WEEDSLISTS

Showing 1 - 5 of 6605 locations

Bomb ass weed

Categories: Growers
Ad Locations: USA
Currency: $
Condition: New
Warranty: No

GQ-OGKush

Categories: Growers
Ad Locations: USA
Tags: gqclones
Currency: $
Condition: New
Type: Sell
Warranty: No

GQ Apple Fritter

Product type: simple
Product visibility: featured, rated-5
Product categories: Cultivation, Products
Product shipping classes: ken-4
Vendor: GQCLONES

WEEDSLISTS.COM

Welcome to WeedsLists.com – Your Gateway to the Best Local Cannabis Experience!

  • Android App

Recent Ads

https://www.pinterest.com/WEEDSLISTSCOM
Lucy Scientific is running out of cash

Lucy Scientific is running out of cash

Lucy Scientific Discovery Inc. (NASDAQ: LSDI) quietly released its quarterly results for the period ending December 31, 2023. The company reported less than $10,000 in sales and those sales cost $3,868 to get. Net product sales consisted primarily of sales of Mindful by Lucy which was launched in March 2023 and Twilight by Lucy which was launched in July 2023. Sales had stopped as the company changed payment processors and resumed in October 2023.

The company also delivered a net loss of $2.6 million and has also burned through a prodigious amount of cash. Lucy Scientific had $1.6 million at the end of June and by the end of December was down to $211,120. It has an accumulated deficit of $49 million. The company says its operating expenses for the quarter were $868,325, and if that remains the same, it will run out of money in the first quarter.

The company did state that it received proceeds of $757,003 from a convertible note in the quarter, and just as quickly $1.4 in cash left the books. Leaving it with just the $200,000. In December 2023, one of the director’s sons Paul Abramowitz bought those convertible notes that gave the company some cash.

Lucy has stated that it is a going concern and would need to raise additional funds to keep the company afloat. It has also told investors that because its share price is so low, NASDAQ is threatening to kick them out of the exchange.

Growth plans
Lucy Scientific says its growth depends upon its acquisition of Bluesky Botanicals and the Hightimes intellectual property. Lucy announced in September 2023 that it would buy Bluesky, which has plant-based wellness brands, in an all-stock deal. The company hasn’t given any updates on that deal, which in September said it would close in 90 days. Lucy also said that Bluesky had generated $20 million in sales in the past two years and that Lucy expected the deal to bring millions in revenues to the company.

Likewise, Lucy said in the same press release that the High Times acquisition would also bring millions in revenues, despite there being no proof that this property could generate millions in revenue. Lucy said that the two deals would bring $30 million in revenues within 12 months of their closing. Lucy also neglected to tell its investors that High Times was facing its own survival issues with the loss of Chairman Adam Levin due to securities fraud allegations by the Securities and Exchange Commission (SEC). Lucy also declines to name Adam Levin in its filings and instead refers to him only as the Chairman of High Times through September 2023.

In November 2023, Lucy surrendered its dealer license in Canada to save money. This was effective in January 2024 and the company also vacated a leased warehouse.

 

#CannabisCommunity #MedicinalCannabis #cbd #thc #sativa #indica #dispensary #weed #WEEDSLISTS #cannabisadvertising #cannabisculture #cannabiz #marijuana #cannabis #dope #pot #mmj

leave your comment

Top