The Week In Cannabis: Stocks Up, Many Earnings Reports, A New ETF, And More

This was a good week for markets in general, and for cannabis stocks in particular. In fact, all major U.S.-traded ETFs in the sector were up. Over the five trading days of the week:

  • The ETFMG Alternative Harvest ETF (NYSE: MJ): gained almost 2%
  • The AdvisorShares Pure Cannabis ETF (NYSE: YOLO): was up 4.6%
  • The Cannabis ETF (NYSE: THCX): advanced 1.8%.
  • The Amplify Seymour Cannabis ETF (NYSE: CNBS): rose 1.7%.
  • The SPDR S&P 500 ETF Trust (NYSE: SPY) was up 3.3%.

Earnings Reports

Hollister Biosciences Inc. (CSE: HOLL) (OTC: HSTRF) revealed Monday a revenue spike of 4,135% over the year to $8.47 million. The company attributed the boost to the sale of concentrates, pre-rolls, and contract manufacturing services.

During the second quarter of fiscal 2020, Hollister posted a net income of $300,000versus a net loss of $2.1 million in the previous quarter.

Medical Marijuana Inc. (OTC: MJNA) said Tuesday that its net revenue dropped by approximately 18% over the second quarter of 2020 to $10.9 million. The San Diego, California-based company posted net income of around $9.7 million during the quarter compared to a net loss of $90.8 million in the prior period.

For the period ending in June, its gross profit was $8.7 million. Gross margins increased from 74.3% to 79.7% year-over-year.

TILT Holdings Inc. (CSE: TILT) (OTC: TLLTF) disclosed Tuesday second quarter and half-year financial and operating results. Revenue dropped by 9% sequentially and 1% over the year to $38.6 million during the quarter. Cannabis revenues for the first six months of 2020 were up by 196% year-over-year.

The Phoenix-based company posted a gross margin of 28.3%, up by 63 bps compared to the previous quarter, and 384 bps from the corresponding quarter of 2019.

Vireo Health International Inc. (CNSX: VREO) (OTC: VREOF) revealed Wednesday its total revenue, including contributions from discontinued operations, amounted to $12.2 million in the second quarter of 2020. That’s up by 70% compared to the same period last year.

Its retail revenue increased by 46% over the year to roughly $9.2 million.

Rubicon Organics Inc. (CSE: ROMJ) (OTC: ROMJF) released its second-quarter earnings report. The Vancouver-based company reported a 140% sequential increase in gross revenue over the period to CA$1.2 million.

Rubicon also posted a net loss of CA$1.8 million for the quarter, compared to a loss of around CA$3.8 million in the same quarter last year.

Harborside Inc. (CSE: HBOR) reported its retail revenue amounted to $10.2 million in the first quarter of 2020, while wholesale revenue was around $4.4 million, before excise taxes. That’s a year-over-year increase of 23% and 57%, respectively.

Cansortium Inc. (CSE: TIUM.U) (OTC: CNTMF) reported results for the second quarter…

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