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As a Latino advocacy group met with a federal regulator Tuesday to discuss their concerns about alleged abuses perpetrated by Herbalife (NYSE: HLF) against Latinos and others, hedge-fund manager Bill Ackman continued his efforts to portray the company as an illegal pyramid scheme. This time. Read More. Don t Miss Any Updates! News Directly in Your Inbox Subscribe to:
Cannabis stocks traded mostly in the green this week, as we got into earnings season.
“While there were a lot of companies reporting earnings, like Turning Point Brands who gave guidance of $422 million for 2021, I thought the biggest piece of data came from Pennsylvania
,” Debra Borchardt, editor-in-chief of Green Market Report, told Benzinga. “The state reported that in one year it had sold over $900 million in medical marijuana. This demonstrates the demand for cannabis in this state and bodes well for any future adult-use legalization. This is also a big number when one considers that the program has only just gotten underway.”
Namaste Technologies Inc. (TSXV:N) (OTCQB:NXTTF), a cannabis-focused e-commerce company, reported Wednesday that its gross revenue grew by 13% year-over-year to CA$6.15 million ($4.96 million) in the first quarter of 2021.
Net revenue for the first three months of the fiscal year amounted to CA$5.5 million, compared to CA$5.3 million in the same quarter of 2020, and CA$7.2 million in the prior quarter.
Here’s a breakdown of what the first-quarter earnings report showed:
Cannabis revenue spiked 113% year-over-year, accounting for 47% of total net revenues.
Operating expenses declined by CA$7.5 million over the same period, to CA$2.5 million.
Inventories dropped by 33% to CA$5.9 million, from CA$8.8 million in the corresponding quarter of last year.
Cannabis Revenue Increased by 113% in Q1 2021 Compared to Q1 2020
TORONTO, April 28, 2021 (GLOBE NEWSWIRE)
Namaste Technologies Inc. (“
Company”)
(TSXV: N) (FRANKFURT: M5BQ) (OTCMKTS: NXTTF) a marketplace platform for cannabis and wellness products, today reported its financial results for the first quarter ended February 28, 2021 (“Q1 2021”) with references made to financial results for the first quarter ended February 29, 2020 (“Q1 2020”). All financial figures are in Canadian dollars unless otherwise indicated.
Q1 2021 Highlights:
Net cash used in operating activities decreased by
$7.5 million to $2.5 million in Q1 2021 vs. Q1 2020, reflecting improved management of our short term assets.
Gross revenue for Q1 2021 was
$6.15 million ($5.46 million Q1 2020), representing an increase of