New York-based Tilray Brands said Thursday it plans to acquire up to $211 million (267.5 million Canadian dollars) in outstanding senior secured notes issued by Hexo Corp., effectively throwing its troubled rival a lifeline and striking an alliance with the Quebec cannabis producer.
Two Canadian cannabis companies have each been granted a six-month extension by the Nasdaq to regain compliance after their respective stock prices fell below the exchange’s minimum bid rule.
Canadian cannabis producer CannTrust said it secured a new investment from a Netherlands-based private equity investment company and that it will soon outline plans to exit creditor protection and change its name.
The Canadian cannabis arm of produce grower Village Farms International reported revenue and profit ahead of expectations for the three months ended Dec. 31, 2021, according to the company’s latest financial results.
Ahead of its annual meeting, Canadian cannabis producer Hexo Corp. is trumpeting “a significant positive total cumulative return” for its shareholders between 2017 and last July – even though the stock tumbled more than 20% during that time and is at risk of being kicked off the Nasdaq.
Health Canada seized more than 35 million grams (77,162 pounds) of cannabis products and thousands of plants from federal license holders for regulatory shortfalls in the 2019-20 fiscal year, the federal regulator disclosed to MJBizDaily.
Canadian cannabis retailer Superette acquired Cannoe Corp. and its half-dozen stores, making the Toronto-based business the largest independently owned marijuana retailer in Ontario.
Herzliya, Israel-based cannabis producer InterCure is buying rival medical marijuana company Cann Pharmaceutical, also known as Better, for $35 million (44.4 million Canadian dollars) in stock.
Calls are growing for the Canadian government to lower taxes for cannabis producers amid falling prices for marijuana products and rising costs for businesses.
Struggling Canadian cannabis producer Hexo Corp. is asking shareholders to greenlight a reverse stock split in order to boost its shares and regain compliance with the Nasdaq’s continued listing standards.
Aurora Cannabis eked out a third consecutive quarter of revenue growth on the back of rising medical sales, but the Alberta-based licensed producer still reported a loss of 75.1 million Canadian dollars ($59 million) in its second quarter.
Canadian cannabis producer Sundial Growers has been given a 180-day reprieve to regain compliance with the Nasdaq market’s minimum bid price requirement.
