This week's cannabis business news | The Bengal Bite 🐯
urban-gro, Inc. Reports Record Preliminary Full Year 2021 Results and Record Backlog Heading Into 2022 (urban-gro)
urban-gro, Inc. (Nasdaq: UGRO), a fully integrated architectural, engineering and cultivation systems integrator for commercial cannabis and food-focused indoor Controlled Environment Agriculture (“CEA”) facilities, today reported preliminary select financial performance for its full fiscal year ended on December 31, 2021.
Bradley Nattrass, Chairman and CEO of urban-gro commented, “2021 was an exceptional year for our organization and I’m pleased we exceeded our business and financial expectations. As we move into 2022, we are experiencing strength in our diversified global CEA markets and continue to enjoy significant momentum with both new and existing clients. Moreover, our record consolidated backlog demonstrates the execution of our growth strategies as the increase in our backlog also extends to our services business, which is performing extremely well following our accretive acquisition of 2WR+ in 2021. Further, additional benefits of these services agreements have yet to be realized as we expect significant waterfall revenue of new associated equipment contracts in 2022.”
Grown Rogue Reports Fourth Quarter 2021 Results, 30% aEBITDA1 Margin and 24% Sequential Revenue Growth (Grown Rogue)
Grown Rogue International Inc. (CSE: GRIN) (OTC: GRUSF), a multi-state cannabis company with operations and assets in Oregon and Michigan, reports unaudited fourth quarter results.
Positive Net Income of $0.43M, before fair value adjustments
Q4 2021 Revenue of $3.76M versus $3.03M in Q3 2021, an increase of 24%
Q4 2021 aEBITDA1 margin of 30% ($1.14M), versus 25% ($0.77M) in Q3 2021, an increase of 48% ($0.37M)
Michigan operations (through Golden Harvests, LLC) report industry leading gross margin of 72% and aEBITDA1 margin of 52%, before fair value adjustments
Top performing Oregon brand in both August and October, according to LeafLink
Legal Marijuana States Have Generated Nearly $8 Billion In Tax Revenue Since Recreational Sales Launched, Report Finds (Marijuana Moment):
States that have legalized marijuana for adult use have collectively generated nearly $8 billion in tax revenue from cannabis since legal sales first began in 2014, according to a new report from the Marijuana Policy Project (MPP).
The analysis examined the tax structure and revenue streams of all 18 states that have legalized recreational cannabis, though sales have not launched yet in seven of those states. Overall, it shows that establishing regulated marijuana markets gives states a steady and generally growing source of revenue that can support various programs and services.
Last year alone, the adult-use states collected $2.7 billion in taxes from cannabis sales. And as more markets come online and others mature, that’s expected to continue to grow.