The Investing News Network rounds up some of the biggest company and market news in the cannabis market for the past trading week.
During the past trading week (August 26 to 30), a variety of cannabis companies offered a snapshot of the industry with quarterly financial reports.
The decision by a Canadian cannabis producer to enter the infused beverage market made headlines, while new distinguished additions to the US marijuana space caught attention.
Here’s a closer look at some of the biggest news during last week’s trading period.
The Q2 reporting period continues, and last week cannabis companies across the board reported financials to investors and provided insight on the current state of the industry.
On Wednesday (August 28), Green Thumb Industries (GTI) (CSE:GTII,OTCQX:GTBIF), announced a 60 percent bump in revenues to US$44.7 million. It credited the jump to its acquisition of the Essence retail line, with key stores in Las Vegas. The multi-state operator (MSO) also confirmed its acquisition of Fiorello Pharmaceuticals, one of only 10 licensed medical cannabis producers in New York.
Fellow MSO Curaleaf Holdings (CSE:CURA,OTCQX:CURLF) also indicated higher revenues for the quarter. The company continues to aggressively expand its footprint in US state marijuana markets. However, the firm reported a net loss for the period of US$24.4 million. Curaleaf attributed the loss partly to acquisition costs and a US$5.8 million depreciation.
Larry Scheffler, co-CEO of the company, said Planet 13 is seeing steady growth at