Canadian cannabis giant Tilray, Inc. (NASDAQ:TLRY) (TSX:TLRY) posted its latest financial earnings report Wednesday, touting a spike in both fourth quarter and full fiscal 2021 revenue and a proclamation from CEO Irwin D. Simon that Tilray is “leading the global cannabis industry with low cost of production, leading brands, a well-developed distribution network, and unique partnerships.”
Based in New York and Leamington, Ontario, Tilray reported the fourth quarter 2021 revenue increase of 25% to $142.2 million from $113.5 million in the prior-year quarter. Net cannabis revenue totaled $53.7 million, representing a 36% growth.
Net revenue grew by 27% to $513.1 million during 2021, from $405.3 million in 2020, driven mainly by a 55% growth in net cannabis revenue, which amounted to $201.4 million.
The company highlighted that the financial results include a full quarter of the old Aphria (through May) and one month of the old Tilray. The two Canadian cannabis companies merged in May, after months of negotiations…read more.
The fintech funding continues to roll in at a rapid pace, a result of the huge shift underway in how consumers spend and manage their money. In the latest development, Revolut — the London-based financial “superapp” that provides banking, investing, currency transfer and other money management services to some 16 million users globally — this morning confirmed that it has raised $800 million. The company said that this Series E round of funding values Revolut at $33 billion.
This makes Revolut the most valuable fintech out of the U.K., as well as one of the biggest of the privately backed scaled-up startups not just in Europe, but the world. It’s also following in the footsteps of Klarna, the buy-now-pay-later startup out of Sweden that is also diversifying into a wider range of other services for consumers and the businesses that integrate it. Klarna last month raised $639 million valued at just under $46 billion. Stripe in the U.S. earlier this year raised at a $95 billion valuation.
This latest Series E is being co-led by Softbank Vision Fund 2 and Tiger Global, which appear to be the only backers in this round. It comes on the heels of rumors earlier this month Revolut was raising big. Revolut last raised about a year ago, when it closed out a Series D at $580 million, but what is stunning is how much its valuation has changed since then, growing 6x (it was $5.5 billion last year)…read more.
Inflation is getting so bad Arizona might have to raise the price of its iced tea above $0.99.
Okay, it’s not that horrific yet, but consumer prices did surge 5.4% in June from a year ago, the biggest increase in 13 years.
What happened: As the US reopened for business, consumers swiped their credit cards with fury. Combine that with supply shortages across the economy and massive government stimulus, and you get sweeping price increases.
But there are nuances
The WSJ’s David Harrison divided the inflation report into four categories to show that price hikes aren’t occurring uniformly across the economy. In some sectors…
- Prices that plummeted early in the pandemic and are surging to catch up. Think airfares (24.6% annual increase in June) and hotels (16.9%).
- Prices that are booming thanks to supply shortages. Used cars are the star of this category, with their price increases accounting for more than a third of June’s total price hikes. Economists expect prices to return to normal levels when supply chain wrinkles are ironed out.
- Prices that will remain higher permanently. You could be paying more at restaurants over the long term thanks to an extended labor shortage and higher wages.
- Prices that aren’t increasing that much. Rents are inching upward at a rate of 1.9% per month. For comparison, rents on a primary residence rose at a nearly 4% rate before the pandemic.
As always with inflation stories, we must close by turning to the Fed, whose main job is to keep prices stable. Will June’s inflation boom change Chair Jerome Powell’s view that price hikes are transitory?
Probably not. As we mentioned, the bulk of the price increases were in sectors battered by the pandemic (hospitality) or those battling supply shortages (used cars). Higher inflation might stick around a little longer than initially expected, but investors are betting more typical price growth will return, just like the handshake.
Cyber criminals are targeting gamers with “mining malware” as they look to get crypto-rich, according to research published by security firm Avast.
The so-called “Crackonosh” malware is being hidden in free versions of games like NBA 2K19, Grand Theft Auto V, Far Cry 5, The Sims 4 and Jurassic World Evolution, which are available to download on torrent sites, Avast said on Thursday.
Once installed, Crackonosh quietly uses the computer’s processing power to mine cryptocurrencies for the hackers. The malware has been used to generate $2 million worth of a cryptocurrency known as monero since at least June 2018, according to Avast.
Avast researcher Daniel Benes told CNBC that infected users may notice that their computers slow down or deteriorate through overuse, while their electricity bill may also be higher than normal.
“It takes all the resources that the computer has so the computer is unresponsive,” he said.
Some 220,000 users have been infected worldwide and 800 devices are being infected every day, according to Benes. However, Avast only detects malicious software on devices that have its antivirus software installed so the actual number could be significantly higher. Brazil, India and the Philippines are among the worst affected countries, while the U.S. has also seen many cases…read more.
I remember my very first time walking into a Costco store. I was curious but also a little bemused by the displays, and I didn’t know quite what to make of the throngs of oversize shopping carts that had formed around a table of sweatpants. As a kid, I went on trips with my mom to our local BJ’s Wholesale Club, but this wasn’t the same. On top of that, years of carless, walk-up-apartment living in New York had altered my idea of what shopping was. Many suburban Americans swore by Costco, but I just didn’t get it. Why were diamond rings placed next to packages of sunscreen? And who is buying this many pickles? It was like standing in the center of Disney World during spring break, except instead of kids flocking to costumed characters, very eager grownup customers had swarmed a Costco worker offering samples of pot stickers.
It wasn’t long before I, too, began buying the sweatpants, the sunscreen, the pickles and the pot stickers.
Whether it was my move to the suburbs that inspired my appreciation for Costco or the other way around is a real chicken-and-two-dozen-pack-of-eggs question. For the more than 2 million other Americans who became first-time homebuyers last year — especially the large numbers of millennials for whom low interest rates and remote-work flexibility made homeownership attainable — a Costco Wholesale Corp. membership might be their next addition. The Costco team, led by CEO Craig Jelinek, has done everything it can to make it a necessity. And its success at doing so has been a boon for the company and its shareholders.