Investor Ideas #Potcasts 644, #Cannabis
News and #Stocks on the Move - (OTCQX: $TLLTF), (NASDAQ: $BGXX), (Nasdaq: $SNDL),
(NASDAQ: $HITI)
Delta, Kelowna, BC, February 1st, 2023
(Investorideas.com Newswire), investorideas.com, a global news source covering leading sectors
including marijuana and hemp stocks and its potcast site
release today’s podcast edition of cannabis news and stocks to watch plus insight
from thought leaders and experts.
Listen to the podcast:
https://www.investorideas.com/Audio/Podcasts/2023/020123-Cannabis.mp3
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Today’s podcast overview/transcript:
In today’s podcast we look at a few
public company announcements as well as recent news regarding truck driver
cannabis impairment.
High
Tide Inc. (NASDAQ: HITI) (TSXV: HITI), a leading retail-focused cannabis
company with bricks-and-mortar as well as global e-commerce assets, filed its year-end audited 2022 financial results on
January 30, 2023, the highlights of which are included in this news
release. The full set of audited consolidated financial statements for the
fiscal years ended October 31, 2022, and 2021 (the "Financial
Statements") and accompanying management's discussion and analysis can be
accessed by visiting High Tide's website at www.hightideinc.com, and its profile pages on
SEDAR at www.sedar.com, and EDGAR at www.sec.gov.
Some of the 2022 Fiscal Year Financial
Highlights included:
●
Revenue increased by 97%
to $356.9 million for the year ended October 31, 2022, and increased
sequentially by 14% to $108.2 million in the fourth quarter of 2022
●
Gross profit increased by
58% to $101.0 million for the year ended October 31, 2022, and increased
sequentially by 15% to $29.5 million in the fourth quarter of 2022
●
Adjusted EBITDA4 was a
record $14.6 million for the year ended October 31, 2022, up 17% versus the
prior year, and was $5.0 million for the fourth quarter of 2022, up 18%
sequentially, and up 206% versus the fourth quarter of 2021
"I am thrilled to share these results,
which, once again, deliver record-breaking revenue and adjusted EBITDA which
further solidifies High Tide's position as the largest revenue-generating
cannabis company in Canada with a current annual run rate of over $450 million.
While these numbers demonstrate exponential revenue growth, it's also important
to note that we have maintained adjusted EBITDA level profitability for 11
consecutive quarters and that we were cash flow positive from operations during
the last fiscal year. In our opinion, this is because we have the strongest
retail concept in Canadian cannabis, something that is backed up by the fact
that our Cabana Club loyalty program now has approximately 950,000 members
across 151 Canadian stores. I am also excited to report that we have already
upgraded over 6,000 members into ELITE. As we continue to introduce more ELITE
offerings, we anticipate upgrades to continue throughout 2023, providing us
with an additional high-margin recurring revenue stream to further boost our
bottom line.
On top of all this, our same-store sales
increased by 50 percent year-over-year, something that is an anomaly amongst
North American cannabis companies. Our bricks-and-mortar margins have slowly
but steadily ticked higher over the last two quarters, and we expect this to
continue, which will help amplify the impact of our anticipated same-store
sales increases. Our growing customer loyalty and value-focused strategy have
resulted in the rapid conversion of illicit market consumers and have helped to
increase our market share by approximately 1% per quarter for the last four
quarters. With these increases, Canna Cabana now serves roughly 13% of Canadian
cannabis consumers outside of Quebec. We also continue to be a global player in
the retail sale of consumption accessories through our world-leading e-commerce
platforms and our Canadian bricks and mortar stores." said Raj Grover, President
and Chief Executive Officer of High Tide.
"Considering the challenging macro
environment and where our equity value stands today, we have meaningfully
slowed down our M&A activity and are primarily looking at smaller, highly
accretive bricks-and-mortar opportunities to focus on free cash flow generation
from our existing business lines. I want to sincerely thank our customers, team
members, and shareholders for another stellar year as the retail market leader
in Canada, and I look forward to delivering more of the same in 2023, with
continued market share gains and further improved cash flow generation. I also
want to acknowledge our industry and government partners who worked tirelessly
to ensure that we, as an industry, continue to make progress toward greater
sustainability within the cannabis sector." added Mr. Grover.
Miscellaneous Employees Teamsters Local
Union 987 have won an unfair labour practice complaint filed against Sundial Growers Inc. at the Alberta
Labour Relations Board.
