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22nd Century Group Inc. (NASDAQ: XXII) Announce Net Sales of $7.8 Million In Q3 2021

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22nd Century Group Inc. (NASDAQ: XXII) has announced Q3 2021 financial results and offered its recent business highlights.

Net sales increased 6.9%

In Q3 2021, net sales were $7.8 million representing a 6.9% increase from a year ago. The increase was a result of a contractual manufacturing sales increase. When compared to the prior-year period, gross profit increased by $87 thousand, or 24 percent, to $449,000 in Q3 2021, marking the seventh consecutive quarter of YoY growth in gross profit. In addition, increased filtered cigar sales mix due to new customer contracts and price hikes on the 22nd’s contract made cigarettes increase gross margin.

CEO of 22nd Century Group James A Mish, said, “I am proud of the tremendous progress we have made during 2021 as we complete the final step to MRTP authorization of our VLN® reduced nicotine tobacco cigarettes and begin to monetize our highly disruptive hemp/cannabis plant lines and IP.”

The operating loss for the third quarter of 2021 was $7.9 million, up to $3.4 million from the same period last year. This was mostly due to an increase in SG&A, which was partially offset by greater gross profit and lower R&D cost.

Q3 net loss of $9.4 million

The third quarter of 2021 resulted in a net loss of $9.4 million or $0.06 per share, up to $5.1 million from Q3 2020’s net loss of $4.2 million or $0.03 per share.

“We are closer than ever to accomplishing our mission to reduce the harm caused by smoking. Our decision to maintain a collaborative approach with the FDA is moving our MRTP application forward. Based on our recent positive discussion with senior-level staff at FDA on October 14, our confidence in our MRTP application outcome and timing is at its highest level. We are ready to immediately scale production of our VLN® products for launch in both the U.S. and international markets, and we are eager to bring VLN® to adult smokers in the U.S. and globally to help address the overwhelming amount of death and disease caused by smoking,” added Mish.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.

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Sugarbud Craft Growers Corp (OTCMKTS: SBUDF) Expands Craft Cannabis Collection With Launch of Bahama Blizzard #11

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Sugarbud Craft Growers Corp (OTCMKTS: SBUDF) has announced an expansion to its Craft Cannabis Collection in Alberta with the introduction of two new pre-rolls and a first to market exclusive Sugarbud strain- Bahama Blizzard #11.

Sugarbud launches Bahama BVlizzard #11 strain

Sugarbud Bahama Blizzard #11, phenotyped from the company’s genetic collection, is yet another beautifully complex and distinct cultivar. Bahama Blizzard #11 comes in triangle-shaped olive green buds having purple undertones, rich crystal-like trichomes, and dark amber airs. The company created Bahama Blizzard #11 by crossing Caribbean Cooler and Jet Fuel Gelato. Notably, Sweet confectionery, pine, floral, lemon citrus, and fuel are all well-defined aromas that consumers might expect. THC content will vary from 21% to 26%, with a terpene profile of 2% to 4%.

John Kondrosky CEO Sugarbud CEO and President said, “Building on the momentum that the Company has established with its recently launched and fast selling Mule Fuel and Krypto Chronic #2 strains, Sugarbud is pleased to be rolling out a 3 x 0.5g Pre-Roll format of both of these exciting cultivars.”

Alberta first market entry for Bahama Blizzard #11

Kondrosky added, “The introduction of Bahama Blizzard #11 in Alberta marks the first market entry for this new strain. Sugarbud continues to develop new and exciting cultivars that deliver on potency, terpene and aroma. Bahama Blizzzard #11 is yet another fine example of our commitment to consumer satisfaction and the house-style and craftsmanship that has come to define Sugarbud Craft Cannabis – dense, sugary buds, exceptional terpene forward aromas and smooth flavors.”

Both Krypto Chronic #2, Bahama Blizzard #11 3.5g flower, and 3 x 0.5g Mule Fuel Pre-Rolls are expected to be available to customers in late November 2021 from private cannabis merchants across Alberta and online at www.AlbertaCannabis.org.

Sugarbud is a craft cannabis firm focusing on the cultivation and production of premium craft cannabis products. The company gives consumers “Hand-Crafted Cannabis for a New Era,” and its products are available to recreational customers in BC, Yukon Territory, Saskatchewan, Alberta, Manitoba, Ontario,  and Quebec.

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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Cara Therapeutics Inc. (NASDAQ: CARA) Reports Q3 2021 Results and Operational Highlights

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Cara Therapeutics Inc. (NASDAQ: CARA) has announced its operational and financial results for the third quarter ending September 30, 2021, in which revenue was $20.3 million while net loss was $0.02 per share.

