Cannabis Sector Kicks Off March With a Blast of Q4 Earnings

Village Farms International, Inc. (NASDAQ:VFF) released its fourth quarter of 2021 financial results on Tuesday, March 1. According to Village Farms' CEO, "In the fourth quarter, we once again saw strong year-over-year growth in sales and adjusted EBITDA, with positive adjusted EBITDA contributions from each of our Canadian Cannabis, US Cannabis and Village Farms Fresh (produce) businesses for the second consecutive quarter."

Cronos Group Inc. (NASDAQ:CRON) also released fourth quarter of 2021 financial results on March 1. Per Cronos Group's CEO, "Our fourth quarter 2021 results indicate positive momentum, which we will look to carry forward as we begin to implement our strategic and operational realignment initiatives. As we look to 2022, we will continue to realign Cronos Group's organizational structure to match our strategy, with a primary focus on adult-use products and elevating our brands through rare cannabinoids.”

The Valens Company Inc. (NASDAQ:VLNS) released fourth quarter of 2021 financial results on Tuesday. According to Valens' CEO, "This quarter showcases the progress we have made in our business plan in key areas despite a competitive and challenging operating environment in Canada and globally. Net revenue slightly declined quarter-over-quarter, as we completed the transition of our B2B business to align with the 'fewer, bigger, better' strategy and was negatively impacted by the floods in British Columbia which resulted in supply chain disruptions. However, in our two key revenue segments, we are very pleased with the industry leading growth in provincial sales revenue and the full quarter revenue generated by our Green Roads US CBD business. With the B2B transition largely behind us, we expect to have more sustained growth in 2022."

Zynerba Pharmaceuticals, Inc. (NASDAQ:ZYNE) released fourth quarter of 2021 financial results on Tuesday, March 1. Per Zynerba's CEO, “In 2022, we look to build on last year’s progress as we continue to enroll patients in our confirmatory pivotal Phase 3 trial in Fragile X syndrome, initiate a Phase 3 program in autism spectrum disorder and report topline results in our Phase 2 trial in 22q11.2 deletion syndrome. We are committed to achieving our goal of bringing the first pharmaceutical product indicated for the treatment of behavioral symptoms of Fragile X syndrome to market, as well as advancing Zygel in other rare and near rare neuropsychiatric indications.”

On Tuesday, Organigram Holdings Inc. (NASDAQ:OGI) announced that it had received an investment from BAT of $6.3 million CAD, increasing BAT's equity position in Organigram up to 19.5%.

GrowGeneration Corp. (NASDAQ:GRWG) released fourth quarter of 2021 financial results on Tuesday, March 1. Revenues increase nearly $30 million year-over-year in Q4 and over $200 million year-over-year compared to 2020. According to GrowGen's CEO,  "In order to position the company for 2022 and beyond, we have made several strategic decisions to drive margin improvements and EBITDA. As of Dec. 31, 2021 our balance sheet remains strong with $81 million of available liquidity. Given our view of the business today and the continued challenges across the US market, we expect to generate full year revenue of $415 to $445 million in 2022."

Vessel, a brand under the Flora Growth Corp. (NASDAQ:FLGC), confirmed the execution of a distribution agreement with JustCBD's Speedy to launch cash-and-carry distribution centers. This will be Vessel's first step into traditional smoke shop channels and Vessel plans to create new products specifically for this distribution arrangement.  According to JustCBD CEO, “The Vessel team designs excellent customer experiences, and whether through e-commerce or traditional wholesale, the products are always well received by customers. We see this agreement as the first of many where we leverage JustCBD’s existing distribution network and Flora’s diverse product portfolio to amplify growth for our combined Company.”

Manitoba Harvest, a wholly-owned subsidiary of cannabis brand Tilray Brands, Inc. (NASDAQ:TLRY), plans to release its brand new hemp products at the upcoming Natural Products Expo West. According to the VP of Marketing at Manitoba Harvest, “Hemp has been one of the most misunderstood plants for decades, and we’re thrilled to see consumers beginning to understand its nutritional value. These new items take full advantage of Hemp’s Protein and Omega content and will be a perfect option for consumers looking to enhance their wellness routine."

Clever Leaves Holdings Inc. (NASDAQ:CLVR) confirmed it had signed a 4-year and $7.8 million supply agreement with Australian Natural Therapeutics Group (ANTG). According to the terms of the agreement, CLVR will provide CBD isolate and THC crude oil from Colombia as well as THC dried flower from Portugal. According to Clever Leaves' CEO, “Australia is a rapidly expanding market, and increasing product shipments to the country allows Clever Leaves to accelerate market growth further. ANTG’s research focus, pharmaceutical certifications and distribution capabilities are aligned with our mission to produce high-quality cannabinoid-based medicinal treatments that can meet patient needs.”