In the cannabis space this week, Tilray (NASDAQ:TLRY,TSX:TLRY) shared its latest financial results and later reaffirmed its US market aspirations.
Also during the period, it was confirmed that the relationship between a Canadian cannabis producer and a brand created by a celebrity has ended.
Keep reading to find out more cannabis highlights from the past five days.
Tilray outlines “aggressive” strategy for potential US entry
On Wednesday (June 28), Canadian cannabis producer Tilray offered investors a closer look at its finances for the entire 2021 fiscal year alongside its Q4 period.
While the company reported a net gain for the quarter, US$33.6 million to be exact, the firm still posted a net loss for the year as a whole, reporting US$336 million. Tilray blamed the costs on its gigantic business merger and a US$170.5 million loss of convertible debentures.
“Early results from the new Tilray affirm that, while the global cannabis market remains in its early stages, our vision, scale, access to resources and operational excellence position us optimally to capitalize on the opportunity,” Irwin Simon, CEO and chairman at Tilray, told investors.
In a separate interview with BNN Bloomberg, Simon said the company is evaluating the potential acquisition of a US cannabis operator in an attempt to get ahead of new policy in the country. No further details were shared on these plans.
“We have to do 60 mph in a 50 zone. We can’t be just driving a car and do the speed limit,” Simon said, referring to the expansion plans he holds for Tilray.
Canopy Growth loses partnership with Seth Rogen
The relationship between Canopy Growth (NASDAQ:CGC,TSX:WEED) and cannabis brand Houseplant, co-created by actor Seth Rogen, has ended.
According to Houseplant Co-founder and CEO Michael Mohr, the company realized it needed to change its collaboration status after Houseplant launched in the US. “While our collaboration with the Canopy team has been fruitful and we continue to hold similar views on the opportunities ahead, we believe the time is right for us to focus on Houseplant independently,” Mohr said.
Rade Kovacevic, president and chief product officer at Canopy Growth, said the firm wishes the best to Houseplant moving forward.
Houseplant products will be available in Canada until the end of September. And Rogen said Houseplant will be back: “This is not an exit from the Canadian market, but a chance for us to evolve the brand.”
Cannabis company news
- Tetra Bio-Pharma (TSX:TBP,OTCQB:TBPMF) told investors it has filed a patent application for the use of cannabis plant residue “as an oral prebiotic component.”
- The Valens Company (TSX:VLNS,OTCQX:VLNCF) confirmed an agreement with Harvest One Cannabis (TSXV:HVT,OTCQX:HRVOF) in order to gain white label manufacturer status alongside a provincial sales partner for the LivRelief brand.
- Khiron Life Sciences (TSXV:KHRN,OTCQX:KHRNF) shared new regulations from Colombia. The company’s home market in South America is “expanding the regulatory framework for domestic and export medical cannabis markets.”
- 4Front Ventures (CSE:FFNT,OTCQX:FFNTF) announced Kris Krane, its founder and president of mission dispensaries, is stepping down from his role at the company. “I feel incredibly fortunate to have played an instrumental role in 4Front’s journey to become the premier provider of value-driven, quality cannabis products,” Krane said.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: 4Front Ventures is a client of the Investing News Network. This article is not paid-for content.
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