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Red White & Bloom Brands Reports Fiscal 2024 Financial Results
GlobeNewswire News Room· 2025-07-18 10:30
Core Viewpoint - Red White & Bloom Brands Inc. has filed its consolidated audited financial statements for the year ended December 31, 2024, and is working to finalize its interim financial statements for Q1 2025 after a delay that resulted in a cease trade order [1][2][3]. Financial Performance Summary 2024 Fourth Quarter ("2024-Q4") Results - Revenues for 2024-Q4 were $18.7 million, an increase of $2.8 million from restated 2023-Q4 revenues of $15.9 million [7]. - Gross profit for 2024-Q4 was $5.4 million, a decrease of $5.1 million from restated 2023-Q4 gross profit of $10.6 million [7]. - Operating expenses totaled $9.1 million for 2024-Q4, down $3.7 million from restated 2023-Q4 operating expenses of $12.8 million [7]. - EBITDA for 2024-Q4 was $6.3 million, an increase of $97.6 million compared to restated 2023-Q4 negative adjusted EBITDA of $91.3 million, which included $94.6 million in non-cash impairments [7]. Fiscal Year 2024 ("2024-YTD") Results - Revenues for 2024-YTD were $80.2 million, reflecting a $10.6 million increase compared to restated 2023-YTD revenues of $69.6 million [7]. - Gross profit for 2024-YTD was $28.4 million, an increase of $3.4 million from restated 2023-YTD gross profit of $25.0 million [7]. - Operating expenses for 2024-YTD were $40.4 million, an increase of $9.4 million compared to restated 2023-YTD operating expenses of $31.0 million [7]. - EBITDA for 2024-YTD was $10.8 million, a net increase of $99.76 million compared to 2023-YTD negative adjusted EBITDA of $89.0 million, which also included $94.6 million in non-cash impairments [7]. Company Overview - Red White & Bloom Brands Inc. is a multi-state cannabis operator focusing on major U.S. markets, including California, Florida, Missouri, Michigan, and Ohio, as well as Canadian and international markets [6].
Red White & Bloom Brands Reports Fiscal 2024 Financial Results
Globenewswire· 2025-07-18 10:30
Core Viewpoint - Red White & Bloom Brands Inc. has filed its consolidated audited financial statements for the year ended December 31, 2024, and is working to finalize its interim financial statements for Q1 2025 after a delay that resulted in a cease trade order [1][2][3]. Financial Performance - For Q4 2024, revenues were $18.7 million, an increase of $2.8 million compared to Q4 2023 revenues of $15.9 million [8]. - Gross profit for Q4 2024 was $5.4 million, a decrease of $5.1 million from Q4 2023 gross profit of $10.6 million [8]. - Operating expenses for Q4 2024 totaled $9.1 million, a decrease of $3.7 million compared to Q4 2023 operating expenses of $12.8 million [8]. - EBITDA for Q4 2024 was $6.3 million, an increase of $97.6 million compared to the negative adjusted EBITDA of $91.3 million in Q4 2023, which included $94.6 million in non-cash impairments [8]. - For the fiscal year 2024, revenues were $80.2 million, reflecting a $10.6 million increase compared to $69.6 million in 2023 [8]. - Gross profit for the fiscal year 2024 was $28.4 million, an increase of $3.4 million from $25.0 million in 2023 [8]. - Operating expenses for the fiscal year 2024 were $40.4 million, an increase of $9.4 million compared to $31.0 million in 2023 [8]. - EBITDA for the fiscal year 2024 was $10.8 million, a net increase of $99.76 million compared to the negative adjusted EBITDA of $89.0 million in 2023, which also included $94.6 million in non-cash impairments [8]. Company Overview - Red White & Bloom Brands Inc. is a multi-state cannabis operator focusing on major U.S. markets, including California, Florida, Missouri, Michigan, and Ohio, as well as Canadian and international markets [6].
