Marijuana Money: May 7, 2021

This year’s New York City annual cannabis parade brought out a who’s who of New York politicians and activists. Senator Chuck Schumer told the Green Market Report that he and Senator Booker will be introducing legalization legislation in a few weeks.

Sundial Growers Inc. (NASDAQ: SNDL)  said it was buying Inner Spirit Holdings  (CSE: ISH) (OTCQB: INSHF) in a deal valued at approximately $131 million. Inner Spirit is better known as the retailer and franchisor of Spiritleaf recreational cannabis stores across Canada. The Spiritleaf network includes 86 locations and the deal is expected to close in the third quarter of .

Ascend Wellness Holdings, Inc. closed its previously announced IPO raising $80 million. The shares began trading today on the Canadian Securities Exchange, under the ticker symbol “AAWH.U”. The company expects its shares to become quoted on the OTC markets in the near future.

Tilray, Inc. and Aphria Inc. have officially completed the previously announced merger. The combined company, which will be known as Tilray and the combined company had a market cap of approximately $8.2 billion. 

Jazz Pharmaceuticals plc (Nasdaq: JAZZ) closed on its acquisition of GW Pharmaceuticals and announced financial results for the first quarter of 2021 and affirmed financial guidance for 2021. Total revenues increased 14% in the first quarter of 2021 to $607 million compared to the same period in 2020 which was $534 million.

The Scotts Miracle-Gro Company (NYSE: SMG)  announced company-wide sales increased 32% in its fiscal second quarter to $1.83 billion versus $1.38 billion a year earlier. This beat the analyst estimates on Yahoo Finance. Sales for the hydroponic segment known as Hawthorne increased 66% to $363.8 million. Scotts said that due to its fiscal calendar, the second quarter of 2021 ended six days later than the second quarter of fiscal 2020. The shift had a sales impact of approximately $122.5 million within the lawn and garden business.

Cansortium Inc. (OTCQB: CNTMF) reported revenue increased 54% to $14.7 million in the fourth quarter versus $9.5 million for the same time period in 2019. Cansortium also delivered a net loss of $8.4 million in the quarter, which was an improvement over last year’s net loss of $32.8 million for the same time period. For the full year of 2020, Cansortium reported its revenue increased 84% to $52.4 million. 

Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) delivered another quarter of solid results. The real estate investment trust (REIT) reported that its total revenues increased 103% to $42.9 million for the first quarter ending March 31, 2021. This beat the yahoo Finance average analyst estimate for revenues of $42.88 for the quarter.

Cannabis data firm Headset has raised $1.825M in a round led by Silverleaf Venture Partners, a private equity investment manager.

 

The post Marijuana Money: May 7, 2021 appeared first on Green Market Report.