It’s time for your Daily Hit of cannabis financial news for February 26th, 2020.
On the Site
U.S. Hemp Could Benefit from the Coronavirus
As a major supplier of cut-rate hemp fiber and CBD for the world market, China has proven stiff competition for United States’ suppliers both domestically and internationally. The disruption of that supply chain by the coronavirus outbreak means that U.S. producers could finally gain an advantage in domestic and international markets.
MedMen Reports Revenue Of $44 Million, But A Net Loss Of $96 Million
MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) delivered its financial results for the second quarter of 2020 ending December 28, 2019. Revenue across MedMen’s operations in California, Nevada, New York, Illinois, and Florida increased to $44.1 million for the quarter, up 50% year-over-year and 11% sequentially.
The net loss for the quarter was a staggering $96 million versus last year’s $64 million. The loss per share was ($0.09) versus last year’s ($0.23), so some improvement there.
Green Market report republished a story from Cannabis Law Report, diving into what has happened to the Emerald Triangle, and specifically Humboldt County, since legalization. The article is a response to the article “Cannabis Regulation: The Struggle of Small Farmers,” written by Lance Griffin. The responding article notes that legalization has been a disaster for Humboldt County, but not necessarily for their growers and shifts some of the blame of the financial crisis of Humboldt County since legalization to the Board of Supervisors and the Planning Commission, and pins the greatest responsibility of Humboldt County’s financial disaster on the “cadre of consultants, experts and advisors who took so much money for knowing only a little more than their clients.”
Acreage Holdings Reports 2019 Revenue Of $74 Million, Net Loss Of $195 Million