Greenlane Holdings Inc (NASDAQ: GNLN) has announced its 2Q financial results for the period ending June 30, 2021. The company has reported revenue of $34.7 million, and the record core revenue stands at $34.5 million.
Highlights of the 2Q results
The group has announced an increase in revenue. The company’s total earnings for 2Q grew to $34.7 million, an increase of 7.1% compared to $32.4 million for the same quarter that the corporate house recorded last year. Additionally, the core revenue, which is also defined as the non-nicotine revenue of the group, grew to $34.5 million, which is an increase of 14.9%, compared to the $30.0 million that the company earned during the 2Q 2020 period. Subsequently, the achieved third consecutive quarterly sales record for 2Q 2021 grew to $9.0 million, up by 62.5% compared to $5.5 million in sales that the company recorded during the same quarter in 2020.
The gross margin of the corporate house also witnessed a spike
In terms of gross margin, Greenlane Holdings Inc saw a point. According to its financial report, the group’s gross margin grew by $1.0 million and 1.3%, respectively, to $7.8 million and 22.4%, compared to $6.8 million and 21.0% that the company recorded in Q2 2020.
Net sales saw a 7.1% increase
According to the company’s financial report, net sales stood at $34.7 million in Q2 2021 compared to $32.4 million, which the company recorded during the same quarter last year. As a result, the net sales of Greenlane Holdings Inc witnessed a spike of $2.3 million, or 7.1%.
Management of the company comments on the results
Stating that the 2Q results of the company are a reflection of the company’s growth, Aaron LoCascio, Greenlane’s Chairman and Chief Executive Officer, Aaron LoCascio stated that he is proud of what the team has achieved and thanked the team for the effort that they have put in for the results that the group has achieved. Adding that the company’s revenue grew up 62% during the quarter, which is supported by strong organic growth, the chairman added that 26% of the earnings represent Q2 revenue.
Pelorus Equity Group Announces Loan to Item 9 Labs Corp (OTCMKTS: INLB)
Pelorus Equity Group has announced that Pelorus Fund has entered a $19 million construction loan with Item 9 Labs Corp (OTCMKTS: INLB), a cannabis producer.
Money from loan to be used in the expansion of Item 9 Labs Arizona facility
The Pelorus loan will be used to purchase 44 acres of land near Item 9 Labs’ Arizona facility. It will also be used to pay for the development of the master site. Phase I construction will include two greenhouses and three steel buildings.
The first expansion will add 9600 sq. ft. each for indoor cultivation, lab and product packaging and a head house that will support the two greenhouses to be added. The final expansion is to include six other buildings. One of the buildings will allow the addition of the company’s lab, while the rest will be used for indoor cultivation. When finished, the site will hold more than 640,000 sq. ft. of cannabis production operations. It will also produce more products for the state’s marketplace.
The proceeds will also go to Item 9 Labs facility in Nevada to finish work on the company’s 20,000 sq. ft. manufacturing, cultivation and lab facility.
Item 9 Labs is currently working on the production and manufacturing of various cannabis products. The products include 75 cannabis strains which are sold in 60% of the dispensaries in Arizona. It also contains 150 different cannabis products.
Pelorus Fund quickly approved Item 9 Labs’ loan
According to Dan Leimel, the manager of Pelorus Fund and CEO of Pelorus Equity Group, the company was pleased to approve the loan to allow Item 9 Labs to give customers high-quality products, increase share value and generate revenue. Pelorus is looking forward to working with Item 9 Labs and more cannabis producers to expand its portfolio.
Bobby Mikkelsen, the CEO of Item 9 Labs, Pelorus moved fast in the transaction and navigated problems where other lenders could not.
Pelorus has done 55 real-estate loan transactions and given $204 million to owners of real-estate and cannabis operators in eight U.S states. It also approves construction draws in about three days. The company stabilises cash flow to allow its clients to keep working on their core projects and goals.