Ascend Wellness Holdings Launches Fully Refreshed eCommerce Ecosystem
Prnewswire· 2025-07-17 12:00
Core Insights - Ascend Wellness Holdings, Inc. has launched a new eCommerce platform and loyalty program, the Ascenders Club, aimed at enhancing customer experience and engagement in the cannabis retail sector [1][3]. eCommerce Platform - The new eCommerce platform is designed to provide a faster and frictionless shopping experience, featuring an AI-powered recommendation engine for personalized product discovery [7]. - Ascend Pay, a new payment solution, allows customers to shop and pay online seamlessly without needing a physical wallet, facilitating quicker pickups [7]. Loyalty Program - The Ascenders Club is structured into four tiers: Blue, Gold, Platinum, and the exclusive Legends Club, offering elevated perks at each level, such as special offers and priority access to new product launches [2][3]. - The revamped loyalty program aims to deliver industry-leading value and exclusive benefits, incentivizing spending and boosting customer retention [7]. Customer Engagement - Existing customers are automatically enrolled in the loyalty program based on their purchase history, while new customers can join through various channels including the new Ascend Dispensary App [3]. - The integration of the loyalty program within the shopping app creates a one-stop shop for customers to browse, shop, earn, and redeem loyalty points [7]. Company Overview - Ascend Wellness Holdings operates in multiple states including Illinois, Maryland, Massachusetts, Michigan, New Jersey, Ohio, and Pennsylvania, with a focus on cultivating award-winning cannabis strains and producing a curated selection of products [5].
Red White & Bloom Brands Confirms Date for Reconvened Annual General Meeting
Globenewswire· 2025-07-16 23:00
Core Points - Red White & Bloom Brands Inc. has announced the reconvening of its 2025 Annual General Meeting of Shareholders on August 8, 2025, at 8:00 a.m. Pacific Time, following an adjournment on July 11, 2025 [1][2] - The adjournment was necessary to allow the company additional time to complete and present its audited financial statements for the fiscal year ended December 31, 2024 [2][3] - Shareholders of record as of the previously set date will remain eligible to attend and vote at the reconvened meeting, and they are encouraged to review the company's materials in advance [2] Company Overview - Red White & Bloom Brands Inc. operates as a multi-jurisdictional cannabis operator and house of premium brands in the United States, Canada, and select international markets [4] - The company is focusing its investments on major U.S. markets, including California, Florida, Missouri, Michigan, and Ohio, in addition to Canadian and international markets [4]
FLUENT Corp. Announces Shares for Debt Settlement
Globenewswire· 2025-07-16 20:15
Core Viewpoint - FLUENT Corp. will issue 2,750,000 common shares to directors in exchange for the cancellation of US$137,500 in director fees for the period of April 1, 2025, to June 30, 2025, at a price of US$0.05 per share [1][2]. Group 1: Share Issuance Details - The Debt Shares issuance is classified as a "related party transaction" under Multilateral Instrument 61-101, with the fair market value deemed reasonable by the directors [2]. - The company will rely on exemptions from valuation and minority shareholder approval requirements as neither the fair market value of the Debt Shares nor the debt exceeds 25% of the company's market capitalization [2]. - The company did not file a material change report more than 21 days before the expected closing due to finalization timing of the debts, aiming to reduce accrued liabilities promptly [3]. Group 2: Company Overview - FLUENT Corp. is a national cannabis consumer packaged goods company operating in Florida, New York, Pennsylvania, and Texas, with a commitment to operational excellence [4]. - The company employs 700 staff across 8 cultivation and manufacturing facilities and operates 42 retail locations, along with a wholesale division servicing third-party retailers [4]. - FLUENT produces a diverse portfolio of cannabis products under various brands, including MOODS, Knack, Wandr, Bag-O, and Hyer Kind [4]. Group 3: Trading Information - FLUENT's common shares are traded on the Canadian Securities Exchange under the symbol "FNT.U" and on the OTCQB Venture Market under "CNTMF" [5].
