A shortened week kicked off on Tuesday with news about Aurora Cannabis Inc. (NYSE:ACB) (TSX:ACB), naming Miguel Martin as its new CEO, and reporting its fourth quarter financial results of fiscal 2020.
During the last three months of this year, net revenue is expected to amount between $70 million and $72 million versus $75.5 million in the prior quarter. Aurora anticipates its cannabis net revenue to be between $66 million and $68 million, compared to $69.6 million in the previous three-month period.
Former CEO Michael Singer remains with the company as Executive Chairman. The team has "focused on building the infrastructure and capabilities necessary for a successful and diversified business," as a part of its "business transformation," Singer said.
Cantor Fitzgerald analyst Pablo Zuanic maintained an Overweight rating on Aurora and reduced the price target from CA$29 ($22.02) to CA$17.50 ($13.29) due to the sequential decline in June quarter sales.
Shares of Aurora lost more than 15% in the last four days.
Debra Borchardt, Editor-In-Chief of Green Market Report, told Benzinga, “The massive charge that Aurora took this week overshadowed the fact that revenues fell sequentially. While $70 million in revenue for the quarter is nothing to sneeze at, seeing revenue decline is never a good sign for a company. It is definitely worrisome and could speak of bigger problems at the company.”
Over the four trading days of the week:
- ETFMG Alternative Harvest ETF (NYSE:MJ): lost 1%
- AdvisorShares Pure Cannabis ETF (NYSE:YOLO): was almost flat.
- Cannabis ETF (NYSE:THCX): was flat too.
- Amplify Seymour Cannabis ETF (NYSE:CNBS): also closed the week flat.
- SPDR S&P 500 ETF Trust (NYSE:SPY) was down 1.1%.
In other news, Martha Stewart and Marquee Brands introduced a line of hemp-derived wellness supplements in collaboration with Canopy Growth Corp. (TSX:WEED) (NYSE:CGC). Martha Stewart CBD product line includes gummies — Citrus Medley and Berry Medley — as well as softgels and oil drops. The products are developed by Stewart in partnership with Canopy Growth’s scientific team.\
Halo Labs Inc. (NEO: HALO) (OTCQX:AGEEF) teamed up with Feel Better LLC for the production and commercialization of marijuana branded products. Feel Better, which does business as FlowerShop, previously partnered with rapper and producer Gerald Earl Gillum, also known as G-Eazy.
The Toronto, Ontario-based company also agreed to purchase a 25% membership interest in Feel Better, which does business as FlowerShop. In exchange, Halo agreed to issue some 15.4 million of its common shares.
Supplements company Champions + Legends partnered with Fox Sports commentator Jay Glazer. In his new role, Glazer will be involved in the brand's overall vision and long-term growth strategy, while providing social media and content support to the hemp and CBD startup.
Hemptown USA announced plans to go public with Spectre Capital Corp, a capital pool company listed on the TSX Venture Exchange. Hemptown CEO Eric Gripentrog said the "ultimate goal has always been becoming the ‘P&G’ of the cannabinoid industry." Having access to capital markets and a public listing, will allow the company to grow its investments and acquisitions, he told Benzinga.
New Jersey-based oral care company SprinJene partnered with Zelira Therapeutics (ASX: ZLD) (OTCQB:ZLDAF) to launch hemp-derived CBD dental products. The companies expect to have their first product in the market by end of fourth quarter 2020. This will be SprinJene's first CBD product as it joins their line of Gluten-Free, Cruelty-Free, Vegan, Kosher and Halal oral care brands. SprinJene line is currently available nationwide at Walmart, Costco, Bed Bath & Beyond, Amazon, and VitaCost.
Zelira CEO Oludare Odumoso told Benzinga, “it was SprinJene's socially conscious brand that attracted us. We remain focused on unlocking the benefits of cannabinoid-based applications as we expand our company’s reach into new and lucrative markets.”
SprinJene CEO Sayed Ibrahim added, "Our collaboration to commercialize the most advanced hemp-derived cannabinoid-based oral care products expands our reach into new oral care markets where every person can access the daily benefit of using our products.”
CbdMD Inc. (NYSE:YCBD) has signed a multi-year retail distribution agreement with health club chain Life Time Inc. (LT).
Benzinga Cannabis’ content is now available in Spanish on El Planteo.
An exclusive licensing partnership announced this week will bring Wana Brands exclusively to the 25 MÜV Medical Cannabis Dispensaries across Florida. “We know our Florida patients are always best served by the highest-quality products we can offer,” said John Tipton, CEO of AltMed Florida. “Through this partnership with Wana Brands, we will have another quality alternative for our cannabis patients to experience.”
Exclusive Brands celebrated the grand opening of its second dispensary located in the city of Kalamazoo, Michigan.
“After months of hard work and strategic planning, especially during the pandemic, opening our doors in Kalamazoo is a highly anticipated opportunity for us to serve our customers on the west side of the state. This is a pivotal step in Exclusive’s expansion to create better access to clean, safe cannabis for medical and adult-use customers across Michigan,” Narmin Jarrous, executive vice president of business development, told Benzinga.
Medical Marijuana Inc. (OTC:MJNA) signed a Trademark License and Royalty Agreement with direct selling company The Best Friend to sell a line of veterinarian-developed pet food products, as well as a line of CBD tinctures designed for pets, throughout Europe.
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Lead image by Ilona Szentivanyi. Copyright: Benzinga.