Cannabis Briefs for 10/31/2023
October 31, 2023•Toronto-based Humble & Fume reported 4% sales growth for its full fiscal year 2023. The company said the growth reflected its efforts to focus on the California cannabis sector, which offers higher margins and lower capital requirements. In addition to growing sales, the company made progress in decreasing operations cost; excluding the California distribution business, Humble & Fume saw operations expenses drop 46% and inventory value drop 36%, which the company attributes to cost management, optimization, and inventory management. Johnson Brothers is indirectly invested in the distributor through Green Acre Capital Distribution Corp, which has a jv with Humble & Fume.
•Multi-state operator Ascend Wellness Holdings has announced strong preliminary third quarter results, with net revenue up 15% to roughly $140 million. This is the sixth consecutive quarter that Ascend has seen record revenue. In addition, company reported its third consecutive quarter of positive cash from operations, and its first quarter of positive free cash flow. “Based on our preliminary evaluation, Q3 2023 marks a noteworthy milestone for our company as our preliminary results have exceeded expectations,” said executive chairman Abner Kurtin, adding that the group saw “a significant increase in adjusted EBITDA and continued healthy cash flow generation.”
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