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Wall Street JournalEarnings Season Looms Large: Here's When Leading Marijuana Lender And This Cannabis Company Will Report Results
AFC Gamma
AFC Gamma, Inc. (NASDAQ:AFCG) will report earnings for the quarter ended Sept. 30, 2024 on Wednesday, Nov. 13, 2024.
The West Palm Beach, Florida-based company will host a conference call to discuss its quarterly financial results at 10:00 am ET the same day.
AFC Gamma is one of the leading lenders in the cannabis sector and one of two major externally managed REITs focusing on the industry. In a recent note, senior analyst Pablo Zuanic of Zuanic & Associates explained how AFCG secures favorable lending terms due to limited capital access for cannabis operators, driven by federal illegality, as highlighted by Benzinga's Nicolás Jose Rodriguez.
That said, AFC Gamma’s loan book has shown growth, with four new deals totaling over $70 million secured between March and June 2024, including loans to Sunburn Cannabis in Florida ($36.5 million), SocietyC in Michigan ($15 million), a Tier-2 licensee in Georgia ($11 million) and Gron Edibles ($7.5 million), to name a few.
The company recently declared third-quarter 2024 dividends of $0.33 per common share, payable on Oct. 15, 2024, to stockholders of record as of Sept. 30, 2024. The September announcement marked AFC Gamma's first dividend post-spin-off.
AFC Gamma's shares traded 1.30% higher at $10.16 per share at the time of writing on Tuesday.
Read Also: This Cannabis Lender Is Sitting On A Stack Of Capital: 100% Dividends Meet Equity-Like Returns
Ascend Wellness
Ascend Wellness Holdings, Inc. (CSE:AAWH) (OTCQX:AAWH), will hold a conference call on Tuesday, Nov. 12, 2024, at 8:30 am ET following the release of its third quarter 2024 financial results.
The company reported its financial results for the second quarter ended June 30, 2024 in August, revealing revenue of $141.54 million, compared to $122.99 million in the same period of 2023.
Former CEO John Hartmann said at the time the second quarter showed a "robust year-over-year growth for several of our key metrics, including a 15% increase in revenue and a 33% rise in Adjusted EBITDA.”
Hartmann was replaced by Samuel Brill in August. Brill who serves as the company's new CEO has been instrumental in guiding Ascend Wellness through its recent refinancing efforts, the company said earlier.
In July, Ascend closed its previously announced private placement of $235 million of 12.75% senior secured notes due 2029.
Ascend Wellness' shares traded 5.95% lower at 77 cents per share at the time of writing on Tuesday.
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