The Teamsters complaint was about Sundial's
conduct in relation to a union organising meeting being held by Teamsters 987
in July, 2022. The purpose of the union meeting was to inform Sundial employees
working at Sundial's cannabis growing and processing facility in Olds, Alberta
about the benefits of being represented by the Teamsters union. The information and organizing meeting was
being held by Teamsters at the Olds Public Library.
The complaint alleged that Sundial managers
intentionally disrupted the meeting.
After hearing evidence about what happened,
the Alberta Labour Relations Board decided in favour of Teamsters. The Board
ruled that Sundial's managers had intentionally and wrongfully disrupted the
Teamsters organizing meeting. The Labour
Relations Board held that Sundial had violated the Alberta Labour Relations
Code by interfering with the representation of employees by a trade union, and
by intimidating employees to compel them to refrain from joining a trade union.
To remedy the misconduct, the Board has directed Sundial to provide the
Teamsters with access to Sundial's workplace, so that Teamsters 987
representatives can meet with all Sundial employees for mandatory employer-paid
union information and organizing meetings.
Preston Quintin, Member Engagement and
Recruitment Co-ordinator, Teamsters 987 said, "We will always fight for
workers across Alberta, and in this instance, employees were facing
intimidation to refrain from learning about our union." He continues,
"We are pleased with the outcome and we want all workers to know that we
stand with them."
This follows SNDL Inc. (Nasdaq: SNDL) announcement earlier in January of the
completion of the previously disclosed acquisition of all of the issued and
outstanding common shares of The Valens
Company Inc., other than those held by SNDL and its subsidiaries, pursuant
to a plan of arrangement under the Canada Business Corporations Act, for total
consideration of approximately $138 million2 consisting of common shares of
SNDL and assumption of Valens' $60 million non-revolving term loan facility.
All financial information in this press release is reported in Canadian dollars
unless otherwise indicated.
With approximately $262.5 million3 in net
cash and no debt, SNDL will continue to have one of the strongest balance
sheets in the North American cannabis industry. SNDL will also have the highest
pro forma consolidated net revenue among all Canadian cannabis companies based
on the last fiscal quarter of each company on an annualized basis. The combined
company will operate as SNDL Inc., headquartered in Calgary, Alberta.
Bright
Green Corporation (NASDAQ: BGXX), one of the very few companies
selected by the U.S. government to grow, manufacture, and sell, legally under
federal and state laws, cannabis and cannabis-related products for research,
pharmaceutical applications and affiliated export, announced that it has commenced utilization of
the U.S. Citizenship and Immigration Services’ (USCIS) EB-5 Program to accelerate its 2023 growth
strategy and generate significant capital for use in its greenhouse
construction and operations in Grants, New Mexico.
United States Citizenship and Immigration
Services (“USCIS”) administers the EB-5 Program, under which investors, their
spouses and unmarried children under 21 years of age are eligible to apply for
a Green Card (Permanent Residence Card) if they make the necessary investment
in a commercial enterprise in the United States. As a requirement, the
investment made by applicants associated with each visa issued must create or
preserve a minimum of 10 permanent full-time jobs for qualified U.S. workers.
The EB-5 Program, which President Biden reauthorized in 2022, is an innovative vehicle
for spurring investment and job creation in rural communities. Bright Green’s
participation will add significant value to the region, while also generating
the capital needs for its commercial and business initiatives.
“Today marks a significant step for Bright
Green as we make further progress executing on our strategy for our facility in
New Mexico,” said Bright Green’s Executive Chairman of the Board, Terry Rafih.
“The EB-5 re-authorization allows us to generate the capital required to
execute on our plans to create a world-class facility in New Mexico and recruit
the best scientific minds in the world. It is extremely exciting that this
initiative will not only support our ability to deliver our vision for the
region and our revenue-generating plans but, importantly, it will also have a
positive social and economic impact for the rural community in this state.”
The Governor of New Mexico, Michelle Lujan
Grisham, said, “I congratulate the Bright Green team on the launch of its EB-5
program. President Biden has re-authorized the EB-5 program, which is now an
advantage for projects in rural America. This federal initiative signals the
opportunity for the creation of a significant number of new jobs in New Mexico
and across the United States, which is very welcome news. I am delighted to
share this announcement with the Bright Green team today.”
Governor Lujan Grisham continued, “Equally
as important as job creation to every New Mexican and American, Bright Green
has a pathway to research the possibilities of plant-based medicines and their
impact. Bright Green has developed and matured a relationship with the U.S.
Drug Enforcement Administration (DEA), the State of New Mexico and the U.S.
