EEX delivered 664% revenue growth year-over-year after acquisition of MJBiz
Welcome back to our weekly series, Schaeffer’s Cannabis Stock News Update, where we recap what happened in the world of marijuana stocks this week, and look ahead to how the cannabis industry will continue to develop in 2022.
Here is a quick roundup of major cannabis stock news last week:
Right out of the gate on Monday morning, High Tide Inc. (NASDAQ:HITI) announced the appointment of Greg Fleury as the company’s chief technology officer while also releasing its plans to release its first quarter of 2022 financial results on June 14 after the closing bell. High Tide stock dropped below its IPO price of $3.00 from back in January of 2021 this week. High Tide stock has lost more than half of its value in just the past month of trading.
Emerald Holding, Inc. (NYSE:EEX), the B2B event company that recently acquired MJBiz, dropped their financial results for the first quarter of 2022 bright and early on Monday morning. EEX posted jaw-dropping growth of 664% in revenue compared to the first quarter of 2021. According to Emerald Holding, “We are pleased with our first quarter results which clearly demonstrate that we are in the midst of a robust recovery, highlighted by several of our events that have delivered or are tracking ahead of their pre-pandemic levels.” Emerald Holding stock, however, is down nearly 40% year-over-year despite this massive revenue growth.
Before the bell on Tuesday, Flora Growth Corp. (FLGC) reported its financials for the full year of 2021. Flora Growth stock began trading last May at $4.88 per share and is now trading nearly 20% below its IPO at $1.22 per share. Calling 2021 a “foundational year” for the company, FLGC reported $9 million in revenue which was significantly higher than its 2020 revenue total. Later this week, Flora Growth brands (JustCBD and Vessel) made headlines. Vessel was approved for listing on the Ontario Cannabis Store in Canada while JustCBD opened a new office in London to better serve its EU product distribution.
Just before first quarter financials were released this week, Agrify Corporation (NASDAQ:AGFY) announced that it has entered into an agreement with Boone Labs to provide cultivation and extraction solutions at a brand new production facility. The deal is valued at $2 million and will mark Agrify’s first customer to fully leverage AGFY’s complete offering set. As far as Q1 financials go, AGFY delivered a 271% year-over-year increase in revenue but still posted a net loss for the quarter. Agrify stock has dropped over 40% in value just in the past month despite a slight positive reaction to financials released on Wednesday.
Cronos Group Inc. (NASDAQ:CRON) released first quarter of 2022 financial results on Tuesday with a major highlight of over 100% revenue growth compared to the first quarter of 2021. CRON correlated its revenue growth with growth in both the Israeli medical marijuana market and the Canadian recreational marijuana market. Cronos stock is down 59.9% year-over-year, but did pop about 12% in reaction to the positive financials on Tuesday.
On Tuesday, Village Farms International Inc (NASDAQ:VFF) released its first quarter of 2022 financial results featuring a 65% year-over-year increase in total net cannabis sales. Village Farms stock is trading down over 60% year-over-year.
On Tuesday, Akerna Corp (NASDAQ:KERN) released its unaudited first quarter of 2022 financial results featuring 73% year-over-year revenue growth compared to the first quarter of 2021. Akerna stock is now trading nearly 90% lower year-over-year.
On Tuesday, urban-gro Inc (NASDAQ:UGRO) released its first quarter of 2022 financial results featuring 76% year-over-year revenue growth. urban-gro stock, which IPOed in 2019, is currently trading down nearly 60% from its initial public offering and UGRO is down 11% year-over-year.
On Tuesday, GrowGeneration Corp (NASDAQ:GRWG) released its first quarter of 2022 financial results featuring a total revenue decline of nearly 10%. GRWG leadership said, “The GrowGen team faced significant industry disruptions head-on, and we exceeded our internal expectations in the first quarter despite a very difficult macro environment.” GrowGeneration stock is trading down nearly 90% year-over-year.
Tilray Brands, Inc. (NASDAQ:TLRY), via press release on Wednesday, announced the expansion of its Good Supply cannabis product offering featuring new high-potency products like liquid wax vapes and an exclusive new flower strain. Additionally, ‘Good Supply TV’ went live in an effort to educate both consumers and budtenders on its full product portfolio. Tilray stock, like most other cannabis sector peers, is down significantly year-over-year. TLRY is trading at a nearly 70% price cut compared to May of 2021.
On Thursday, Chicago Atlantic Real Estate Finance, Inc. (NASDAQ:REFI) released its first quarter of 2022 financial results featuring a nearly 60% increase in dividends paid quarter-over-year and total net income of $7.8 million in the first quarter. REFI is currently trading down just 2% year-over-year and did not see much of reaction to this week’s report.
WM Technology, Inc. (NASDAQ:MAPS) launched its integrated digital payment process for small businesses in Ontario on Thursday. The goal of these new services is to level up small businesses and enable them to compete with the demand for delivery, pick up, and cashless transactions. According to MAPS, “We have always believed that technology will be the third pillar of the industry’s success, but Ontario’s recent decision to permanently legalize delivery services for cannabis retailers has accelerated this trend. With more delivery and click-and-collect transactions, safe, convenient and secure technology solutions will be central to the industry’s future and will enable more small businesses to serve customer demand.” WM Technology stock is trading down nearly 65% year-over-year.