Clever Leaves Holdings Inc Stock Price, News & Analysis

Clever Leaves Holdings Inc. has partnered with House of Kush to become the exclusive grower and distributor of House of Kush’s proprietary THC smokable flower genetics outside of the U.S. and Canada. This three-year agreement allows Clever Leaves to cultivate strains such as Bubba Kush Pre-98 and San Fernando Valley OG Kush in Colombia and Portugal. The partnership aims to enhance Clever Leaves' portfolio and expand House of Kush's global reach.

Clever Leaves Holdings reported a 27% increase in revenue to $4.7 million for Q2 2022, primarily driven by a 124% rise in cannabinoid revenue to $1.3 million. Adjusted gross profit grew 8% to $2.6 million, despite a gross margin decline to 28%. The company reduced its harvest by 90%, raising all-in costs per gram to $2.26. Notably, net loss decreased to $1.0 million, largely due to a $6.9 million gain from a Cansativa stake sale. Clever Leaves reiterated its 2022 revenue guidance of $20-$25 million and expects to begin dry flower exports in Q4.

Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) will host a conference call on August 11, 2022 at 5:00 p.m. Eastern time to discuss its second-quarter financial results for the period ending June 30, 2022. The company will issue a financial press release ahead of the call. Interested participants can dial in using the toll-free number 1-855-238-2333 or internationally at 1-412-317-5222 with a Conference ID of 10169279. A replay will be available through August 18, 2022.

Clever Leaves has successfully entered Israel's flower market by exporting its first commercial high-quality THC flower from its GACP-certified facility in Portugal. This milestone allows medical cannabis patients in Israel to access Clever Leaves' products through a partnership with InterCure. The initial shipment includes a high THC strain, with more genetics to follow as part of a long-term agreement. Clever Leaves aims to expand its footprint in the Israeli market and meet stringent regulatory standards, enhancing its global presence in the medical cannabis sector.

Clever Leaves Holdings Inc. (NASDAQ: CLVR, CLVRW) announced an expanded partnership with Cantourage GmbH to supply premium cannabinoids from its Portugal facility to German pharmacies. This partnership will allow the distribution of a high-THC dried flower product from the Wappa strain, enhancing the IQANNA brand in the EU market. CEO Andres Fajardo highlighted the commitment to providing high-quality medicinal cannabis solutions. This marks the second product Clever Leaves will offer in Germany, with more to follow soon.

Clever Leaves has launched its second medical cannabis product, IQANNA No 10, in collaboration with Cantourage for the German market. This high-THC dried flower, cultivated in Portugal, follows the successful introduction of IQANNA No 7. The partnership aims to expand the availability of high-quality cannabis products in Germany, with plans for more products under the IQANNA brand in the near future. Cantourage processes these flowers, providing an extensive product range to meet growing demand in the EU.

Clever Leaves Holdings Inc. reports a 50% increase in revenue year-over-year, totaling $5.2 million for Q1 2022. Cannabinoid revenue surged 195% to $2 million. However, the gross margin dropped to 39% from 61.5% due to a $0.8 million inventory write-down. Despite a net loss of $16.1 million, Clever Leaves emphasizes strategic growth in key markets and improvements to its cost structure, projecting full-year revenue between $20 million and $25 million. Significant debt reduction to $2.1 million was also achieved.

Clever Leaves (NASDAQ: CLVR, CLVRW) is a licensed producer of pharmaceutical-grade cannabinoids, based in Boca Raton, Florida. The Company will participate in several investor conferences in May 2022, including the Canaccord Genuity Annual Cannabis Conference on May 11 at 8:00 a.m. ET and the Cowen European Cannabis Conference on May 12 in Berlin. Additionally, Clever Leaves will attend the H.C. Wainwright Annual Global Investment Conference from May 23 to 26 in Miami. Interested parties can contact the investor relations team for more information.

Clever Leaves Holdings (NASDAQ: CLVR, CLVRW) will host a conference call on May 12, 2022, at 5:00 p.m. ET to discuss Q1 results ending March 31, 2022. A press release detailing financial results will precede the call. The call will include a Q&A segment and will be accessible via toll-free and international dial-in numbers. A replay will be available post-call until May 19, 2022. Clever Leaves operates as a licensed producer of pharmaceutical-grade cannabinoids, focusing on sustainable production methods in Colombia and Portugal.