Connect with us

BUSINESS

Cresco Labs Inc (OTCMKTS: CRLBF) Announces Plans to Exit Third-party Distribution for Other Cannabis Companies

Published

on

Cresco Labs Inc (OTCMKTS: CRLBF) announced that it would exit any agreement where it exclusively serves as a third-party distributor for other branded cannabis products in California. This move is per the company’s plan to distribute its cannabis brands and increase profitability in California.

California has played a significant role in the success of Cresco Labs

According to the Co-founder and CEO of Cresco Labs, Charlie Bachtell, since the beginning of 2020, California has been monumental in the growth of Cresco Labs. At this time, the company was trying to operate the platform, Continuum to bring top brands to the state.

Bachtell adds that Cresco Labs has managed to penetrate the California market because of its leading brands, such as Kings Garden. Its strategy has also positioned another of its brands, FloraCal and Cresco Liquid Live Resin, and a top-15 and top-10 flower and live resin brands in the state.

The company plans to keep implementing strategies to accommodate each of its markets and hopes that this move will allow it to focus on its brands in California. The state has played a critical role in the company becoming a leading wholesaler in the cannabis industry.

Meanwhile, Cresco Labs will retain its partnership with a few top brands in the state. Ceasing distribution to third parties causes a lowering in the fourth quarter projected sales.

Services offered by Cresco Labs

Cresco Labs is a leading cannabis operator in the U.S. that focuses on the cultivation, manufacture, and sale of medical-use cannabis in the U.S. It aims to normalize cannabis. The company produces top quality brands such as FloraCal Farms, Wonder Wellness Co., Good News, Mindy’s Edibles, Remedi, High Supply, and Cresco. These products offer varying products such as flower shakes, and pre-rolls, which the company sells under the Cresco brand. The company has headquarters in Chicago, Illinois.

It also operates a dispensary brand known as Sunnyside. This dispensary aims to educate, build trust and offer convenience to cannabis users. Cresco Labs runs the largest Social Equity and Educational Development Initiative, SEED, in the cannabis industry. The SEED gives people the opportunity, skills, and knowledge to work in the cannabis industry and run their cannabis businesses. Cresco Labs has about 32 dispensaries and 44 retail licenses.

*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.

BUSINESS

Leafbuyer Technologies Inc. (OTCMKTS: LBUY) Reports 30% YoY Revenue Growth In Q1 2022 And 92% Loyalty Traffic Growth

Published

on

Leafbuyer Technologies Inc. (OTCMKTS: LBUY) has announced Q1 2022 results in which it reported a YoY sales growth of 30.5% for the period ending September 30, 2021.

Leafbuyer Technologies reported revenue of $652,723 in Q1 2022

Revenue was up from $652,723 in fiscal Q1 2021 to $850,693 in fiscal Q1 2022. The increase in revenue is related to GAAP sales booked in Q1 2022 relative to Q1 2021. Operating expenses were down to $809,632 from $921,967 a year ago, with net cash used in operations decreasing from $427,685in Q1 2021 to $116,491 in Q1 2022.

CEO Kurt Rossner stated, “Our 1st quarter results reflect strong growth in revenues and a substantial reduction in cash burn. The company is well positioned going forward to exploit the increasing opportunity in the cannatech market. As we go into the 2nd quarter of fiscal 2022, we believe that strong demand will continue as we continue to expand our national footprint and expand our industry leading technology platform. Our revenue increase was primarily driven by strong demand for our loyalty platform and the value of an industry leading website.”

Loyalty traffic growth up 92% in five months 

The company announced a 92% traffic growth to its loyalty growth plan in the last five months and a 165% growth in loyalty signups year to date. The loyalty plan is one of the fastest-growing segments of the company that is witnessing an accelerated growth.

Rossner said, “Our loyalty product line has become our core product over the last year and it is very encouraging to see continued growth. Our loyalty product line (texting via MMS, SMS, and PUSH) has grown over 92% in the last five months alone. We plan to add some significant enhancements to the platform soon and look to build on the foundation that has been created. We are currently testing new additions that we hope to release and monetize in the coming months.”

Leafbuyer makes money by selling sophisticated marketing tech platforms that direct cannabis customers to dispensaries and product manufacturers around the country.

