The Daily Hit: May 21, 2020

//The Daily Hit: May 21, 2020

The Daily Hit: May 21, 2020

It’s time for your Daily Hit of cannabis financial news for May 21, 2020.

On The Site

Ayr Strategies

Ayr Strategies Inc. (OTCQX: AYRSF) reported that its revenue increased 4% sequentially in the first-quarter ending in March to $33.6 million. The company did note that sales began to decline in March due to the COVID-19 related closures. The company also reported a net income of $3.3 million after a foreign currency translation. The earnings per share were $0.06 basic and $0.05 diluted.

Ayr also made improvements on its loss from operations as it trimmed that number from a loss of $16.9 million in the fourth quarter to a loss of $4.9 million in the first quarter. The adjusted EBITDA was $8.4 million, which dropped from the fourth quarter’s $9.2 million due to the COVID closures.

Planet 13

Planet 13 Holdings Inc. (OTCQX: PLNHF) is expanding beyond its universe of Las vegas Nevada as the company acquires a California dispenary. Planet 13 said it is has closed on its plan to buy Newtonian Principles, Inc. in a stcok and cash deal valued at $4 million.

The acquisition includes the California cannabis sales license held by Newtonian, and a 30-year lease for a dispensary in Santa Ana, California, and certain other assets from Warner Management Group, LLC.

In Other News

FSD Pharma Inc. (NASDAQ:HUGE) announced the sale of 5.0 million common shares of Pharmadrug Inc. (CSE:BUZZ) (formerly Aura Health) in a privately negotiated transaction at C$0.08 per share for cash proceeds of C$400,000. Under the terms of the sale, the buyer has the option through June 26, 2020 to purchase an additional 5.0 million shares of Pharmadrug at C$0.10 per share from FSD Pharma for cash proceeds of C$500,000.

“We are pleased to finalize this transaction as part of our continuing efforts to strengthen disposable cash on our balance sheet primarily to support our pharmaceutical R&D program. We plan to continue to shore up our cash position by strategically divesting non-cash assets, and raising new capital, either through private placement, debt financing or registered offering of our Class B subordinate voting stock,” stated Raza Bokhari, MD, Executive Co-Chairman & CEO.

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By | 2020-05-21T18:06:57+00:00 May 21st, 2020|Business|0 Comments