Green Market Report’s Marijuana Money July 31, 2020

Marijuana Money Minute

 Scotts Miracle-Gro Company reported fiscal third-quarter sales increased 28% to $1.49 billion, beating analyst estimates for $1.3 billion. Hydroponic subsidiary Hawthorne sales increased 72% to $302 million versus $176 million for the same time period a year ago. Scotts to increase its guidance for full-year sales, adjusted earnings, and free cash flow

Aphria Inc. reported net revenue of $152.2 million in the fourth quarter, an increase of 18% from the prior-year quarter. This number also beat the analyst estimate of $149 million. However, the stock was getting beaten up after the company also reported a $98.8 million net loss for the fourth quarter, which was much worse than last year’s net income of $15.7 million. The losses were attributed to the COVID-19 pandemic.”

PotNetwork Holdings, Inc. (OTC PINK:POTN)  filed its 2019 Annual Report and reported that its revenues fell 41% to $15 million versus $25.5 million in 2018. The company attributed the drop in revenue to “distribution contraction as a result of the FDA Warning Letter, along with the paring and streamlining of the product lines in mid-2019.”

MYM Nutraceuticals Inc. is buying Biome Grow Inc. for roughly C$12 million. Biome is a Canadian-based company with national and international business interests in the cannabis industry. Its wholly-owned subsidiary Highland Grow Inc. is licensed to cultivate, process, and sell cannabis.

As announced in early June, Clever Leaves International is continuing to make its way onto the NASDAQ through the Schultze Special Purpose Acquisition Corp. (NASDAQ: SAMA). The deal is expected to close in the fourth quarter and will be known as Clever Leaves Holding Corp. 

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