The Daily Hit: November 17th, 2020

It’s time for your Daily Hit of cannabis financial news for November 11th, 2020. 

On the Site 

Trulieve Continues to Flex With Strong Revenue Florida-based Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) reported revenue of $136.3 million for the third-quarter ending September 30, 2020. This was a 13% sequential increase over the second quarter and topped the Yahoo Finance analyst estimate for revenue of $131 million. Trulieve also delivered a positive net income of $17.4 million, or $0.15 per diluted share, easily beating the Yahoo Finance analyst estimate of $0.22.

Greenlane Beats On Revenue, Misses On EPS

The smoking accessory e-commerce giant Greenlane Holdings, Inc. (Nasdaq: GNLN) reported that its net sales fell 20% to $35.8 million in the third quarter ending September 30, 2020 versus $44.9 million in the 2019 third quarter. This narrowly topped the Yahoo Finance analyst estimates for revenue of $35.7 million. The company also delivered a loss per share of ($0.35) which missed the analyst estimates for a loss per share of ($0.10).

Dutchie Plus Aims to be Shopify for Cannabis 

Cannabis e-commerce company Dutchie,  has launched  “Dutchie Plus,” a fully customizable online shopping experience. Dutchie Plus will allow dispensaries to create seamless online shopping experiences through open APIs and powerful back-end tools, including access to deep analytical data to drive sales and a messaging platform to connect directly with customers.

In Other News

Curaleaf Announces New CEO Effective January 1st, 2021 + Record Third Quarter Results 

Current Curaleaf President, Joseph Bayern, has been appointed as the company’s next CEO. This change will become effective on January 1st, 2021. 

The company released their third quarter earnings today and reported a record revenue of $215.3 million. In addition, they reported a record adjusted EBITDA of $42.3 million, which grew more than 4x 2019 levels. This is a sequential growth of 51%. The company also recorded a gross profit margin of 50% on cannabis sales.

Juva to Begin Trading on CSE

California-based cannabis life sciences company, Juva, announced today they will begin trading on the Canadian Securities Exchange. The company will trade under the ticker symbol, JUVA.

 

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