Charlotte's Web shares fall on Q2 sales dip 

Shares of U.S. CBD-maker Charlotte's Web fell by more than six per cent on Monday after the company reported second-quarter results that showed a sharp decline in revenue. Charlotte's Web said it made US$21.6 million in its Q2, down from US$25 million during the same period last year. Meanwhile, the company recorded an adjusted-EBITDA-loss of US$5.7 million in its Q2 which it attributed to higher costs needed for future growth, as well as lower sales. Cantor Fitzgerald analyst Pablo Zuanic said in a note on Monday that the company's brand innovation and sales from its recent Abacus Health acquisition should point to a better second-half. 

Inner Spirit gets additional funding to help support pot shop expansion efforts 

Inner Spirit Holdings wants to build more cannabis stores across Canada, but needs a little bit more capital to do so. The company announced Monday that it secured $720,000 in a private placement offering with an existing U.K.-based investor to help fund future store growth. The investment will see the unnamed investor hold about 9.7 per cent of Inner Spirit, the company said. Inner Spirit owns or operates 58 cannabis stores across Canada and has $4.5 million in cash on had for expansion efforts, the company said.    

Aurora expects to disclose 'material weaknesses' during upcoming quarterly results

Aurora Cannabis said it expects to disclose "certain material weaknesses" in its internal control framework when it releases fourth-quarter results later this month. The company said these "weaknesses" are a result of changes it made during its business transformation process it began in the beginning of the year. Aurora said it is "in the process of remediating identified control deficiencies," but doesn't expect to change previously released results as a result of the errors. The company said it is disclosing the weaknesses now due to regulatory requirements under the Sarbanes Oxley Act.

Meta Growth quarterly revenue edges higher, while sees High Tide deal closing in November

Canadian cannabis retailer Meta Growth said Monday the company generated $13.7 million in revenue during its fiscal third quarter. The company's sales were just 1.8 per cent higher than the prior quarter, while Meta booked a $2.6-million loss in its Q3, an improvement from its $4.9 million Q2 loss. Meta also said that it expects its deal to be wholly acquired by High Tide to close in early November. Desjardins analyst John Chu said Meta's results were mostly in line with expectations, but noted competition remains intense in Alberta, where the retailer has the most stores in its portfolio.   

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