Top Cannabis Investment News, Member Posts, Cannabis Investment Daily Indices and more!

3yrs ago Cannabis greenmarketreport Views: 382

-

It’s time for your Daily Hit of cannabis financial news for September 23, 2020.

On The Site

Aurora

Aurora Cannabis Inc. (NYSE: ACB) delivered its official results for the fourth quarter of fiscal 2020 following up from a recent preannouncement of unaudited numbers. The company reviewed the drop in quarterly revenue, but investors were more disappointed that the company suggested revenues could continue to decline. The stock was falling by over 16% in early trading to sell near $6.

A couple of weeks ago Aurora said its net revenue was expected to be in the range of $70 million and $72 million, versus $75.5 million in the third quarter. The company said that cannabis net revenue is expected to be between $66 million and $68 million, a sequential drop from the third quarter net revenue of $69.6 million. The actual number came in at $72.1 million, a sequential drop of 5%. Cannabis net revenue was $67.5 million in Q4 2020, a 3% decrease from the prior quarter.

Fires

The West Coast wildfires may finally be slackening a bit thanks to kinder winds, merciful rain, and the heroic efforts of firefighters from Canada to Mexico, but the fight is far from over for cannabis growers whose crops went up in smoke and cannabis companies who will be struggling to stay afloat due to the diminished supply. The one-two punch of Covid-19 and the historic fires that ravaged (and in some cases are still ravaging) huge swaths of the western states may prove to be more than some businesses can withstand despite some industry leaders stepping up to lend a hand.

In Other News

Akerna

Akerna (Nasdaq: KERN) announced financial results for its fourth quarter and year ended June 30, 2020. The company delivered Software revenue of $2.8 million, an increase of 36% year-over-year. Software revenue represented 94% of total revenue. However, the total revenue of $3 million dropped by 17% year-over-year, due to COVID-related delays in consulting revenue during the fiscal fourth quarter. The company also reported a GAAP loss from operations of $6.2 million versus last year’s GAAP loss from operations of $5.9 million in the fourth quarter of fiscal 2019.

For the full-year fiscal 2020 results, software revenue was $10.0 million, an increase of 21% year-over-year. Total revenue was $ 12.6 million, an increase of 16% year-over-year. Still, the GAAP loss from operations was $17.3 million versus a GAAP loss from operations of $12.5 million during fiscal 2019.

“We saw continued execution in the fourth quarter and made meaningful progress on our key initiatives focused on building scale and developing our software ecosystem.  Despite COVID-related delays in consulting revenue that has since recovered, software revenue increased 36% in the quarter,” said Jessica Billingsley, CEO of Akerna. “We are heading into a busy election season that is expected to see 12 state ballot measures related to cannabis legalization for either medical or adult-use. Our scaled ecosystem is uniquely positioned to capture those opportunities, with the most robust cannabis technology suite available.”

The Daily Hit: September 23, 2020 on Green Market Report.


Today's Cannabis Investment Headlines:

Log In for More
Access Over 250K+ Industry Headlines, Posts and Updates
Not a member yet?

Join AlphaMaven

The Premier Alternative Investment
Research and Due Diligence Platform for Investors

Free Membership for Qualified Investors and Industry Participants
  • Easily Customize Content to Match Your Investment Preferences
  • Breaking News 24/7/365
  • Daily Newsletter & Indices
  • Alternative Investment Listings & LeaderBoards
  • Industry Research, Due Diligence, Videos, Webinars, Events, Press Releases, Market Commentary, Newsletters, Fact Sheets, Presentations, Investment Mandates, Video PitchBooks & More!
  • Company Directory
  • Contact Directory
  • Member Posts & Publications
  • Alpha University Video Series to Expand Investor Knowledge
  • AUM Accelerator Program (designed for investment managers)
  • Over 450K+ Industry Headlines, Posts and Updates
ALL ALPHAMAVEN CONTENT IS FOR INFORMATIONAL PURPOSES ONLY. CONTENT POSTED BY MEMBERS DOES NOT NECESSARILY REFLECT THE OPINION OR BELIEFS OF ALPHAMAVEN AND HAS NOT ALWAYS BEEN INDEPENDENTLY VERIFIED BY ALPHAMAVEN. PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. THIS IS NOT A SOLICITATION FOR INVESTMENT. THE MATERIAL PROVIDED HEREIN IS FOR INFORMATIONAL PURPOSES ONLY. IT DOES NOT CONSTITUTE AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY INTERESTS OF ANY FUND OR ANY OTHER SECURITIES. ANY SUCH OFFERINGS CAN BE MADE ONLY IN ACCORDANCE WITH THE TERMS AND CONDITIONS SET FORTH IN THE INVESTMENT'S PRIVATE PLACEMENT MEMORANDUM. PRIOR TO INVESTING, INVESTORS ARE STRONGLY URGED TO REVIEW CAREFULLY THE PRIVATE PLACEMENT MEMORANDUM (INCLUDING THE RISK FACTORS DESCRIBED THEREIN), THE LIMITED PARTNERSHIP AGREEMENT AND THE SUBSCRIPTION DOCUMENTS, TO ASK SUCH QUESTIONS OF THE INVESTMENT MANAGER AS THEY DEEM APPROPRIATE, AND TO DISCUSS ANY PROSPECTIVE INVESTMENT IN THE FUND WITH THEIR LEGAL AND TAX ADVISERS IN ORDER TO MAKE AN INDEPENDENT DETERMINATION OF THE SUITABILITY AND CONSEQUENCES OF AN INVESTMENT.