With the main financial reporting season taking place in August, let's scroll through the latest updates on the cannabis earnings calendar.
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Glass House
Glass House Brands Inc. (OTCQX:GLASF) (OTC:GHBWF), which just issued an open letter to President Biden, former President Trump and Vice President Harris urging them to completely de-schedule cannabis and grant clemency to those incarcerated for nonviolent marijuana offenses, will report financial results on Tuesday, August 13, 2024, after market close.
The California-based company said it will host a conference call to discuss the results at 5:00 pm Eastern Time.
Led by CEO Kyle Kazan, Glass House Brands reported recently that a California court dismissed a lawsuit accusing the cannabis giant of involvement in the illegal cannabis market. The Superior Court of California in Los Angeles County ruled in favor of the company, dismissing the case with prejudice and awarding costs against the plaintiff, Catalyst Cannabis Co.
Read Also: EXCLUSIVE: CEO Of This California Company Has Advice On How To Beat The Illicit Cannabis Market, Shares His Formula At Benzinga Conference
Schwazze
Medicine Man Technologies, Inc., operating as Schwazze, (OTC:SHWZ) (Cboe CA: SHWZ) will host a conference call on Tuesday, August 13, 2024, at 5:00 pm Eastern time to discuss its financial and operational results for the second quarter ended June 30, 2024.
The company's first-quarter results announced in May showed a total revenue increase of 4% year-over-year to $41.6 million, while net loss widened to $16.1 million for the quarter, compared to net income of $1.7 million in the first quarter of 2023. Schwazze has focused on enhancing its retail and wholesale strategies, including pricing, promotions and improving the in-store experience, during the period.
In early July, the company announced its common stock will soon transition to the OTC Expert Market, under the ticker symbol “SHWZ.” The Denver-based company said this is due to its delayed filing of its Form 10-Q for the period ended March 31, 2024, with the Securities and Exchange Commission (SEC).
The company recently finalized an agreement with two of its lenders to restructure its $15 million Altmore, LLC loan agreement and its $17 million Reynold Greenleaf & Associates LLC promissory note. Schwazze officials said the debt restructuring improves its financial position by extending the maturities of both debt instruments to the end of 2025 and materially reducing amortization payments for the Altmore loan agreement.
Jones Soda
Jones Soda Co. (CSE:JSDA) (OTCQB:JSDA) a cannabis-infused beverage maker, will hold a conference call on Tuesday, August 13, 2024, at 4:30 pm Eastern Time to discuss its financial results for the second quarter that ended June 30, 2024.
The company's first-quarter financial report from May revealed revenue improvement of 39% year-over-year reaching $5 million, from $3.9 million. The quarterly results include roughly $600,000 in revenue from the cannabis business – Mary Jones, compared to approximately $200,000 in the first quarter of 2023.
On Monday, Jones Soda closed the first tranche of a previously announced private placement offering of its units for aggregate gross proceeds of $3,013,960. The weed-infused drinks innovator first announced a private placement of up to 7.5 million units for 40 cents per unit, for a total gross proceeds of $3 million earlier in July, only to increase the size of its private placement shortly after. According to a July 11 press release, Jones Soda said it will issue up to 10 million units of the company for $0.40 per unit, for aggregate gross proceeds of $4 million.
Read Also: Cannabis-Infused Innovator Jones Soda Co. Partners With Street League Skateboarding In Multi-Year Deal
SHF Holdings
SHF Holdings, Inc., which is doing business as Safe Harbor Financial (NASDAQ:SHFS) will report financial results for the second quarter of 2024 ending June 30, 2024, on Wednesday, August 14, 2024, after the close of the market. CEO Sundie Seefried and CFO Jim Dennedy, will host a conference call and webcast at 4:30 pm Eastern Time the same day to discuss the Company’s financial results and provide investors with key business highlights.
In May, SHF Holdings reported a 245% year-over-year increase in net income to approximately $2.0 million for the first quarter of 2024. With the potential reclassification of cannabis from a Schedule I to a Schedule III substance, Safe Harbor anticipates an increase in capital flowing into financial institutions.
The company has recently successfully exited a $3.1 million loan that was previously in default.
Last week, the company partnered with BIPOCann, a Denver-based consulting firm dedicated to aiding social equity and minority entrepreneurs in the cannabis sector. Under this partnership, BIPOCann will offer its full membership benefits, valued at $600, to all of Safe Harbor's existing social equity clients at no additional cost.
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