*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.
Continue Reading

BUSINESS

Khiron Life Sciences Corp (OTCMKTS: KHRNF) Announces 83% YoY Growth In Revenue Attributed To Medical Cannabis

Published

on

Khiron Life Sciences Corp (OTCMKTS: KHRNF) has announced financial results for the third quarter ended September 30, 2021.

Khiron reports revenue of $3.5 million inQ3 2021

The company reported revenue of $3.5 million, reflecting a YoY increase of 83%. Gross profit in the third quarter before FV change was up 62% QoQ to 41.7 million. The company’s medical cannabis segment continued to see solid gross margins at 89% on revenue of $1.2 million, up 46% sequentially.

CEO Alvaro Torres said, “In Q3, we achieved strong results and broke revenue and profitability milestones, surpassing our first million dollars in medical cannabis revenues and gross profits. Prescription growth were driven by our patient-focused operations in Colombia and Germany. In the first 9 months of 2021, we have already exceeded 2020 medical cannabis sales by more than 600% while maintaining medical cannabis margins of over 89%.”

Medical cannabis segment  in Europe growing 

The medical cannabis segment accounted for 34% of Khiron Life Sciences total revenue at $1.2 million, with 31% of this revenue generated from operations in Europe. The clinic services segment’s gross margin was up 26% relative to 12% in the third quarter of 2020 and 15% compared to the second quarter of 2020. Khiron Life Sciences reported a YoY net loss reduction of $3.3 million relative to $6.7 million a year ago. At the end of the quarter, the company had $15.4 million in cash.

Torres continued, “As expected, Europe is becoming a more significant region for Khiron, representing 31% of our medical cannabis revenue. With the opening of ZereniaTM Clinics in the UK, we have now established an international clinic footprint that will continue to drive sustainable growth in the future. A year ago, our Company was just starting medical cannabis sales in Colombia, and now we have 15 clinics, in 5 countries, and soon in Mexico. We are very excited about our quarterly growth rate, and the growing evidence that Khiron is fulfilling its mission to improve the quality of life of our patients.”

*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.
Continue Reading

BUSINESS

Flore Cannabis (OTCMKTS: FIOFR) Anticipates Revenue Of $1.106 Million In the Third Quarter of 2021

Published

on

Flore Cannabis (OTCMKTS: FIOFR) has offered guidance on revenue projection for Q3 2021 based on interim results and also offered corporate updates.

Fiore releases preliminary Q3 2021 results

The company anticipates revenue of $1.106 million for Q3 2021 relative to revenue of $605,000 in Q2 2021 and $550,000 a year ago. Gross profit is expected to be around $297,000 versus gross profit of $158,000 in Q3 2020 and $337,000 in Q2 2021.

These preliminary results for Q3 2021 are contingent on Fiore Cannabis’ financial closing procedures being completed. Fiore expects to release its Q3 2021 Financial Statements and Management’s Discussion and Analysis in the week of November 29, 2021, which will include full financial results.

CEO Erik Anderson said, “We are looking forward to providing investors and those interested in the company with additional detail on our financial results and operating highlights. This includes the ongoing activity at the Apex cultivation and production facility in Las Vegas where we have our flower production working optimally and have recently started producing concentrates from our Diamante Labs extraction operation. We also have a partner company on the Apex site working towards starting up its own growing operations parallel to ours by early 2022.”

Fiore’s Partnership with Allied for Apex site on course 

Fiore’s partnership with Allied Corp. (OTCQB: ALID) is progressing well, as the companies have already laid the foundation at the Apex site to pour the pad for Allied’s 9,000 sq. ft. of modular cubes. According to an agreement struck earlier this year, Allied has the option to purchase a cannabis cultivation license from Fiore for $1.5 million. Fiore will be in charge of Allied’s cannabis strain selection and operations once the site is up and running.

The company is optimistic about how 2H 2021is shaping for operations in California and Nevada. Anderson said, “We are keeping our focus for the near term on cultivating Fiore’s top-quality cannabis products, adding concentrates to our product mix in Nevada, and delivering industry-leading product to our customers in Nevada and California.”

*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.
Continue Reading

Trending Stories