The Daily Hit: August 2, 2021

CANNANNEW REPORT

It’s time for your Daily Hit of cannabis financial news for August 2, 2021. On the Site Jushi Jushi Holdings Inc. (CSE: JUSH) (OTCQX: JUSHF) decided to jump the gun with its good news and pre-announced its second-quarter 2021 financial results. Jushi reported that its revenue increased 14.6% sequentially to $47.7 million. This was a year-over-year increase of 219.7%. It was also within the range that had been forecast during the company’s last earnings report. At that time CEO Jim Cacioppo said, “For the second quarter of 2021, we expect revenues to be between $45 to $48 million and Adjusted EBITDA to be between $4 to $6 million.” The company delivered an adjusted EBITDA of $4.6 million, or 9.6% of revenue for the second quarter. Jushi also trimmed its net losses in the second quarter to $11.4 million from the first quarter’s net loss of $28 million. ManifestSeven Following the close of the market on Friday, ManifestSeven Holdings Corporation (OTC: MNFSF) reported its financial results for its fiscal second-quarter ending May 31, 2021, as revenue fell from last year and was flat sequentially. The total revenue for the quarter was $3.7 million, which dropped from last year’s $4.9 million for the same time period. It was flat from the first quarter’s revenue of $3.8 million. The net loss for the quarter increased from $1 million in 2020 to $1.7 million in 2021. M7 said it continued to optimize its cost structure, resulting in operating expenses of $2.7 million during the fiscal second quarter, representing a decrease of 23% from $3.5 million during the first fiscal quarter. In Other News Tilt Alternative Finance Network (AFN), an independent financing network serving cannabis and hemp companies in the United States and Canada, announced today that it has arranged a $10 million revolving credit facility…

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Source : The Daily Hit: August 2, 2021

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