In this week's "Rising High," The Fly's recurring series focused on cannabis and psychedelic stock news, The Fly looks back on cannabis earnings, a licensing partnership and commercialization approval.

CANNABIS EARNINGS: Columbia Care (CCHWF) reported Q2 loss per share of (14c) on revenue of $129.6M on Monday, which compared to loss per share of (5c) on revenue of $102.4M for the same period last year. The company also forecast continued sequential top line growth of mid-single digits in each of the next two quarters. Following the report, Alliance Global Partners analyst Aaron Grey lowered the firm's price target on Columbia Care to C$5 from C$8 and kept a Buy rating on the shares. While Columbia Care "over-indexing" to legacy mature adult-use markets like Colorado and California has weighed on performance, he is still bullish on the company's long-term prospects given new states ramping and beginning adult-use sales.

Additionally on Monday, Flora Growth (FLGC) reported a 1H22 loss per share of (42c) on revenue of $14.9M, which compared to loss per share of (13c) on revenue of $2.1M for the same period last year. The company also reaffirmed its 2022 revenue guidance to range between $35M-$45M, projecting growth of approximately 300%-400% over 2021.

CV Sciences (CVSI) also reported Monday with a Q2 loss per share of (3c) on revenue of $4.1M, which compares to a loss per share of (3c) on revenue of $5.12M for the same period last year. The company also said its continuing to evaluate a strategic review, including consideration of inbound and outbound merger, sale acquisition or other options. Additionally on Monday, CV Sciences announced the launch of +PlusCBD Reserve Collection Softgels.

On Monday, Delta 9 (DLTNF) reported a Q2 loss per share of (C$0.04) on revenue of C$17.5M, which compared to loss per share of (C$0.04) on revenue of $12.5M in Q1. The company also announced Monday entry into an asset purchase agreement with 10552763 Canada to acquire all or substantially all of the vendor’s assets relating to the operation of three Garden Variety branded retail cannabis stores located in Manitoba, two in Winnipeg and one in Brandon. The purchase price to be paid by the company relating to the transaction will be C$3.25M, subject to customary adjustments.

IM Cannabis (IMCC) also reported Q2 earnings on Monday with revenue of C$23.8M versus C$11.1M last year. Following the report, Alliance Global Partners analyst Aaron Grey lowered the firm's price target on IM Cannabis to $1.50 from $6 and kept a Buy rating on the shares. He is applying a lower multiple to his estimates given risk for the company to reach its near-term profitability targets as well as a potential slowdown of industry sales amid oversupply and pricing pressure in the Israeli market, Grey said. He also noted that the company's current $6M cash position at the quarter end and continued losses could put the company in a position to need to raise capital.

Additionally, MediPharm Labs (MEDIF) reported Q2 results on Monday with revenue of C$4.36M compared to revenue of C$5.1M last year.

4Front Ventures (FFNTF) reported Q2 earnings on Monday of a loss per share of (1c) on revenue $25.5M, which compares to a loss per share of (1c) on revenue of $24.5M last year.

InterCure (INCR) also reported Q2 results on Monday with revenue of C$37.5M, compared to revenue of C$17.8M for 2Q21.

MORE EARNINGS: Neptune Wellness (NEPT) reported Q1 results on Monday with a loss per share of (C$1.09) on revenue of $16.3M, compared with a loss of (C$3.97) on revenue of $10.1M last year.

Planet 13 (PLNHF) also announced Q2 earnings on Monday with a loss per share of (1c) on revenue of $28.4M, which compared to a loss per share of (3c) on revenue of $32.8M last year.

On Tuesday, Greenlane (GNLN) announced a Q2 loss per share of ($2.27_ on revenue of $39.92M, which compared to analyst views of loss per share of (5c) and revenue of $50.33M. The company also announced plans to actively explore opportunities to sell its packaging business and reinvest in the company's consumer brands business. Greenlane also appointed chief commercial officer Craig Snyder to the role of president. Following the report, Canaccord analyst Derek Dley lowered the firm's price target on Greenlane to $5 from $20 and kept a Speculative Buy rating on the shares. The analyst said his target reduction comes following softer than expected Q2 results and reflects the resultant near-to-medium term growth expectations and risk profile. Meanwhile, Alliance Global Partners analyst Aaron Grey raised the firm's price target on Greenlane to $6 from $1.50 and kept a Buy rating on the shares. Greenlane reported sales and EBITDA below expectations with the company accelerating the shift to its CPG strategy as management announced plans to divest its packaging business, Grey said. The target raise is a function of the company's recent reverse stock split.

Indiva (NDVAF) also reported Q2 earnings on Tuesday with a loss per share of (C$0.02) on revenue of C$8.1M which compares to a loss per share of (C$0.01) on revenue of C$8.88M last year. The company also said it expects Q3 and 2H22 net revenue to be higher sequentially and year-over-year.

Verano Holdings (VRNOF) also reported Q2 results on Tuesday with a loss per share of (3c) on revenue of $223.7M, which compares to a loss per share of (10c) on revenue of $199M for the same period of last year. Alliance Global Partners analyst Aaron Grey lowered the firm's price target on Verano Holdings to C$16 from C$27 and kept a Buy rating on the shares after the company reported a topline beat in Q2, but missed his and Street EBITDA estimates. His price target cut is a function of both lower estimates and a lower multiple due to a lower margin outlook, Grey noted.

