GMR Cannabis Index Adds Six Companies, Issues Second Quarter Report


The Green Market Report Cannabis Company Index has added six companies to the Index and published its second-quarter recap report. The Index experienced an overall 8% decline in the second quarter due to the drop in valuations of the companies. Year-to-date the Index is still up 27%. The second-quarter stock performance was almost the polar opposite from the first quarter. The first quarter saw the Index companies delivering mostly positive returns. In the second quarter, most of the Index companies turned in negative results with only a handful in the green zone. Consolidation continues in the industry and the gap between small and large companies seems to be widening. New Company Additions The Index will be adding the following companies for the third quarter: Ayr Wellness (OTC: AYRWF), Curaleaf (OTC: CURLF), Fire & Flower (OTC: FFLWF), Gage Cannabis, Turning Point Brands (NYSE: TPB), and Verano (OTC: VRNOF). In May, Ayr Wellness Inc. (OTCQX: AYRWF) reported its financial results for the quarter ending in March with revenue rising 74% to $58.4 million. The company said it was in the early innings of its 2021 strategic transformation having closed on acquisitions like Liberty Health Sciences and adding the fourth largest retail footprint in Florida.  It’s hard to explain how Curaleaf wasn’t already in the Index, but it is now. In May, Curaleaf reported its first-quarter total revenue increased by 170% to $260 million versus $96 million in the first quarter of 2020. Growth in retail revenue was primarily due to strong organic growth across Curaleaf’s footprint, the opening of six new stores across Florida, Maine, and Pennsylvania, and the rapid acceleration of revenue growth in Arizona after the introduction of adult-use sales in January of 2021. In June, Fire & Flower Holdings Corp. (OTCQX: FFLWF) reported that in its first quarter ending in…

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Source : GMR Cannabis Index Adds Six Companies, Issues Second Quarter Report

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