The Daily Hit: July 28, 2021

CANNANNEW REPORT

It’s time for your Daily Hit of cannabis financial news for July 28, 2021. On The Site Tilray Tilray, Inc. (Nasdaq: TLRY) reported financial results for the full fiscal year and fourth quarter ending May 31, 2021. In the fourth quarter, net revenue increased 25% to $142.2 million from $113.5 million for the same time period last year. Cowen & Co. had estimated revenue to be $163 million for the quarter making this a fairly large earnings miss. Investors though seemed pleased with the results as the stock was trading higher by over 10% in early trading to lately sell at $14. Cowen’s price target is $23. Canopy Seth Rogen’s cannabis company Houseplant and Canopy Growth Corporation (NASDAQ: CGC) have decided to end their relationship after three years. It won’t affect the company’s U.S. business and the product is expected to remain on some shelves through September 2021. The relationship between Houseplant and Canopy started in 2018, well ahead of Canadian legalization. The Canadian cannabis market has evolved substantially since those days, and the parties believe the time is right for the Houseplant brand to develop independently while Canopy advances its focus on wholly-owned brands for the Canadian market. IM Cannabis IM Cannabis Corp. (NASDAQ: IMCC) is buying R.A. Yarok Pharm Ltd. also called Pharm Yarok, Rosen High Way Ltd., and High Way Shinua. Ltd. by IMC Holdings Ltd., a wholly-owned Israeli subsidiary. The deal is valued at C$4.6 million. The acquisition is expected to integrate assets that include a license to sell medical cannabis to patients (including the ability to sell online), a large customer service center, a virtual store, and online properties, intellectual property, a logistics, and warehousing center with specialized storage space for over 350 kg of medical cannabis as well as a large customer base.  IMC…

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Source : The Daily Hit: July 28, 2021

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