Which to be completely honest most have expected it to bleed into the end of Q1 and begining of Q2 anyway. So we are still on track. The good news is you didn’t have a live press conference last night where you eluded to the President of Mexico opening up the border for Gaza (YIKES!). But hey its Friday, we all made it through another week and Fridays have been mostly green for the cannabis sector this year. So enjoy the next 8 minutes and 12 seconds that should get your charged up like a triple espresso and lets get to work.
Cannabis Capital Markets
Aurora Cannabis Inc. (NASDAQ: ACB, TSX: ACB) reports a Q3 fiscal 2024 record Adjusted EBITDA of $4.3 million, its fifth consecutive quarter of growth, bolstered by acquiring MedReleaf Australia. This move enhances its global market position, contributing to significant international revenue growth. Despite this, Aurora faces a net loss, underscoring the industry's competitiveness. The emphasis on Adjusted EBITDA requires stakeholders to carefully assess Aurora's financials beyond this metric for a full performance evaluation. See our full article on the TDR Website.
Read our full report on the TDR website for Canopy Growth (TSX:WEED, NASDAQ:CGC) Q3 FY2024 financial results. The results showed stronger than expected performance with significant revenue growth in its Canadian cannabis operations and record medical sales. It reports a 9% and 11% increase in adult-use and medical cannabis net revenues, respectively, and a notable 36% gross margin, reflecting effective cost management. Strategic efforts, including the Canopy USA strategy and a substantial 81% increase in international revenue, are highlighted as key growth drivers. We keep everyone posted on FY2024's net income over Adjusted EBITDA next quarter when they are released.
Third time this week we see examples of Cannabis companies being good citizens: Green Thumb Industries (CSE: GTII, OTC: GTBIF) has published its 2023 Social Impact Report, emphasizing community support, diversity initiatives, policy reform, and environmental efficiency. The company reported significant donations, inclusivity training, advocacy for cannabis reform, and energy-saving measures. It plans to match Round Up program donations up to $500,000 in 2024, particularly supporting its policy efforts.
Avant Brands Inc. (TSX:AVNT, OTC:AVTBF) announced four new export agreements, raising its total to 11 in Israel, Australia, and Germany. The company is processing these export agreements and exploring trademark licensing for the BLK MKTTM brand. Avant focuses on exporting premium quality cannabis, supported by ICANN-GAP and GACP certified facilities. It is not involved in Israel's anti-dumping investigation and reports all export sales are current with no bad debts.
Glass House Brands Inc. (CBOE CA: GLAS.A.U, OTC: GLASF) announced John Pérez's resignation from the board due to increased commitments at his current job. CEO Kyle Kazan thanked Pérez for his impactful contributions and insights. Pérez expressed gratitude for his time on the board and confidence in Glass House's continued growth, citing a conflict with his professional responsibilities as the reason for stepping down. More changes everyday at the board and executive level in Cannabis.
LEEF Brands, Inc. (CSE: LEEF, OTC: LEEEF) and Lifted Organics have formed a joint venture, 1PN Nursery, with a 50% ownership stake each, located near Lifted's operations in Watsonville, California. This partnership aims to enhance cultivation by integrating nursery operations, allowing for better genetic control and cost reduction. It promises a more diverse and exclusive strain selection for both companies' customers. Aziz Nashat of Lifted emphasized the strategic advantage of in-house nursery operations, while LEEF's CEO, Micah Anderson, expressed enthusiasm for the vertical integration's potential to innovate cannabis cultivation.
A Meredith Poll reveals that 78% of North Carolinians support the passage of a medical marijuana bill, Senate Bill 3, in the upcoming legislative session. The poll also noted that Josh Stein has a narrow lead in the governor's race and that voters favor a law against holding mobile devices while driving. With the election cycle underway, mail-in ballots have been distributed, and early voting is set to begin, while all 170 General Assembly seats are up for grabs in the primaries.
In Hawaii, officials and community leaders oppose legalizing recreational marijuana, as reported by Hawaii News Now. They argue it may boost the black market and increase disorders, with Honolulu's Prosecutor and police chiefs citing negative outcomes from Nevada's experience. Former Governor Lingle highlights the associated risks. Advocates, however, see economic benefits and potential for better regulation and public safety. On the other hand, the Hawaii Governor says legalizing Cannabis could blunt the negative effects of other drugs.
The South Carolina Senate is debating a medical marijuana bill with some senators noting significant changes from its previous version. The bill proposes regulated medical cannabis access and sets specific conditions for use. Discussions are to continue next Tuesday, with the current bill detailing regulatory frameworks, usage restrictions for certain jobs, and no personal cultivation. It also outlines rules for industry involvement by lawmakers and requires annual program reports from DHEC.
Darren Leith, a Canada-based investor and realtor, has sued his wife, Mollie Leith, in B.C. Supreme Court for secretly adding THC oil to his food, aiming to alleviate his pain and anxiety. This unauthorized act led to significant professional and personal repercussions for Leith, including loss of income, psychological distress, and health issues like insomnia and anxiety. Despite his long-term recovery from alcoholism and adverse reactions to THC, his wife's actions, discovered through positive urine tests, prompted him to seek damages for the physical and emotional harm suffered, along with punitive damages for her malicious conduct.
The FCC unanimously banned AI-generated voice robocalls under the 1991 Telephone Consumer Protection Act, responding to their misuse for scams and misinformation, such as robocalls mimicking President Joe Biden to influence voting in New Hampshire. The regulation, effective immediately, subjects violators to fines and legal action, with AI-generated voices classified as "artificial." This move follows an increase in AI-voice robocalls and bipartisan support from state attorneys general for regulatory action.
Google has rebranded its AI chatbot Bard to Gemini and introduced a subscription-based version called Gemini Advanced, aiming to compete with OpenAI's ChatGPT Plus. This initiative consolidates Google's AI services, with Gemini Advanced available through a new $20 per month tier in the Google One service. The rebranding seeks to position Google competitively in the AI market, focusing on enhancing user interaction with more personality. Initially, Gemini will be available in English in the US, with plans to expand to the Asia Pacific region. This strategy reflects Google's response to the evolving AI landscape and the competition with OpenAI. Want an example of how advanced Gemini AI is? Check out the image below!