Origin House reports $11.2M in Q1 revenue ahead of Cresco Labs vote 

Origin House, the trade name of CannaRoyalty Corp., reported Wednesday it generated $11.2 million in first quarter revenue for the three months ended March 31. That’s up a whopping 1,635 per cent from the same period a year ago, the company said in a release. Origin House, which agreed to be acquired by U.S. cannabis operator Cresco Labs for $1.1 billion last month, also reported an adjusted EBIDTA loss of $12.7 million as compared to an adjusted EBIDTA loss of $900,000 a year earlier. The company will hold a special meeting for shareholders on June 11 in regards to its $1.1 billion acquisition offer from Cresco Labs.

Trulieve forecasts revenue between US$220M to US$240M in 2020

Florida-based cannabis operator Trulieve Cannabis reported US$44.5 million in revenue in its fiscal first quarter, up 192 per cent from the same period a year ago. The company – which mainly focuses on the Florida medical marijuana market with 26 dispensaries in the state – recorded a 67 per cent gross margin in the quarter, up from 58 per cent the same time a year earlier. Trulieve operates in four U.S. states including California and Connecticut. It provided guidance of US$220 million to US$240 million in revenue in 2020, while generating adjusted EBITDA of US$95million to US$105 million. Beacon Securities said in a report to clients on Wednesday Trulieve is “unique” among cannabis companies for “delivering strong cash flow, even after funding working capital needs.”

Google to stamp out marijuana selling apps on Android app store  

Got an Android device and looking to order some cannabis? You might be out of luck after Google updated its policy for its Android app store, noting that it doesn’t “allow apps that facilitate the sale of marijuana or marijuana products, regardless of legality,” reported Marijuana Moment. Google won’t permit any apps to allow users “to order marijuana through an in-app shopping cart feature,” help users “in arranging delivery or pick up of marijuana” or facilitate the “sale of products containing THC,” the news site reported. While Apple has previously banned marijuana-related apps, the company lifted that ban in 2015 and takes a relatively hands-off approach to the issue.

Pot Pickups – Pharmacielo adds former U.S. Congressman, Vireo Health hires new CMO 

Columbia cannabis producer PharmaCielo announced Wednesday it hired former U.S. congressman Dana Rohrabacher as a special advisor to the company. Rohrabacher, who served in Congress between 2003 to 2013, will help PharmaCielo “understand U.S. federal and state policy and patient medicinal needs,” the company said in a statement. Meanwhile, U.S. multi-state cannabis operator Vireo Health said it hired Harris Rabin in a newly created role of chief marketing officer on Wednesday. Rabin, who held similar senior marketing roles at Anheuser-Busch InBev and Bayer HealthCare, will oversee Vireo’s brand marketing, e-commerce, and sales efforts.

DAILY BUZZ

US$31.2 million

-The net loss reported by Acreage Holdings for its first first quarter 2019 results announced late Tuesday.

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