Cresco Labs (CRLBF) reported Q2 earnings on Wednesday with Q2 revenue of $218M versus revenue of $210M for the same period last year. Following the report, Alliance Global Partners analyst Aaron Grey lowered the firm's price target on Cresco Labs to C$10 from C$15 and kept a Buy rating on the shares. While he was "encouraged" with Cresco's performance in Q2 "amid a challenging macro backdrop," Grey has tempered his forecast for sales and now looks for second half of the year sales to be roughly flat compared to the first half. Additionally, Piper Sandler analyst Michael Lavery lowered the firm's price target on Cresco Labs to $6 from $9 and kept an Overweight rating on the shares. The analyst reduced the price target to reflect potentially prolonged market headwinds, but he expects the headwinds to abate in time. Meanwhile, Canaccord analyst Derek Dley lowered the firm's price target on Cresco Labs to C$8 from C$9.50 and kept a Buy rating on the shares.

On Thursday, Ayr Wellness (AYRWF) reported a Q2 loss per share of (56c) on revenue of $110.1M, which compared to loss per share of (36c) on revenue of $91.3M last year. Ayr also updated its previously issued guidance regarding 2022 financial results. The company expects revenue, adjusted EBITDA and operating income to grow approximately 10% sequentially from Q2 to Q3, and an acceleration in the pace of sequential growth in Q4.

ATAI LIFE SCIENCES REPORTS Q2 RESULTS: Atai Life Sciences (ATAI) reported a Q2 loss per share of (24c) on revenue of $170,000 on Monday, which compared to a loss per share of (37c) on revenue of $0 for the same period last year. "We have taken strong actions to extend our anticipated runway by one year into 2025. We further strengthened our already strong cash position of $312M at end of Q2 by securing a non-dilutive term loan facility of up to $175M, and we anticipate realizing significant cost savings from a company-wide cost optimization," said Florian Brand, CEO and co-founder of atai. "This additional runway provides us with the ability to achieve numerous proof-of-concept data readouts without additional dilutive financing."

REVITALIST, AWAKN ENTER PARTNERSHIP: Revitalist Lifestyle and Wellness (RVLWF) announced Monday it has signed a licensing partnership agreement with Awakn Life Sciences (AWKNF) to implement their KAR protocol for those suffering from Alcohol Use Disorder seeking sustained recovery measures focused on relapse prevention. Awakn’s proprietary ketamine-assisted therapy for the treatment of Alcohol Use Disorder was developed and validated in a Phase II a/b trial, with results announced in the American Journal of Psychiatry in January 2022. The trial delivered 86% abstinence over the six-month period post treatment versus 2% pre-trial and 25% in the current standard of care. Under the terms of the license agreement Awakn will provide access to the proprietary therapeutics and training by their Subject Matter Experts to the Revitalist providers. Revitalist will pay an annual licensing fee and revenue share for clients seeking services through Revitalist and Awakn’s partnership.

TILRAY RECEIVES APPROVAL IN POLAND: Tilray Brands (TLRY) announced Wednesday that its medical cannabis division, Tilray Medical, has received approval to commercialize its Tilray branded medical cannabis products in Poland expanding its product offering and distribution across pharmacies in Europe. In Poland, Tilray Medical has established multiple partnerships with pharmaceutical companies to distribute both Tilray branded and unbranded medical cannabis products. Patients may obtain prescriptions for medical cannabis in Poland through their preferred medical doctor.

OTHER CANNABIS/PSYCHEDELIC STOCKS: Publicly-traded companies in the space include Acreage (ACRHF), Akerna (KERN), Aleafia (ALEAF), Aurora Cannabis (ACB), Audacious (AUSAF), BC Craft (CRFTF), Body and Mind (BMMJ), Cannara Biotech (LOVFF), Canopy Growth (CGC), Chicago Atlantic (REFI), Clever Leaves (CLVR), Compass Pathways (CMPS), CordovaCann (LVRLF), Cronos (CRON), Curaleaf (CURLF), CURE Pharmaceutical (CURR), Delic Holdings (DELCF), Entourage Health (ETRGF), Fire & Flower (FFLWF), General Cannabis (CANN), Goodness Growth (GDNSF), Green Thumb (GTBIF), GrowGeneration (GRWG), Harborside (HBORF), Hemp (HEMP), HEXO (HEXO), High Tide (HITI), India Globalization Capital (IGC), Innovative Industrial Properties (IIPR), Wellbeing Digital (KONEF), Khiron Life Sciences (KHRNF), Lowell Farms (LOWLF), Lotus Ventures (LTTSF), MedMen (MMNFF), NewLake Capital (NLCP), Thermic Science (ENDO), Organigram (OGI), RIV Capital (CNPOF), Relmada (RLMD), RYAH Group (RYAHF), Sproutly (SRUTF), Stem Holdings (STMH), Small Pharma (DMTTF), Skye Biosciences (SKYE), Sundial Growers (SNDL), Sunniva (SNNVF), TerrAscend (TRSSF), Tetra Bio-Pharma (TBPMF), Trulieve (TCNNF), Tryp Therapeutics (TRYPF), Valens (VLNS), Village Farms (VFF), Wesana Health (WSNAF) and Zynerba (ZYNE).