The Daily Hit: January 20, 2022

It’s time for your Daily Hit of cannabis financial news for January 20, 2022.

On the Site

 Agrify

Agrify Corporation (Nasdaq: AGFY) reported that its fourth-quarter 2021 new bookings exceeded $250 million and the company reaffirmed its fourth-quarter 2021 revenue guidance of $26 million to $28 million, subject to the completion of its standard audit process. The more than $250 million in new bookings for the fourth quarter of 2021 is $150 million greater than the previously provided fourth-quarter guidance of $100 million and over $220 million greater than the bookings the company generated in the third quarter of 2021. The new bookings are an operational metric comprised of Agrify’s sales of its state-of-the-art cultivation and extraction solutions, including its Vertical Farming Units, as well as the expected revenue from Agrify’s Total Turn-Key Solution agreements over the first three years of cultivation. The company said it expects to generate substantially more value over the full 10-year term of the TTK partnerships.

Psychedelics

It wasn’t that long ago when psychedelics emerged as a potentially better natural plant-based medicine for treating such things as treatment-resistant depression (TRD), into what is now a billion-dollar juggernaut of an industry. Then an even curiouser thing happened. Around 2015, organizers of more and more conferences about cannabis—and some that were not about cannabis at all—began inviting psychedelic speakers or otherwise acknowledging their contribution to new medical therapeutic discoveries. People were curious. Intrigued. Wanted psychedelics leaders to join in the discussions.

In Other News

Cannara

Cannara Biotech Inc. (TSXV: LOVE) (OTCQB: LOVFF), a vertically integrated producer of premium-grade cannabis and derivative products with two mega facilities based in Québec spanning over 1,650,000 sq. ft., today announced its fiscal first quarter of 2022 financial and operating results for the three-month period ended November 30, 2021.

• Posted quarterly revenues of $6.6 million;
• Recorded a gross profit before fair value adjustments of $3.0 million or 46%;
• Achieved third consecutive quarter of positive Adjusted EBITDA ($1.2 million) while sustaining the start-up costs for the production ramp-up of the new Valleyfield Facility;
• Decreased net loss to $500 thousand compared to a net loss of $3.5 million in the same quarter of 2021;

Akerna

Akerna (Nasdaq: KERN), a leading enterprise software company and the developer of the most comprehensive technology infrastructure, ecosystem, and compliance engine powering the global cannabis industry, today announces the appointment of the Company’s current COO, Ray Thompson, as Akerna’s President and COO effective today, January 20.