The Daily Hit: June 9, 2021

The Daily Hit

It’s time for your Daily Hit of cannabis financial news for June 9, 2021.

On the Site

Vireo

Vireo Health International, Inc.  (CSE: VREO; OTCQX: VREOF) announced at this week’s investor day event that it is changing its name to Goodness Growth Holdings, Inc. The company is also changing its ticker symbol to “GDNS” on the Canadian Securities Exchange (CSE: GDNS) and on the OTCQX Market in the United States the ticker symbol will be “GDNSF” (OTCQX: GDNSF).

Jushi

Jushi Holdings Inc.  (CSE: JUSH ) (OTCMKTS: JUSHF ) reported its official financial results for the fourth quarter and the full-year ending December 31, 2020, plus the first-quarter 2021 ending March 31, 2021. Jushi had originally released unaudited results in April. Revenue increased 29.0% sequentially in the first quarter of 2021 to $41.7 million from $32.3 million in the fourth quarter. It missed analyst estimates slightly by $650,000.  Jushi said the increase in revenue was due to solid revenue growth at the BEYOND/HELLO stores in Pennsylvania and Illinois, early revenue contributions from its retail operations, and increased operating activity at its PAMS and Nevada facilities. The first-quarter net loss was $26.8 million, or $0.18 per diluted share, versus a net loss of $156.7 million, or $1.35 per diluted share, in the fourth quarter This missed analyst estimates by $0.14. Jushi said the $129.9 million improvement in net losses was due to a decrease in fair value losses on derivative liabilities, along with higher revenue and gross profit.

In Other News

Connecticut

According to NRML, House members failed to hold a floor vote on Senate Bill 1118, which sought to the marijuana market in Connecticut, prior to the close of the 2021 regular legislative session. Senate lawmakers had approved the measure on Monday, and Democratic Gov. Ned Lamont called the legislation a “national model for regulating the adult-use cannabis marketplace.” However, Republicans in the House expressed opposition to the bill and successfully delayed lawmakers from casting their votes on the issue prior to Wednesday’s midnight deadline. Nonetheless, several lawmakers have indicated that legislators are likely to revisit and pass a similar version of the legislation if a special session is convened in the coming weeks.

Auxly

Auxly Cannabis Group Inc. (TSX: XLY) (OTCQX: CBWTF)has entered into an agreement with ATB Capital Markets Inc., as sole bookrunner, and Cantor Fitzgerald Canada Corporation, acting as co-lead underwriters of the Offering, together with a syndicate of underwriters, will purchase 47,620,000 Units of the Company, on a bought-deal basis at a price per Unit of $0.315 for gross proceeds of $15,000,300. A.G.P./Alliance Global Partners is acting as the sole U.S. sub-agent and financial advisor to the Company in connection with the Offering in the United States.

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