Palm Beach, FL – August 18, 2020 – The legalized cannabis market is rapidly growing as one country after another acknowledges and approves its use for medicinal and wellness purposes. In numerous countries, starting with the U.S. and Canada, cannabis is being legalized for medical, recreational, and research uses. Following them, the U.K., Japan, Norway, Thailand, South Korea, Spain, Mexico, South Africa, and Brazil have also given the stamp of approval on the cultivation of marijuana and hemp, extraction of cannabidiol and usage of the chemical in various end products. A recent report from ResearchAndMarkets spoke about the growing global acceptance, saying: “As a result, the global CBD oil market revenue is predicted to rise at a 24.3% CAGR between 2020 and 2025, from $1,735.1 million in 2019. This is being further supported by the promotion of the chemical as having numerous wellness advantages, by companies, which is helping increase the demand for it among the masses, primarily recreational users. Moreover, as cannabidiol has been claimed to treat depression, movement disorders, anxiety, and pain, its usage among people suffering from these issues is also rising… In the years to come, the popularity of… cannabidiol is predicted to mushroom rapidly…” Mentioned in today’s commentary include Rapid Therapeutic Science Laboratories, Inc. (OTCPK: RTSL), GrowGeneration Corp. (NASDAQ: GRWG), Sundial Growers Inc. (NASDAQ: SNDL), Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNHF), Tilray, Inc. (NASDAQ: TLRY),
The report also found that many companies are engaging in collaborations and mergers and acquisitions to strengthen their hold on the market. It said: “Mergers and acquisitions are being initiated by the market players to strengthen their presence in the industry, as such moves allow them the opportunity to: Use the acquired companies’ portfolio to expand their geographical reach; Utilize additional revenue streams; Enter new markets with cannabidiol-containing products; Advance their research and development (R&D) activities; and Expand their product portfolio for core markets.”
Rapid Therapeutic Science Laboratories, Inc. (OTCPK: RTSL) Breaking News: Rapid Therapeutic Announces Completion of New ISO 13485 Laboratory – Rapid Therapeutic Science Laboratories (the “Company” or “RTSL”), a SEC fully-reporting, growth-oriented aerosol manufacturing and marketing company focused on employing FDA-approved Metered Dose Inhaler (MDI) technology to deliver cannabinoid compounds, such as CBD, CBG, and CBN, announces its new ISO 13485 laboratory is ready to begin manufacturing the Company’s new consumer-focused, nhāler brand.
Chairman and CEO, Donal R. Schmidt, Jr. stated, “Our new laboratory allows RTSL to produce up to 2.9 million nhāler and RxoidTM MDI per year. In addition, as demand increases, we can scale it to double the output with minimal additional personnel or capital outlay in about 9-12 weeks. It also reduces our manufacturing expenses and is a key process to eventual FDA approval of our MDI product line. Certainly, as we produce other aerosolized products in the future such as prescription medication, we will need this lab. I want to congratulate our team for getting the build-out finished on time and under budget.”
Sean Berrier, SVP mentions “RTSL now owns a state-of-the-art lab that complies with FDA guidelines for manufacturing class II medical devices. To my knowledge, no one in the CBD space has a lab of this quality. In the end, our product is about helping people and this lab assures RTSL manufactures safe MDI in a controlled environment so that consumers have absolute trust in our existing and future product lines.” Read the full Press Release and more for RTSL at: https://www.financialnewsmedia.com/news-rtsl
In other active company news in the markets this week:
GrowGeneration Corp. (NASDAQ: GRWG) recently reported record revenues of $43.5 million and adjusted EBITDA of $4.6 million for Q2 2020. Q2 2020 was the Company’s 10th consecutive quarter of record revenues. The Company also reported record GAAP net income of approximately $2.6 million for Q2 2020 compared to net income of $1.1 Million for Q2 2019. As we continue to outpace guidance, we are increasing 2020 revenue guidance to $170M-$175M and Adjusted EBITDA to $17.0M-$18.0M. Revenue guidance for 2021 is $245M-$260M. Adjusted EBITDA guidance for 2021 is $26M-$28M.
