Cannabis Professional’s daily roundup of industry news. View archive here.
Aurora promotes Shane Morris, André Jérôme
Aurora Cannabis Inc. said Wednesday that Dr. Shane Morris, formerly senior vice president of product development and regulatory affairs, has been promoted to chief product officer, and André Jérôme, formerly senior vice president of business integrations, has been promoted to chief integration officer. The company says Morris will be responsible for the company’s product development for the Canadian and international markets. Mr. Jérôme will oversee all current and future integrations to support the company’s expansion strategy. Mr. Jérôme has led the successful integration of many of Aurora’s largest business assets including CanniMed Therapeutics, MedReleaf, Whistler Cannabis and Anandia Laboratories.
– Staff
Curaleaf revenue jumps on retail growth
Curaleaf Holdings, Inc. said late Tuesday that total revenue for the third quarter of 2019 increased 189 per cent year-over-year to US$61.8 million, compared to US$21.4-million in the third quarter of 2018. Total Revenue for the third quarter of 2019 increased 27 per cent over the second quarter of 2019. The Wakefield, Mass.-based grower, processor and retailer, which operates in several legal U.S. states, said retail and wholesale revenue increased more than threefold to US$50.7-million during the quarter, compared to US$16.6-million in the third quarter of 2018. The increase in retail and wholesale revenue was primarily due to organic growth in Florida, New York and acquisitions in Arizona and Maryland, the company said. Additionally, wholesale revenue increased in Massachusetts as a result of the number of newly opened adult-use dispensaries. Adjusted EBITDA was US$9-million for the third quarter of 2019, compared to a loss of US$3.2-million for the third quarter of 2018. Net loss for the third quarter of 2019 was US$7.4-million, compared to a net loss of $35.6-million in the third quarter of 2018.
- Staff
Harvest Health Q3 revenue increases
Phoenix-based Harvest Health & Recreation Inc. on Wednesday announced revenue for the third quarter of 2019 of US$33.2-million, an increase of 197 per cent from US$11.2-million in the third quarter of 2018, and up 25 per cent compared to US$26.6-million. Harvest, a vertically-integrated U.S. cannabis company, said gross profit excluding biological adjustments in the third quarter was US$11.6-million, compared to $6.7-million in the second quarter of 2019. Adjusted EBITDA excluding biological adjustments was a loss of US$10.9-million, compared to a loss of US$12.4-million in the second quarter of 2019. hree
- Staff
New York likely to drop case clouded by marijuana-hemp confusion
Prosecutors are planning to drop all charges in a New York City case that spotlighted how similarities between legal hemp plants and marijuana can cause confusion. The Brooklyn district attorney’s office said Tuesday that Ronen Levy’s felony marijuana possession case will likely be dismissed Dec. 2. Levy was arrested Nov. 2 after going to a police station to collect 48 kilograms of plants that were seized during shipping from a Vermont farm. They were headed to his brother’s CBD shop. The Levys said the plants were legal hemp used for extracting CBD. Police said a field test came back positive for marijuana, but those tests often can’t distinguish legal hemp from pot.
- Associated Press