4Front Ventures Corp (OTCMKTS: FFNTF) has announced it will report its Q3 2021 on Wednesday, November 17, 2021.
Q2 2021 systemwide pro forma revenue of $34.4 million
The company reported systemwide pro forma revenue of $34.4 million in the second quarter, representing 85% YoY growth. Strong sales in Massachusetts and Illinois drove the rise in revenue, and all retail stores across the portfolio continued to outperform our forecasts, a pattern that has persisted into early Q3. As a result, GAAP-reported revenue in Q2 2021 was $27.1 million, increasing 114% YoY, while adjusted EBITDA was up 27% to $7.5 million. The increase resulted from high dispensary sales and a reduction in cost per gram at the Illinois cultivation facility.
CEO Leo Gontmakher said, “In the second quarter we continued to build on the strong momentum that began last year. Following the initiation of adult use sales in Massachusetts and the enthusiastic reception of our Calumet City, Illinois dispensary in late 2020, our steady growth quarter over quarter shows that our strategy of replicating low-cost production methods can rapidly scale in the most attractive markets in the country.”
Gontmakher added, “We are already off to a great start for the third quarter. With our manufacturing facility in Commerce, California complete and pending its final approvals, we are spring-loaded to provide our suite of high-quality, branded products to licensed dispensaries throughout the State, and we fully expect it will soon become the premier multi-product manufacturer in the country due to its scale and efficiencies,”
4Front closed the first phase of the cultivation facility in Matterson
“We also recently announced the closing of the first phase of our highly-anticipated cultivation and production facility in Matteson, Illinois, and are thrilled to officially break ground tomorrow, with the first phase anticipated to be completed in Q4 of 2022, and be operational in Q1 of 2023. The opening of our Mission dispensary in Brookline, Massachusetts will mark our third adult-use dispensary in the state, expanding our footprint as we continue to bring our high standards, low-cost cultivation and efficient production methodologies to Massachusett,” continued Gontmakher.
Next Green Wave Holdings Inc. (OTCMKTS: NXGWF) Launches 2.0 Sauce Carts, Tetra Bio-Pharma Inc. (OTCMKTS: TBPMF) Terminates Offering
Next Green Wave Holdings Inc. (OTCMKTS: NXGWF) has officially launched NGW’s 2.0 sauce carts. The carts feature the craft cannabis company’s popular, single source, non-distilled, strain-specific full spectrum sauce.
Next Green Wave unveils 2.0 sauce carts
The company has made several significant product adjustments in response to consumer and retailer input. The third-party hardware quality has been significantly improved to ensure that its premium cured sauce is delivered correctly. To ensure the overall quality of each item, we are now filling and packaging them in-house. The packaging has also been improved to match the company’s premium flower and provide shops with multiple display options. As a result, the NGW sold nearly 2,000 New Carts at margins comparable to its other premium flower product lines in the first week. The company can now scale growth to meet this demand.
CEO Michael Jennings said, “Launching the 2.0 Sauce Carts, from a brand perspective, completes our pivot away from lower margin commoditized products to a total focus on higher margin premium products. In both the premium indoor flower and premium indoor sauce cart categories, we can both leverage the artisanal quality of our products and achieve high margins in ways we cannot in the other branded product categories.”
Tetra terminates previously announced at-the-market offering
Tetra Bio-Pharma Inc. (OTCMKTS: TBPMF) has terminated a previously disclosed “at-the-market” stock offering program with Canaccord Corp. As a result, the ATM Program will be terminated starting November 11, 2021, and the company will not use the ATM Program. Tetra established the ATM Program on May 28, 2021, and permitting it to issue and sell around $10 million common shares to the public at its discretion. The company had not sold any common shares under the ATM Program as of the date of this release.
Tetra’s scientific approach has allowed it to establish a pipeline of cannabinoid-based medicinal products for a variety of medical problems, including pain and oncology. The company focuses on providing the rigorous scientific validation and safety data required for inclusion into the existing biopharma business.