Trulieve Cannabis Corp (OTCMKTS: TCNNF) Opens a New Dispensary in Oviedo, Florida
Trulieve Cannabis Corp (OTCMKTS: TCNNF) has opened a dispensary in Oviedo, Florida. This dispensary will bring the number of Trulieve’s stores in Florida to 91. The new dispensary will join other nearby locations in Longwood and Winter Park.
Trulieve to hold a grand opening for Oviedo dispensary
The company will have a grand opening where they will feature giveaways and host food trucks. Patients who use Trulieve’s, both new and existing, will receive a 25% store discount at the new dispensary on the grand opening.
Trulieve has invited members of the Oviedo community to the celebrations where there will be Sony’s BBQ given to the first 250 patients, giveaways, custom T-shirt printing, and swag from Sunshine Cannabis.
According to Kim Rivers, the CEO of Trulieve, the company tries to ensure patients have reliable and safe access to medical cannabis. The personnel at the new Oviedo dispensary is educated, well trained and committed to the patients. Rivers adds that every new store enables the company to further connect with the community.
Trulieve offers a wide array of products and services
Trulieve gives customers a large selection of CBD and THC products both online and in stores. These products come in several delivery methods such as concentrates, edibles, smokable flowers, vaporisers, topical cream, and tinctures. The company also provides in-store pick-up and home delivery in all its dispensaries.
Trulieve tries to make ordering convenient for its customers by displaying its whole catalogue of products online. It also offers virtual consultation with its consultants, who can look through the doctor’s recommendation and answer questions on devices and products.
Patients can choose to make appointments with the consultants on the company’s website. Consultations are ideal for clients who are new to medical cannabis and experienced ones trying to find alternative options.
Because of the COVID-19 pandemic, Trulieve is committed to helping the community reduce the spread of the disease. As a result, they have started the ‘Designated Care Time’ where the 30 minutes after the dispensaries open is used to serve immunocompromised patients. It also offers free delivery to patients aged 65 and older. Trulieve also required both its staff and patients to wear a mask despite their vaccination status.
Planet 13 Holdings Inc (OTCMKTS: PLNHF) Set to Acquire Florida Cannabis License
Planet 13 Holdings Inc (OTCMKTS: PLNHF) is a vertically integrated cannabis corporation that recently announced it was entering into a license purchase agreement with a Harvest Health subsidiary whereby they’ll be renaming the newly acquired subsidiary Planet 13 Florida Inc. This newly renamed subsidiary will buy a license from Florida’s Department of Health to operate a Medical-Grade Marijuana Treatment Center. Additionally, planet 13 Holdings is set to pay a consideration price of around $55 million in cash.
Licensed MMTCs (Medical Marijuana Treatment Centers) are vertically integrated businesses which are the only ones in Florida allowed to dispense medical-grade cannabis products to qualified caregivers and patients. Medical Marijuana Treatment Centers are permitted to dispense, transport, cultivate and process medical-grade marijuana. As of August this year, around twenty-two companies had been awarded with an MMTC license. Between those companies, 371 dispensing sites have been erected all across the state of Florida. License holders can come up with as many dispensaries as they want and aren’t restricted to a specific number. They’re also not restricted on the size or number of processing and cultivation facilities they can operate.
Planet 13’s Co-Chief Executive Officer, Larry Scheffler, said that Florida is a marketplace that’s been one of their most coveted for quite a long time now. Its incredible consumer demand, 130 million annual visitors, and more than 20 million residents are just a few reasons why the company highly covets it. The Co-CEO claimed that it was vital for them to penetrate the market before the adult-use transition is put in place so that they can better capitalize on this specific space both in the long and short term. Larry continued to say that they were excited at the opportunity of being able to introduce their catalog of popular cannabis-based products and leading retail experiences to the Florida scene. He confirmed that they’ll continue to expand their brands all across the country.
Bob Groesbeck, the other Co-Chief Executive Officer, said that there was a lot of planning that went into this move and he feels like now was the best time for them to take action.