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CULTIVATED: Why investors love Flowhub, cannabis industry layoffs, and more – Business Insider – Business Insider

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Welcome to Cultivated, our weekly newsletter where we’re bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global cannabis boom.

Sign up here to get it in your inbox every week.

If you want a discount to BI Prime to read our stories, sign up here!

Happy Valentine’s Day Cultivated readers,

We’ve been very aware that V-Day was around the corner for a while now because of all the themed press releases that have been sent our way. From pre-rolls in the shape of actual flowers to cannabis-based massage oil, there seems to be a lot out there for all the romantics.

Anyhow, let’s get down to it.

We’ve updated our list of ongoing layoffs in the cannabis industry again this week with the addition of Supreme Cannabis, which cut around 15% of its workforce on Tuesday. And with Aurora’s 500 cuts last week, our tally for cannabis layoffs stands at around 2,000.

Read about all the layoffs here.

Canopy Growth and Aurora Cannabis also reported earnings this week. Aurora’s earnings, analysts say, were no surprise after the guidance they released last week.

Both Canopy Growth and its venture capital division Canopy Rivers posted quarterly earnings this morning, which we covered in our article here.

Canopy Growth surprised investors with a 49% jump in net revenue to C$123.8 million in the last three months of 2019. Canopy’s stock soared about 12% in trading and other companies, like Tilray and Aurora, rode the wave as well.

Jeremy’s off skiing in Utah this weekend, so Yeji is on point for earnings coverage. More to come!

-Jeremy and Yeji

Here’s what we wrote about this week:

The buzziest startup in cannabis doesn’t even sell marijuana.

Flowhub, a cannabis-tech company that helps retailers track inventory and process sales, topped Business Insider’s recent list of the hottest startups in the industry. Founded in 2015, Flowhub has raised $27 million from investors and now works with more than 900 dispensaries in the US.

The US cannabis industry is projected to reach $85 billion by 2030, up from $51 billion now, and Flowhub – which already operates across 12 states – is set to benefit as more states legalize cannabis.

Legal cannabis is strenuously tracked, according to Flowhub founder and CEO Kyle Sherman. He said he likes to tell lawmakers on Capitol Hill that the US tracks legal cannabis better than it does uranium.

The once red-hot cannabis industry is coming back down to earth.

In the past few months, cannabis companies – including venture-backed startups like Pax and giants like MedMen – have announced a series of job cuts, amounting to over 2,000 workers in the sector as a whole.

Supreme Cannabis, a Canadian cannabis grower, on Tuesday said it was eliminating 15% of its workforce, including one-third of corporate positions, in an effort to cut costs.

We’re continuing to keep track of layoffs in the industry here. Please get in touch if you have a tip.

Canopy Growth’s latest earnings may just be signaling the end of the long downturn in the cannabis industry.

In its financial results on Friday, the company reported an unexpected 49% jump in net revenue to C$123.8 million in the last three months of 2019. The company also reported a narrower loss than analysts expected, according to estimates collected by Bloomberg News. That sent the stock soaring about 12% in trading on Friday.

The results come as a sign of good news for the industry. Other cannabis firms that have faced a difficult few months also saw their stocks rise.

Capital raises, M&A activity, partnerships, and launches

  • European medical cannabis cultivator Sanity Group closed a $22 million Series A funding round led by Calyx and HV Holtzbrinck Ventures. Other investors include Scooter Braun’s TQ Ventures.
  • Acreage Holdings secured a $100 million credit facility from undisclosed investors, a $50 million private loan partially from CEO Kevin Murphy, and a $30 million private placement.
  • KushCo, a publicly-traded maker of cannabis accessories, raised $16 million through a direct offering.
  • Disruption Labs, the parent company to CBD company Reset Biosciences closed a $3.8 million seed round led by Andrew Garnock/AJR Consulting, a family office that has previously invested in the medical cannabis space.

Executive moves

  • Flowhub hired Craig Gomulka as CFO and Scott Schell as CTO. You can read more about Flowhub in Yeji’s story here.
  • Former Molson Coors marketing executive Greg Butler has joined Cresco Labs as the company’s chief commercial officer.
  • Aaron Keefer, the culinary gardener for the renowned restaurant The French Laundry, has joined Sonoma Hills Farm as VP of Cultivation.

Chart of the week

The legal cannabis industry supports 243,700 full-time jobs in the US. Nearly 40,000 of those are in California, accounting for about 16% of all legal cannabis jobs in the country.

Check out the data from Leafly’s jobs report here:

Foto: sourceRuobing Su/Business Insider

What we’re reading

Instead of releasing this greenhouse gas, beer brewers are selling it to pot growers (Washington Post)

Governors Across U.S. Step Up Push To Legalize Marijuana In Their States (Forbes)

Q&A: The Food Giants Push For „Smart Regulation“ of CBD (Cannabis Wire)

Nepal lawmakers seek to legalize growing, using marijuana (Associated Press)

Did we miss anything? Have a tip? Just want to chat? Send us a note at [email protected] or find Business Insider’s cannabis team on twitter: @jfberke & @jesse_yeji. You can also reach Jeremy on encrypted messaging app Signal on at (646) 376 6002.

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Stop Asking Your Interviewer Cliché Questions

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Most job search advice is cookie-cutter. The advice you’re following is almost certainly the same advice other job seekers follow, making you just another candidate following the same script.

In today’s hyper-competitive job market, standing out is critical, a challenge most job seekers struggle with. Instead of relying on generic questions recommended by self-proclaimed career coaches, which often lead to a forgettable interview, ask unique, thought-provoking questions that’ll spark engaging conversations and leave a lasting impression.

English philosopher Francis Bacon once said, “A prudent question is one half of wisdom.”

