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3w ago Cannabis greenmarketreport Views: 150

It’s time for your Daily Hit of cannabis financial news for August 31, 2021. On the Site Valens The Valens Company Inc. (OTCQX: VLNCF) is buying Citizen Stash Cannabis Corp. (formerly Experion Holdings Ltd) (TSXV: CSC) (OTCQB: EXPFF) in an all-stock deal valued at approximately $54.3 million on an enterprise value basis. Citizen Stash shareholders will receive 0.1620 of a Valens common share for each Citizen Stash Common Share held. The Exchange Ratio implies a premium per Citizen Stash Common Share of approximately 35.1%. Valens said the Citizen Stash acquisition is expected to be accretive in 2021 and 2022 before synergies and will provide Valens with a strategic, asset-light expansion into flower and pre-rolls, the largest segments of the Canadian cannabis market currently accounting for over 70% of retail sales. Prior to the acquisition, Citizen had signed a processing agreement with The Valens Company to outsource the production of Citizen Stash pre-rolls, supporting a lower cost of goods moving forward for pre-rolls. Emerald Emerald Health Therapeutics, Inc. (CSE: EMH) (OTCQX: EMHTF) reported its financial results for the second quarter ending June 30, 2021, with total sales of C$3.7 million, which increased over the first quarter’s C$2.6 million. The net losses for Emerald Health increased to $13.9 million over the previous quarter’s net loss of $2.9 million. The net loss included a $10.67 million non-cash impairment of an asset held for sale. RWB After the market closed on Monday, Red White & Bloom Brands Inc. (OTCQX: RWBYF) (RWB) reported select second quarter 2021 financial results with revenue rising 13% from the first quarter to $13.3 million and a big improvement over last year’s $1.9 million for the same time period. RWB reported a net loss for the quarter was trimmed to $11.4 million from last year’s net loss of $23 million. While RWB does seem to be increasing its revenue, the company did note in its filing that it faces a huge mountain of debt that seems to overshadow the level of income that it is generating. The filing stated, “As at June 30, 2021, the Company has accumulated losses of $(100,885,345) since inception, and for the six month period ended June 30, 2020, the company incurred a net loss of $ (68,336,512) and net cash used in operations was $ 24,826,326. Harborside After the close of the market on Monday, Harborside Inc. (CSE: HBOR) (OTCQX: HBORF) reported its financial results for the second quarter ending June 30, 2021, as revenues were essentially flat year over year, but up sequentially. The revenue for the quarter was $16.19 million versus last year’s $16.14, but an improvement over the first quarter’s total revenue of $12.9 million. There are two analysts covering Harborside who had an average estimate for revenues of $12.4 million.Harborside delivered a net income attributable of $1.8 million in the second quarter versus a net (loss) of approximately $(1.7) million in 2020, an approximately 201% increase in net income on a year-over-year basis. The company attributed the year-over-year increase was due primarily to fair value gains related to other current assets which were recognized during the quarter. In Other News Organigram Holdings Inc. (TSX: OGI) (NASDAQ: OGI)has obtained a receipt for a final short form base shelf prospectus filed with the securities commissions in each of the provinces and territories of Canada to sell C$500 million worth of securities. The Daily Cannabis Hit: August 31, 2021 on Green Market Report. -

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