MedMen Enterprises Inc. (OTCMKTS: MMNFF) Makes Appointments to Board, SLANG Worldwide Inc. (OTCMKTS: SLGWF) Issues Shares For Rights Agreement
MedMen Enterprises Inc. (OTCMKTS: MMNFF) has announced the election of Ed Record and David Hsu to its Board of Directors.
MedMen makes two new board appointments
Hsu is an operational and financial turnaround expert. He was most recently the Chief Operating Officer of Cronos Group, where he was in charge of global expansion, cultivation, construction, and production. Hsu spent more than a decade working with Deloitte and CRG Partners, a leading turnaround advisory firm, where he managed and operated distressed firms with revenues of over $500 million prior to joining Cronos Group.
Record has extensive experience in the retail industry, having managed several significant national retailers’ financial and operational success. He formerly worked for Hudson’s Bay Company as Chief Financial Officer. Record was J.C. Penney’s Chief Financial Officer before joining HBC. Prior to joining J.C. Penney, Record worked at Kohl’s, Stage Stores, and Belk.
MedMen Executive Chairman Tom Lynch said, “We are pleased to welcome David and Ed to MedMen’s Board. They bring a wealth of experience in financial and operational turnarounds that will be invaluable to MedMen as we continue to execute against our growth plan.”
Albert Harrington, who has been serving the Board since August last year, and Nicole Christoff, who has been on the board since May 2020, have both resigned and will be replaced by HSU and Record.
Lynch added, “We thank Al and Niki for their dedication and guidance as members of MedMen’s Board, particularly during a period of significant transition and progress.”
SLANG Issues 6.26 million shares as payment for licensing agreement
SLANG Worldwide Inc. (OTCMKTS: SLGWF) has issued around 9.261 million common shares at a deemed price of CD$0.17362 per share. The cannabis consumer packaged products company issued the shares as payment for a product rights licensing agreement. These common shares have a value of $1.3 million and will be subject to a hold period with expiry on March 3, 2022.
The company specializes in the CPG Cannabis sector by purchasing and developing regional brands and launching innovative brands.
Branded Legacy Inc. (OTCMKTS: BLEG) Expands its Sales Team, Nova Mentis Life Science Corp (OTCMKTS: NMLSF) Files Neurogenerative Disease Patent
Branded Legacy Inc. (OTCMKTS: BLEG) has onboarded four new sales representatives as the CBD and hemp-infused drinks and VBD topicals manufacturer looks to expand its sales team.
Branded Legacy appoints sales team to accelerate Spikes CBDX and Elev8 Hemp
Following the induction of Brandon Spikes, Chairman of the Board, into the University of Florida Hall of Fame, the company has hired four new sales executives to help boost sales in three distinct areas. Notably, two sales executives will work in Gainesville and the neighboring areas, one in South Florida and the other in San Francisco Bay. All of them have prior sales experience as well as industry understanding.
Notably, this has shown proven to be useful in keeping up with the ever-changing hemp and CBD trends. As a result, the company’s new sales team has over thirty additional stores ready to start stocking Spikes CBDX and Elev8 Hemp products in the next few days. With an average order value of roughly $500 per site, Branded Legacy, Inc. anticipates rapid revenue growth.
Branded Legacy VP Matthew Nichols said, “After speaking with all of these prospects, it became clear to me that these were the right people for the job. They are all excited about the opportunity to help the company grow revenues, earn commissions and be a part of something great.”
Nova Mentis files patent covering neurogenerative disease
Nova Mentis Life Science Corp (OTCMKTS: NMLSF) has filed a genetic neuroinflammatory disease patent describing a therapeutic/diagnostic combination of mRNA molecules encoding proteins responsible for neurogenerative diseases development that include autism spectrum disorder and fragile X syndrome.
Nova Mentis’ Chairman of Scientific Advisory Board, Marvin Hausman, said, “The ability to penetrate the unique genetic language underlying the development of chronic neurodegenerative diseases and assess therapeutic responses opens the door for the development of breakthrough products in the field of psychedelic medicine. In addition, the clinical biomarker data generated with this genetic paradigm can be used to support the potential benefits of a psychedelic drug product IND application with the US FDA (1).”