Cannabis Earnings Roundup: 4Front, WeedMD, FSD Pharma, 1933 Industries, True Leaf
As cannabis earnings season continues, Benzinga took a look at the quarterly prints from four companies in the sector Monday.
4Front Ventures Reports $6.86M Quarterly Net Loss
4Front Ventures Corp. (CSE: FFNT) (OTC: FFNTF) posted third-quarter financial results Friday that included systemwide pro forma revenue of $16.9 million, up by 20% from the previous quarter.
The company reported IFRS revenue of $7.52 million and an adjusted EBITDA loss of $4.61 million.
The quarterly net loss was $6.86 million versus a net loss of $2.64 million in the same quarter of 2018.
4Front Ventures finished the quarter with $12.4 million in cash and said it expects to end November with around $13 million in cash and undrawn loans.
The stock was down 1.73% at 40 cents at the time of publication Monday.
True Leaf Falls On Q2 Results
True Leaf Brands Inc (OTC: TRLFF) (CSE: MJ) announced second-quarter revenue of CA$706,752 ($530,000) on Monday — a 70% increase from the previous quarter.
The company said it obtained three licenses to cultivate, process and sell cannabis for its 18,000-square-foot facility in British Columbia and appointed former TUMI finance executive Mike Markdy to its board.
True Leaf launched a CBD line for dogs this quarter.
“True Leaf is proud to report its strongest quarter in the company’s history,” CEO Darcy Bomford said in a statement.
“This record quarter is a result of the successful rollout of our new and expanded natural pet care product lines, our investments into building our team and success in streamlining global operations."
The stock was down 10.38% at 0.095 cents at the close Monday.
WeedMD’s Shares Plummet After Reporting Q3 Results
Cannabis company WeedMD Inc. (TSX-V: WMD) (OTC: WDDMF) reported third-quarter net revenue Friday of CA$6.7 million, down from CA$7.98 million one quarter earlier.
WeedMD disclosed a quarterly adjusted EBITDA loss of CA$1.97 million versus an adjusted EBITDA loss of CA$662,822 in the prior quarter.
The company posted a net and comprehensive loss of CA$13.4 million versus net and comprehensive income of CA$12.62 million in the previous quarter.
WeedMD shares were down 8.06% at 76 cents at the time of publication.
FSD Pharma’s Stock Falls Upon Reporting Quarterly Net Loss
FSD Pharma Inc. (CSE: HUGE) (OTC: FSDDF) reported third-quarter revenue Friday of CA$12,805 versus revenue of CA$13,833 one year ago.
The company posted a net loss of CA$16.7 million or CA$2.20 per share.
The stock was down 4.3% at $4.60 at the time of publication.
1933 Industries Reports Higher 2019 Loss
Vertically integrated cannabis consumer packaged goods company 1933 Industries Inc. (CSE: TGIF) (OTC: TGIFF) reported fourth-quarter and annual financial results Thursday, with annual revenue of CA$18.06 million, higher than 2018's CA$12.55 million.
The company's annual net loss of CA$19.11 million is more than triple the CA$5.73-million figure one year ago.
The adjusted annual EBITDA loss of CA$10.11 million is an increase over its CA$3.08-million loss in 2018.
1933 Industries shares were trading up 0.98% at 17 cents at the time of publication.
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