Nova Announces Fourth Quarter and Year End 2022 Results

Wednesday, 29 March 2023, 06:07:00
Fourth quarter sales growth of 4.2% and increased gross margin percentage to 20.8% from 18.9% compared to the third quarter of 2022, driven by the execution of Nova”s disciplined pricing strategy and private label initiatives EDMONTON, AB , March 29, 2023 /CNW/ – Nova Cannabis Inc. (the ” Company ” or ” Nova “) (TSX: NOVC ) today released its annual audited consolidated financial statements (the ” annual financial statements “) and management”s discussion and analysis (” MD&A “) for the year ended December 31, 2022. All financial information in this press release is reported in millions of Canadian dollars and represents results from continuing operations, unless otherwise indicated. “Building on the consistent momentum we”ve demonstrated through the year, Nova once again posted record revenue for the fourth quarter of 2022 as the Value Buds format continues to standout in a competitive marketplace,” said Marcie Kiziak , CEO of Nova. “Our revenue growth is accompanied by gross margin growth, as we”ve started to adjust pricing in certain areas where the competitive pressures have waned.
— Benzinga

Daily Hit: March 28, 2023

Wednesday, 29 March 2023, 01:05:38
The Daily Hit is a recap of the top financial news stories for March 28, 2023. On the Site Judge Narrows New York Retail Licensing Injunction to One Region An injunction issued by a federal judge in November that has stalled retail cannabis licensing in five of New York’s regions has been narrowed now to just one – the Finger Lakes. That means marijuana retail licenses can now be awarded by the state Office of Cannabis Management in the other four regions, which include Brooklyn, Central New York, Western New York and the Mid-Hudson areas. Read more here. Eight Cannabis Companies Sue Georgia, Allege Fraud, Corruption in Licensing A coalition of eight companies that submitted bids for medical marijuana licenses in Georgia have filed suit against the state, alleging that the permitting process was corrupt and fraudulent and asking a judge to set aside the license awards. Read more here. Massachusetts’ MCR Labs Accuses Control Board of Harassment The CEO and founder of Massachusetts cannabis testing company MCR Labs is accusing the state’s Cannabis Control Board of harassing and intimidating employees, disregarding safety protocols, and compromising their facility’s testing integrity during an unannounced inspection last week.
— Green Market Report

SNDL to purchase four cannabis stores from B.C.”s embattled Dutch Love in $7.8M deal

Tuesday, 28 March 2023, 21:32:32
Company run by those behind Vancouver’s Donnelly Group sought creditor protection late last year
— Times Colonist

SNDL to purchase four cannabis stores from B.C.”s embattled Dutch Love in $7.8M deal

Tuesday, 28 March 2023, 21:28:13
Calgary-based pot retailer SNDL Inc. says it is buying four Dutch Love cannabis stores from Lightbox Enterprises Ltd. SNDL says it is paying $7.8 million for three stores in B.C., one in Ontario and the right to use some of Dutch Love”s intellectual property. Around $1.5 million of the price will be paid in cash, $3 million will come in the form of cancelled debt owed by Lightbox to SNDL and $3.3 million will be paid in common shares of SNDL. The stores SNDL will acquire generated a combined annual revenue of $11.5 million in 2022, with an average gross margin of 36.5 per cent. The deal is anticipated to close by the end of May, and is the result of a sale and investment solicitation process undertaken by Lightbox as part of its proceedings under the Companies” Creditors Arrangement Act. The expected close will be concurrent with the proposed restructuring of Nova Cannabis Inc. and SNDL. Lightbox Entertainment is run by those behind Vancouver’s Donnelly Group, best known for its chain of pubs.
— Business In Vancouver

SNDL to purchase four Dutch Love cannabis stores in $7.8M deal – BNN Bloomberg

Tuesday, 28 March 2023, 19:32:41
Calgary-based pot retailer SNDL Inc. says it is buying four Dutch Love cannabis stores from Lightbox Enterprises.
— BNN Bloomberg