10 Marijuana Stocks Lighting Up With a Focus on Earnings

MAPS, XXII, IIPR, SMG, and JAZZ all released quarterly earnings this week

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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:

Along with reporting fiscal Q2 earnings on Monday, Scotts Miracle-Gro Co (NYSE:SMG) hydroponics-centric subsidiary, Hawthorne, also reported the completion of its fifth acquisition in the past 12 months at a price of $34 million. The acquisition of Cyco, a company that produces premium nutrients and additives to be used in the hydroponics market, means that Hawthorne will be the only distributor in the United States that offers Cyco products. Though SMG hit record retail sales in Q2, the Hawthorne segment had such a decline in sales that overall company sales were down 8% compared to fiscal Q2 of 2021.

HEXO Corp. (NASDAQ:HEXO) announced the establishment of an at-the-market (ATM) equity program. This program will allow HEXO to issue and sell up to $40 million in common shares at the company's discretion. These common shares will be sold through “at-the-market distributions” according to Canadian Securities Administrators’ National Instrument 44-102 - Shelf Distributions regardless of whether the sale is made through the Toronto Stock Exchange or NASDAQ Capital Markets.

Village Farms International, Inc. (NASDAQ:VFF) subsidiary, Pure Sunfarms Corp., and NOYA Cannabis Inc. announced Monday that Cookies sun-grown flower will hit the Ontario market in May. According to Pure Sunfarms, "“It’s an honour to be the sun-grown partner for one of the biggest cannabis brands in the world. The Cookies genetics we’ve grown in our greenhouse have really thrived. We know sun-grown flower is the best flower – and now we get to bring these strains into the light for Cookies consumers to enjoy."

Flora Growth Corp. (NASDAQ:FLGC) launched a brand new skincare line under the brand name, MIND Naturals, this week. According to Flora Growth, “This is a very exciting launch from MIND Naturals and Flora - the US skincare market alone presents a unique opportunity for growing all-natural skincare brands, with annual revenue of approximately $17.6 billion. We look forward to sharing these new Mind products with attendees at the Luxury Meets Cannabis Conference in New York.”

Aurora Cannabis Inc. (NASDAQ:ACB) scheduled its conference call to cover fiscal Q3 of 2022 financial results after the market closes on May 12.

 

Village Farms International, Inc. (NASDAQ:VFF) scheduled its conference call to discuss Q1 financial results before the market opens on May 10.

GrowGeneration Corp (NASDAQ:GRWG) scheduled its conference call to discuss Q1 financial results after the market closes on May 10.

On Wednesday, WM Technology Inc (NASDAQ:MAPS) made headlines. MAPS reported Q1 earnings featuring revenue growth of 40% compared to Q1 of 2021. According to WM Technology, "Our first quarter results demonstrate how we’re playing offense and continuing to drive outsized growth as well as creating distance from the pack as the leading cannabis technology provider and commerce-driven marketplace."

In addition to outperforming expectations on the earnings front, MAPS also announced the completion of its acquisition of Enlighten, a cannabis-centric digital advertising company. With this acquisition, Weedmaps plans to begin offering advertising options in dispensaries for customers buying both in-store and online.

Jazz Pharmaceuticals plc (NASDAQ:JAZZ) announced its first quarter of 2022 financial results this week. According to the press release, JAZZ increased total revenues by 34% compared to the first quarter of 2021. Jazz's neuroscience net product sales were primarily driven by cannabinoid-derived Epidiolex/Epidyolex sales in Q1.

22nd Century Group, Inc. (NASDAQ:XXII) announced its first quarter of 2022 financial results on Thursday. XXII's net loss grew to $8.9 million compared to a net loss of $5.0 million for the first quarter of 2021. Gross profit for Q1 also dropped compared to 2021 down to $0.5 million from $0.6 million.

Innovative Industrial Properties, Inc. (NYSE:IIPR) released unaudited financial results for the first quarter of 2022 on Thursday. Highlights included a total revenue increase of 50% year-over-year up to $64.5 million in Q1. IIPR also paid a quarterly dividend to shareholders of $1.75 per share on April 14. This marks a 17% increase compared to the fourth quarter of 2021 and a 33% increase compared to the first quarter of 2021.

 




 
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