Disappointing Q3 '21 financial results. Muted market response i.e. no investor interest in VIBE.
- net loss for the quarter of ($ 926,158) vs net gain of $ 303,162 in Q3 2020
- income before income taxes for this quarter was a loss of ($ 442,516) vs positive income of $ 774,308 in Q3 2020
VIBE will continue to struggle due to the large illicit black market for cannabis in California (one of the largest in the US). In addition, the level of taxation on cannabis products in California is so high that the illicit black market is thriving and growing to the detriment of legal enterprises.
Based on current market sentiment it is unlikely that the SAFE Banking Act will pass as part of the NDAA. This is in a large part due to Senator Shumer (Democrat) who wants a broader cannabis bill passed. The current stock price of most MSOs in the US reflect this market sentiment.
With tax loss season in full swing and no movement on legislation at the US federal level, I would not be surprised to see the VIBE share price test new 52-week lows
It is worth reading the full financials on SEDAR:
https://www.stockwatch.com/News/Sedardoc/4987282.pdf