The questions you ask convey the following:

  • Your level of interest in the company and the role.
  • Contributing to your employer’s success is essential.
  • You desire a cultural fit.

Here are the top four questions experts recommend candidates ask; hence, they’ve become cliché questions you should avoid asking:

  • “What are the key responsibilities of this position?”

Most likely, the job description answers this question. Therefore, asking this question indicates you didn’t read the job description. If you require clarification, ask, “How many outbound calls will I be required to make daily?” “What will be my monthly revenue target?”

  • “What does a typical day look like?”

Although it’s important to understand day-to-day expectations, this question tends to elicit vague responses and rarely leads to a deeper conversation. Don’t focus on what your day will look like; instead, focus on being clear on the results you need to deliver. Nobody I know has ever been fired for not following a “typical day.” However, I know several people who were fired for failing to meet expectations. Before accepting a job offer, ensure you’re capable of meeting the employer’s expectations.

  • “How would you describe the company culture?”

Asking this question screams, “I read somewhere to ask this question.” There are much better ways to research a company’s culture, such as speaking to current and former employees, reading online reviews and news articles. Furthermore, since your interviewer works for the company, they’re presumably comfortable with the culture. Do you expect your interviewer to give you the brutal truth? “Be careful of Craig; get on his bad side, and he’ll make your life miserable.” “Bob is close to retirement. I give him lots of slack, which the rest of the team needs to pick up.”

Truism: No matter how much due diligence you do, only when you start working for the employer will you experience and, therefore, know their culture firsthand.

  • “What opportunities are there for professional development?”

When asked this question, I immediately think the candidate cares more about gaining than contributing, a showstopper. Managing your career is your responsibility, not your employer’s.

Cliché questions don’t impress hiring managers, nor will they differentiate you from your competition. To transform your interaction with your interviewer from a Q&A session into a dynamic discussion, ask unique, insightful questions.

Here are my four go-to questions—I have many moreto accomplish this:

  • “Describe your management style. How will you manage me?”

This question gives your interviewer the opportunity to talk about themselves, which we all love doing. As well, being in sync with my boss is extremely important to me. The management style of who’ll be my boss is a determining factor in whether or not I’ll accept the job.

  • “What is the one thing I should never do that’ll piss you off and possibly damage our working relationship beyond repair?”

This question also allows me to determine whether I and my to-be boss would be in sync. Sometimes I ask, “What are your pet peeves?”

  • “When I join the team, what would be the most important contribution you’d want to see from me in the first six months?”

Setting myself up for failure is the last thing I want. As I mentioned, focus on the results you need to produce and timelines. How realistic are the expectations? It’s never about the question; it’s about what you want to know. It’s important to know whether you’ll be able to meet or even exceed your new boss’s expectations.

  • “If I wanted to sell you on an idea or suggestion, what do you need to know?”

Years ago, a candidate asked me this question. I was impressed he wasn’t looking just to put in time; he was looking for how he could be a contributing employee. Every time I ask this question, it leads to an in-depth discussion.

Other questions I’ve asked:

 

  • “What keeps you up at night?”
  • “If you were to leave this company, who would follow?”
  • “How do you handle an employee making a mistake?”
  • “If you were to give a Ted Talk, what topic would you talk about?”
  • “What are three highly valued skills at [company] that I should master to advance?”
  • “What are the informal expectations of the role?”
  • “What is one misconception people have about you [or the company]?”

 

Your questions reveal a great deal about your motivations, drive to make a meaningful impact on the business, and a chance to morph the questioning into a conversation. Cliché questions don’t lead to meaningful discussions, whereas unique, thought-provoking questions do and, in turn, make you memorable.

_____________________________________________________________________

 

Nick Kossovan, a well-seasoned veteran of the corporate landscape, offers “unsweetened” job search advice. You can send Nick your questions to artoffindingwork@gmail.com.

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Canadian Natural Resources reports $2.27-billion third-quarter profit

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CALGARY – Canadian Natural Resources Ltd. reported a third-quarter profit of $2.27 billion, down from $2.34 billion in the same quarter last year.

The company says the profit amounted to $1.06 per diluted share for the quarter that ended Sept. 30 compared with $1.06 per diluted share a year earlier.

Product sales totalled $10.40 billion, down from $11.76 billion in the same quarter last year.

Daily production for the quarter averaged 1,363,086 barrels of oil equivalent per day, down from 1,393,614 a year ago.

On an adjusted basis, Canadian Natural says it earned 97 cents per diluted share for the quarter, down from an adjusted profit of $1.30 per diluted share in the same quarter last year.

The average analyst estimate had been for a profit of 90 cents per share, according to LSEG Data & Analytics.

This report by The Canadian Press was first published Oct. 31, 2024.

Companies in this story: (TSX:CNQ)

The Canadian Press. All rights reserved.

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Cenovus Energy reports $820M Q3 profit, down from $1.86B a year ago

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CALGARY – Cenovus Energy Inc. reported its third-quarter profit fell compared with a year as its revenue edged lower.

The company says it earned $820 million or 42 cents per diluted share for the quarter ended Sept. 30, down from $1.86 billion or 97 cents per diluted share a year earlier.

Revenue for the quarter totalled $14.25 billion, down from $14.58 billion in the same quarter last year.

Total upstream production in the quarter amounted to 771,300 barrels of oil equivalent per day, down from 797,000 a year earlier.

Total downstream throughput was 642,900 barrels per day compared with 664,300 in the same quarter last year.

On an adjusted basis, Cenovus says its funds flow amounted to $1.05 per diluted share in its latest quarter, down from adjusted funds flow of $1.81 per diluted share a year earlier.

This report by The Canadian Press was first published Oct. 31, 2024.

Companies in this story: (TSX:CVE)

The Canadian Press. All rights reserved.

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