For Estimates

Charlotte’s Web Holdings, Inc. (TSX: CWEB) (OTCQX:CWBHF) reported financial results for the third quarter ended September 30, 2020, with revenue rising to $25.2 million versus $25.1 million in 2019 and on target for the Yahoo Finance average estimate. The net loss was $6.6 million which was high than last year’s net loss of $1.3 million.

Verano Buys AltMed To Create Largest Private Cannabis Company

Verano Holdings, LLC is buying and merging with Alternative Medical Enterprises, LLC, Plants of Ruskin, LLC,  called AltMed to create the largest privately-owned cannabis company. The value of the transaction was not disclosed.

Compass Pathways Has Enough Cash To Last To 2023

Psychedelic company Compass Pathways plc (Nasdaq: CMPS) reported its financial results for the third quarter of 2020 and gave an update on recent progress across its business. The company reported a net loss of $16.6 million and essentially no income as the company is focused on research at this time. The company has cash of $196.5 million as of 30 September 2020, which is expected to fund operations into 2023.

Akerna Pins Hopes On New Markets

Cannabis technology company Akerna (Nasdaq: KERN) announced financial results for its quarter ending September 30, 2020 with revenue rising 16% to $3.7 million over last year’s $3.1 million for the same time period. Akerna missed the Yahoo Finance average analyst estimate for revenue of $4.49 million. They hope to enrich their efforts by expanding their market. 

Acreage Holdings Revenue Up 42%

Cannabis giant, Acreage Holdings, (CSE: ACRG.A.U, ACRG.B.U), (OTC: ACRHF, ACRDF) reported their third-quarter earnings for 2020 after the market closed last night. The company’s reported revenue was $31.7 million, a 42% increase compared to the same period in 2019. It also was a 17% increase compared to the second quarter this year.

In Other News

Aurora Cannabis Raising $150 Million 

Aurora Cannabis announced they are selling 20 million units for $7.50 a piece in order to raise gross proceeds that equal $150 million. According to Aurora Cannabis, their portion of the proceeds will be used to “fund growth opportunities, working capital, and other general corporate purposes.” Underwriters will purchase the entirety of the issue with a 30-day option to buy an additional 15% of units offered, with the same terms and conditions applying. The units are a comprised of a single share of Aurora’s common stock and a half of a warrant.

This issue adds 20 million new shares to the company’s count, totaling just over 160 million shares outstanding. Aurora was down 8% in mid-afternoon trading today because of this stockholder dilution. 


The post The Daily Hit: November 12th, 2020 appeared first on Green Market Report.



Kaitlin Domangue, KahliBuds, 420GrowLife

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