Cara appointed new CEO and President 

Newly appointed CEO and President Christopher Posner said, “I am excited to be joining Cara at a transformational point for the Company as it prepares for the commercial launch of KORSUVA injection for the treatment of moderate-to-severe pruritus associated with chronic kidney disease in hemodialysis patients in the first half of 2022.”

The company named Christopher Posner President and Chief Executive Officer, effective November 9, 2021. Mr. Posner joins Cara Therapeutics from LEO Pharma, Inc., the US subsidiary of LEO Pharma A/S, where he was the global medical dermatology head. He succeeded Derek Chalmers, who will become a Senior Advisor to Cara Therapeutics.

Outgoing CEO Derek Chalmers said, “I would like to welcome Chris as Cara’s new President and CEO. Having worked closely with Chris as a Cara board member, I am confident in his ability to lead the Company through its next phase of development as an early commercial-stage biopharmaceutical company.”

Cara Therapeutics’ KORSUVA Injection received FDA approval 

In August, the company received FDA approval for KORSUVA in moderate to severe pruritus treatment related to CKD in adults under hemodialysis. This made KORSUVA injection the only and maiden approved therapy by the FDA for this indication. In addition, the FDA gave KORSUVA NDA Priority Review status, which, if approved, will offer considerable improvements in efficacy and safety in treating serious conditions.

Chalmers commented, “In the third quarter of 2021, Cara made significant progress across our development programs, culminating with the FDA approval of KORSUVA injection for moderate-to-severe pruritus associated with chronic kidney disease in hemodialysis patients. We are also making important clinical and regulatory progress with our Oral KORSUVA programs. Following recent guidance from the FDA, we aim to initiate Phase 3 programs with Oral Korsuva for the treatment of moderate to severe pruritus in both atopic dermatitis and non-dialysis dependent chronic kidney disease patients in the first quarter of 2022.”

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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Innovative Industrial Properties Inc. (NYSE: IIPR) Announces Q3 2021 Revenue Growth of 57% to $53 Million

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Innovative Industrial Properties Inc. (NYSE: IIPR) has announced its Q3 2021 financial results in which revenue was up 57% YoY to $53 million.

New property leases and acquisitions drove revenue 

The company’s total revenues increased in Q3 2021, driven by leasing new properties and acquisitions besides the contractual rental amendments and escalations at some properties to offer more improvement allowances requiring rent adjustments.  For the period ending September 30, 2021, rental income included $2.8 million and $1.4 million in property taxes and property insurance premiums reimbursements. For the nine months ending September 30, 2021, total revenue was $145.6 million representing a YoY growth of 82%, with property taxes and insurance premiums being $3.7 million and $2.6 million, respectively.

For the quarter, the company earned around $29.8 million in net income attributable to common shareholders, or $1.20 per diluted share, and $45.0 million in adjusted funds from operations, or $1.71 per diluted share.

On October 15, 2021, the company paid a quarterly dividend of $1.50 per share to common shareholders on record by September 30, 2021, an increase of roughly 28% over the dividend paid in Q3 2020. As previously disclosed, IIP’s board of directors expects to examine adjustments to the size of the company’s quarterly common shares dividend every six months going forward, with any changes likely to be announced in Q1 and Q3 of each year.

IIP acquired five properties  and amended four leases 

Since the start of the year, the company has purchased five properties in Illinois, Missouri, New York, California, and Maryland. Also, IIP completed four lease amendments to give additional renovation allowances to Maryland, Illinois, Michigan, and Massachusetts. In addition, calyx Peak, Inc. and Gold Flora, LLC were added as new tenants in these transactions. On the other hand, the company expanded its current relationships with Ascend Wellness Holdings, Inc., 4Front Ventures Corp., Green Peak Industries LLC (Skymint), Goodness Growth Holdings, Inc. (f/k/a Vireo Health International, Inc.), Truleve’s subsidiary Harvest Health & Recreation Inc., Temescal Wellness of Massachusetts and Holistic Industries, Inc. (Holistic).

*Past performance is not a predictor of future results. All investing involves risk of loss and individual investments may vary. The examples provided may not be representative of typical results. Your capital is at risk when you invest – you can lose some or all of your money. Never risk more than you can afford to lose.By submitting your information you agree to the terms of our Privacy Policy • Cancel Newsletter Any Time.This is a FREE service from Finacials Trend. Signing up for our FREE daily e-letter also entitles you to receive this report. We will NOT share your email address with anyone.
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