Darren Lampert, Co-Founder and CEO, said, “The Company’s Q2 2020 record financial results reflect our continued focus on revenue growth and EBITDA expansion. Q2 2020 is the Company’s 10th consecutive quarter of record revenues. Revenues were up 123% for Q2 2020 versus Q2 2019, to $43.5 million. Adjusted EBITDA was $4.6 million for Q2 2020 compared to $1.7 million for Q2 2019, an increase of 166% or $.12 per share, basic. Our same store sales were up 49% for the period Q2 2020 versus Q2 2019. Income from store operations was $7.6 million for Q2 2020 vs $3.1 million for Q2 2019, an increase of 146%.
Sundial Growers Inc. (NASDAQ: SNDL) recently reported its financial and operational results for the second quarter ended June 30, 2020. All financial information in this press release is reported in millions of Canadian dollars, unless otherwise indicated. All references to cannabis operations refer to the continuing operations of the Company. With the disposition of Bridge Farm on June 5, 2020, the ornamental flower operations have been represented as discontinued operations.
Second quarter 2020 financial and operational highlights included: Net cannabis revenue for the second quarter of 2020 was $20.2 million, an increase of 44% over the first quarter of 2020; Branded product average gross selling price for the quarter increased by 11% to $5.67 per gram equivalent from $5.11 per gram equivalent in the previous quarter; Combined Sales, Marketing, General and Administration costs from cannabis operations decreased by 33% over the previous quarter to $8.3 million from $12.4 million; and Branded net cannabis sales increased to 69% of total cannabis sales from 54% in the previous quarter.
Planet 13 Holdings Inc. (CSE:PLTH) (OTCQX:PLNHF) a leading vertically-integrated Nevada cannabis company, recently announced it has agreed to a settlement of its ongoing lawsuit against the Nevada Department of Taxation and other parties which subsequently joined the litigation (the “Settlement”). As part of the Settlement, Planet 13 is receiving one provisional adult-use dispensary license in unincorporated Clark County, Nevada (the “License”). The License will be used to re-open Planet 13’s former dispensary located at 4850 Sunset Road in Las Vegas, Nevada that closed on October 30, 2018 (the “Medizin Dispensary”).
“We’ve always known that as one of the top operators in Nevada, responsible for 9% of the state’s sales, we deserved to win a license from the Nevada Department of Taxation. Although we are not happy with how long the process took for us to obtain the license to re-open our original location, we are thrilled to be able to service our loyal customers who supported Planet 13 from day one,” said Larry Scheffler, Co-CEO of Planet 13. “The Medizin Dispensary at 4850 Sunset Road in Las Vegas is a fully built-out 4,750 sq. ft. store that offers the same dedication to customer service, high-quality products, and innovation that Planet 13 is known for, all in a compact footprint designed to compliment its local neighbourhood.”
Tilray, Inc. (NASDAQ: TLRY), a global pioneer in cannabis research, cultivation, production and distribution, recently reported financial results for the second quarter ended June 30, 2020. All financial information in this press release is reported in U.S. dollars, unless otherwise indicated. “Since the beginning of 2020 we have taken bold and significant actions to position Tilray for future growth and success. We have focused on reducing costs, driving international revenue growth, mitigating COVID-19 related challenges, and improving our net loss and reported Adjusted EBITDA. Today’s results demonstrate significant progress in all these areas.
Despite a challenging business environment, we generated healthy year-over-year revenue growth, we significantly reduced our cost structure and cash burn, and we improved our Adjusted EBITDA and net loss compared to both the prior quarter of 2019 and the first quarter of 2020. We are particularly encouraged by the revenue growth of our International Medical business during the second quarter. International Medical revenues now exceed those of our Canadian Medical business and we anticipate growth in this segment to outpace our other segments in the coming quarters.
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