Food and Drug Administration (FDA) in how this research can be developed and
ultimately delivered. Bright Green, with access to the required capital, can
now create and fulfill significant medical opportunities in the State.
Importantly, the Bright Green Scientific Advisory Board has the experience in
research, development and the FDA approval processes to make a difference in
one such new drug as a replacement for addictive opioids. Addiction is one of
the driving factors contributing to the current homeless crisis. Every State
and every family in the Nation are affected by this problem. With this huge
investment and partnership, I know Bright Green will make a difference for
cannabis research and new medicines. Bright Green’s plans to develop facilities
using only renewable energy further fosters both the State of New Mexico and
the Federal view of the benefits of clean air and clean energy. This adds to
the types of companies and their technologies we look for to make New Mexico a
great place to live and do business, bringing new ideas with sustainable
employment opportunities.”
TILT
Holdings Inc. (NEO: TILT) (OTCQX: TLLTF), a global provider of cannabis
business solutions that include inhalation technologies, cultivation,
manufacturing, processing, brand development and retail, announced the Pennsylvania launch of Black Buddha Cannabis, a Black and woman-owned
and led, environmentally conscious, social impact driven cannabis wellness
brand. Previously launched in Massachusetts, Black Buddha Cannabis is now available
across Pennsylvania from TILT’s subsidiary, Standard Farms LLC.
“Launching in two key markets is exciting
and only achievable with a strong partnership. I value the team effort and
collaboration with TILT, as well as our shared commitment to creating space in
the cannabis marketplace for quality products from diverse producers,” stated
Roz McCarthy, Founder and chief executive officer ("CEO") of Black
Buddha Cannabis.
McCarthy’s vision for Black Buddha Cannabis
is to promote optimal wellness across every aspect of life and support each
patient to achieve their potential and live with passion and purpose. In
alignment with that purpose, the initial offering in Pennsylvania focuses on
supporting euphoric and positive effects provided from a sativa-leaning, hybrid
flower. The line is called Blyss and is available in an eighth or in a vape of
expertly grown, premium cannabis.
“The Standard Farms team’s ability to
expand its variety of new brands and product offerings to market indicates the
growth and maturity of our operations,” shared Gary Santo, CEO of TILT. “We
revamped our in-house infrastructure last year, continually refining it to meet
brand partner needs while bringing quality products to Pennsylvania. This is
our first launch in the new year for Standard Farms and, based on our
established foundation in the market, we expect to successfully bring this
exciting social impact driven wellness brand to the community as part of our
growing line of brand partner products.”
Dispensaries in Pennsylvania interested in
Black Buddha Cannabis or other brand partner portfolio products from 1906, Airo, “H” by Ricky Williams or Old Pal, should contact our wholesale team to
order at info@standardfarms.com.
Listen to our recent interview with Gary
Santo, CEO of Tilt Holdings here.
In other recent news, “nearly 41,000 truck drivers
tested positive for marijuana in 2022, a 32% increase over 2021, according to a
report recently compiled from data in the Federal Motor Carrier Safety
Administration’s Drug & Alcohol Clearinghouse.”
The new report shows that more than 100,000
truck drivers have tested positive for marijuana since FMCSA opened the
Clearinghouse on Jan. 6, 2020. Truck drivers who test positive for marijuana —
and other drugs — are prohibited from driving, and must enter a
“return-to-work” process and retest to get back behind the wheel.
Cocaine, methamphetamines and amphetamines
placed second, third and fourth, respectively, among substances accounting for
the most truck driver drug-test failures. The top four drugs accounted for 90%
of the 177,376 total positive test results in the three-year history of the
Clearinghouse. The agency tests for a total of 14 substances.
“Unfortunately, the number of marijuana
positives in the Clearinghouse continues to trend in the wrong direction,” said
Dan Horvath, vice president of safety policy for American Trucking
Associations. “When you take into account legalization efforts across the country,
coupled with misinformation about when marijuana use is legal or not, I’m not
at all surprised. The simple fact is not a thing has changed with regard to
this DOT-regulated industry — specifically, CDL holders.”
The rising numbers of positive marijuana
tests underscore concerns raised earlier this month by the National
Transportation Safety Board. In a report, the NTSB recommended that the
Department of Transportation add a warning label to cannabis products regarding
the potential for driving impairment, make enhancements to state drug-impaired
driving laws, and standardise technology testing for the detection of drug use.
This news was from Marijuana
Moment - All your cannabis news, in one place, a great resource for
cannabis news as well as detailed information regarding regulations in each
state and psychedelic law reform.
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