Cantourage Group
Cantourage has continued its run of constructive monetary outcomes, reporting document earnings for the third quarter and practically doubling revenues year-on-year.
In preliminary outcomes from October, Cantourage stated that it was on observe to surpass revenues of €40m in 2024, having generated revenues of €13.2m between July 01 and September 30.
It additionally steered that it had already surpassed 2023’s complete revenues of €24.9m and was taking a look at a constructive EBITDA of round €1m for the third quarter.
An replace this week has confirmed these preliminary projections, reporting €30.2m in revenues between January 01 and September 30, up from €17m in the identical interval a 12 months earlier.
Moreover, the corporate exceeded its projection for profitability, reporting an EBITDA of €1.4m for the quarter, up considerably from a lack of €700k a 12 months earlier.
As such, monetary analysts at NuWays and Montega have confirmed a purchase suggestion for Cantourage inventory, setting value targets at €10.00 and €11.00, respectively.
This efficiency builds on Cantourage’s regular progress trajectory in 2024. Quarterly gross sales elevated from €6.1m in Q1 to €13.2m by Q3.
The corporate’s current good points are pushed by elevated processing capability in Germany and Portugal, alongside the launch of 16 new hashish flower strains over the interval.
To additional strengthen its market place, Cantourage has entered new partnerships with six cultivation companions throughout 4 continents.
Later this month, the corporate plans to launch one other line referred to as ‘Medicus’, which can embody 5 competitively priced hashish flower merchandise focused to the rising phase of sufferers looking for value-oriented choices.
CEO Philip Schetter stated: “One factor is definite for us: irrespective of how legalization develops for the leisure market: Medical hashish is right here to remain – not solely in Germany, but in addition in increasingly more European international locations which can be presently opening as much as the subject.
“Due to our place as market chief in Germany and our versatile enterprise mannequin, we are going to proceed to document robust, worthwhile progress within the years forward.”
Akanda Corp
Akanda Corp has introduced plans to push by means of one other reverse inventory cut up, its second this 12 months and third total.
On the finish of October, Enterprise of Hashish reported that regardless of reporting an increase in gross sales by means of its now sole income generator, UK medical hashish enterprise Canmart, its inventory value had continued to say no.
The NASDAQ-listed firm’s share value on the time of writing is just below $0.7, under the minimal threshold required by the inventory alternate.
In its newest effort to mitigate a possible delisting from NASDAQ, this week Akanda introduced plans to execute a 1-for-2 reverse inventory cut up of its widespread shares, efficient at market open on November 14, 2024.
Because of this, each two widespread shares will likely be mixed into one, lowering Akanda’s excellent widespread shares from roughly 4.1 million to 2.0 million.
IM Hashish
IM Hashish Corp. this week introduced the completion of a personal placement providing and a debt settlement with the corporate’s CEO, Oren Shuster.
It got here simply weeks after the Israeli firm was focused by Iranian hackers, who declare to have gained entry to 64 gigabytes of IMC’s delicate enterprise info, together with gross sales information, procurement, HR, buyer data, payments of lading, and contracts.
Within the providing, the corporate issued 436,547 items at a value of C$2.88 per unit, with every unit consisting of 1 widespread share and one warrant. The warrants are exercisable at C$4.32 per share for twenty-four months. The proceeds will likely be used to repay a mortgage to a subsidiary firm.
Within the debt settlement, the corporate issued 110,576 widespread shares and 152,701 pre-funded warrants to Mr Shuster to settle US$560,000 (C$758,240) in debt.
The participation of Mr Shuster, in addition to administrators Shmulik Arbel and Rafael Gabay, within the providing constitutes a associated occasion transaction. Nonetheless, the corporate relied on exemptions from the formal valuation and minority shareholder approval necessities as a consequence of its severe monetary problem.
The transactions resulted in Mr. Shuster and Mr. Gabay rising their possession stakes within the firm to 19.99% and 12.63%, respectively.
Earlier this month, the corporate noticed its inventory value tank following information of the hack, however this has now recovered to properly above earlier ranges.
The hackers declare that IM Hashish is concerned within the ‘distribution of obscene and harmful medication in Europe and America’ utilizing pretend delivery paperwork. Nonetheless, IM Hashish denies these allegations, stating that solely restricted enterprise information and worker info was accessed, with no affected person information compromised.
The assault additionally allegedly impacted different hashish corporations that had enterprise relationships with IM Hashish, together with Pharmazone. Web sites for Harmoni and Kanashore have been additionally taken down within the assault.
IM Hashish says it instantly launched a complete investigation with cybersecurity consultants to analyse the scope of the assault. The corporate claims its community, methods, and affected person information weren’t broken or leaked and that this was not a cloth incident.
The Iranian hacking group Handala claims to have maintained backdoor entry to the methods of over 23 massive Israeli corporations by means of the preliminary breach of cloud service supplier Pear. Nonetheless, Pear and IM Hashish dispute the extent of the harm attributable to the assault.