Glass House Brands Announces Preferred Equity Refinancing
Globenewswire· 2025-07-16 20:05
Core Viewpoint - Glass House Brands Inc. announced a recapitalization and non-brokered private placement of Series E Convertible Preferred Stock, aimed at replacing existing Series B and C Preferred Stock, with a total offering anticipated to be approximately $77.5 million [1][4]. Group 1: Offering Details - The Series E Preferred Stock will have a face value of $1,000 per share and will offer an annual dividend rate of 12%, paid quarterly [2]. - Investors can convert Series E Preferred Stock into Class B common stock at a conversion price of $9.00 per share, and ultimately exchange it for the Company's publicly-traded equity shares on a one-for-one basis [2]. - GH Group has a 5-year redemption right for the Series E Preferred Stock under specific conditions, including a minimum share price of $12.00 and an average daily trading volume exceeding one million shares [2]. Group 2: Comparison with Previous Offerings - The previous Series B and C Preferred Stock issued in 2022 offered a cumulative annual dividend rate of 22.5%, which included a 10% annual dividend and 12.5% paid-in-kind [3]. Group 3: Subscription and Capital Inflow - The Offering is nearly fully subscribed, with over 75% of Series B and C investors exchanging into Series E Preferred Stock, resulting in approximately $14.7 million of new capital from new investors [4]. - GH Group will pay around $4.1 million in cash to fund the redemptions of non-participating Series B and C Preferred Stock [4]. Group 4: Related Party Transactions - Directors, officers, and significant shareholders exchanged existing Series B and C Preferred Stock for $12.9 million of Series E Preferred Stock, representing 16.6% of the total [5]. - The Company did not announce the recapitalization transaction more than 21 days before the expected closing date due to the timing of related party participation [5]. Group 5: Regulatory Information - The securities issued in the recapitalization have not been registered under the U.S. Securities Act of 1933 and cannot be offered or sold in the U.S. without registration or an exemption [6].
High Tide Closes on $30 Million Convertible Debt from Cronos Group Inc.
Prnewswire· 2025-07-16 20:01
Core Viewpoint - High Tide Inc. has secured a $30 million convertible debt loan from a subsidiary of Cronos Group to fund future acquisitions and expand its cannabis retail operations in Canada, aiming to grow its store network beyond 300 locations [1][2][3]. Group 1: Loan Agreement Details - The Junior Secured Loan has a principal amount of $30 million, secured by a third priority lien on certain assets of High Tide, and bears an interest rate of 4% per annum [4]. - The loan has a 5-year term and can be repaid at any time without penalty, with the option for Cronos to convert the loan into common shares at a price of $4.20 per share [4]. - Cronos also received a warrant to purchase up to 3,836,317 common shares at an exercise price of $3.91 per share, representing a 25% premium to the 30-day volume weighted average price [5]. Group 2: Company Growth and Strategy - High Tide aims to utilize the working capital from the loan to enhance its business operations and expand its retail presence, reinforcing its position as a key player in the legal cannabis ecosystem [2][3]. - The company has been recognized as one of Canada's Top Growing Companies and ranked number one in the retail category on the Financial Times list of Americas' Fastest Growing Companies for 2023 [11]. - High Tide operates the largest cannabis retail chain in Canada, Canna Cabana, with 202 locations and continues to innovate in retail technology and consumer products [7][8]. Group 3: Industry Context - The investment from Cronos reflects a belief in the importance of a competitive retail environment that benefits producers, retailers, and consumers alike [3]. - High Tide's integrated operations across various components of cannabis, including retail, consumption accessories, and CBD, position it well within the growing cannabis market [7][10].
Aurora Continues Deep Commitment to Veterans Through Strains for Heroes Initiative
Prnewswire· 2025-07-16 11:00
Insights gained from veterans participating in the program help guide the company in crafting custom cannabis strains, focusing on attributes such as aroma, appearance, and effects that matter most to veteran patients. Since its launch in 2022, there have been five purpose-grown strains developed within the Strains for Heroes lineup, and named by veterans, including, Valour, Courage, Honour, Esprit De Corps and United Victory. Aurora is proud to support a growing number of veteran-focused organizations, by ...