It’s time for your Daily Hit for cannabis financial news on March 17, 2021.

On the Site

GTI

Green Thumb Industries Inc.  (OTCQX: GTBIF) reported its financial results for the fourth quarter and full-year ended December 31, 2020. Revenue for Green Thumb increased 133.8% to $177.2 million for the fourth quarter over the same time period in 2019 and increased 12.8% sequentially. This beat analyst’s estimates according to Yahoo Finance for $167 million. The company also reported a positive GAAP net income of $22.5 million or $0.11 per basic and diluted share. This beat the analyst’s estimates which were $0.06 according to Yahoo Finance. The company said it was the fourth consecutive quarter of positive cash flow from operations.

The full-year revenue increased 157.2% to $556.6 million versus 2019. The company also reported a positive GAAP net income of $15.0 million or $0.07 per basic and diluted share, compared with a GAAP net loss of $59.1 million or a loss of $0.31 per basic and diluted share in the prior year.

GrowGen

GrowGeneration Corp . (NASDAQ: GRWG) announced its latest acquisition as the chain continues to add to its nationwide empire. Today, the company said it was buying Aquarius Hydroponics, which is one of the largest hydroponics retailers in New England and was founded in 2013. The stock was slipping by over 3% in early trading to lately sell at $49.76. The average price target for GrowGen stock according to Yahoo Finance is $56.43.

Field Trip

Field Trip Health Ltd. (OTCQX: FTRPF) closed the bought deal offering that brought the company a whopping $95 million. As a result, Field Trip issued 14,661,499 common shares,  at a price of C$6.50 per Common Share, for aggregate gross proceeds of $95 million. The stock was lately trading at C$6.40. The deal was upsized from the originally planned $50 million. The lead investor in the Offering was Soleus Capital with additional participation by Avidity Partners, Sphera Funds, Pura Vida Investments, Jennison Associates and other healthcare specialized institutional investors.

In Other News

MWG Holdings Group, Inc. announced the closing of its Series B Preferred Private Placement for aggregate gross proceeds of USD$10.8 million. MWG’s wholly-owned subsidiaries currently operate 15 cannabis retail operations in California and New Mexico, including its award-winning Perfect Union-branded stores, with definitive and immediate plans to open or acquire multiple new California storefronts in the first half of 2021. Proceeds from this Private Placement will be invested towards further strengthening the company’s cannabis retail expansion and vertical integration, including the execution and integration of strategic acquisitions and new license applications, as well as increasing cultivation capacity in support of its retail stores.

  “The closing of our Series B round accelerates Perfect Union’s trajectory towards becoming a leading vertically-integrated cannabis retailer in California,” said MWG Executive Chairman Chris Running. “We believe our management team’s ability to execute at such a high level and fast pace under challenging conditions while generating 84% YOY same-store sales growth and positive EBITDA is exemplary, and we intend to maintain this intensity as we solidify our leadership in the world’s largest regulated cannabis market.”