Additionally, a cannabis retail operator announced its intention to list its shares on the NASDAQ.
Keep reading to find out more cannabis highlights from the past five days.
Two Canadian producers join forces
The deal between Quebec-based HEXO and Zenabis represents another union between previous competitors, and is a sign of consolidation in the Canadian cannabis sector.
“We are proceeding with this transaction because we believe it should be accretive for our shareholders, and it also positions HEXO for accelerated domestic and international growth while supporting near-term requirements for additional licensed capacity,” said Sebastien St-Louis, CEO and co-founder of HEXO.
As part of the deal, Zenabis shareholders will get 0.01772 of a HEXO share per each Zenabis share.
The news this week from HEXO and Zenabis comes on the heels of the recent blockbuster combination between Tilray (NASDAQ:TLRY) and Aphria (NASDAQ:APHA,TSX:APHA). As mentioned, it’s part of a theme of more and more Canadian cannabis companies banding together.
Shai Altman, CEO of Zenabis, said the arrangement will benefit Zenabis and will pair the two companies on a path for international expansion. The deal comes after Zenabis confirmed in early January that it was investigating strategic alternatives to better serve investors.
Retailer on the rise after announcing NASDAQ listing
Shares of Fire & Flower Holdings (TSX:FAF,OTCQX:FFLWF) rose this past week after the retail operator confirmed its application to list on the NASDAQ.
“This application to list on Nasdaq is a major step forward in expanding our shareholder base in the United States,” Fire & Flower CEO Trevor Fencott said in a statement to investors.
The company reaffirmed its intention to continue expanding in the Canadian market, while also pursuing “international opportunities for accelerated growth in the years ahead.”
In its announcement, the company said it hopes the US-based listing will help it reach a deeper pool of both retail and institutional investors looking for cannabis opportunities.
No timeline has yet been revealed for Fire & Flower’s NASDAQ listing. The company said it will retain its Toronto Stock Exchange listing as well.
Cannabis company news
- Neptune Wellness Solutions (NASDAQ:NEPT,TSX:NEPT) issued a financial report for its third fiscal quarter of 2021. The company reported a net loss of C$73,799, blaming it partially on impairment charges and an accelerated amortization charge for a previous acquisition.
- Halo Collective (NEO:HALO,OTCQX:HCANF) added imported cannabis products to its lineup in the UK through its subsidiary Canmart. “We are pleased that Canmart has already been fulfilling medical prescriptions for patients as well as increasing awareness with educational programs for UK patients and physicians,” said Kiran Sidhu, CEO and co-founder of Halo Collective.
- Sundial Growers (NASDAQ:SNDL) confirmed a strategic investment agreement in Indiva (TSXV:NDVA,OTCQX:NDVAF) worth C$22 million, set to be completed by way of a brokered private placement. The investment funds will be used to end the company’s debt and establish a partnership between the two cannabis players.
- TerrAscend (CSE:TER,OTCQX:TRSSF) released its preliminary results for Q4 2020 and the full 2020 year. The company is expected to report strong Q4 sales, resulting in full-year sales worth C$198 million. It also still expects to hit its 2021 net sales target of C$360 million to C$380 million.
Don’t forget to follow us @INN_Cannabis for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
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Both locations expand access to the state’s widest-ranging inventory of medical cannabis products for Central Florida patients
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) (“Trulieve” or “the Company”), a leading and top-performing cannabis company based in the United States announced today the opening of two brand-new Central Florida dispensaries. The new Clearwater and Tampa locations mark the Company’s 81 st and 82 nd nationwide, respectively, widening patient access to Florida’s largest and broadest assortment of high-quality medical cannabis products.
Philip Young, CEO and Director of Lobe, stated, “We are honored to welcome Bart to our Advisory Board. His first-hand experience on and off the field are tremendously valuable as we continue our research involving mild traumatic brain injuries and PTSD. These issues are prevalent in contact sports and we believe that athletes will play a prominent role in the continued acceptance of psychedelic medicines as legitimate treatment. We look forward to working with Bart as we seek to forge long-term strategic relationships.”
HempFusion Wellness Submits Novel Foods Dossier to the United Kingdom’s Regulatory Food Safety Agency
HempFusion Wellness Inc. (TSX:CBD.U) (OTCQX:CBDHF) (FWB:8OO) (“HempFusion” or the “Company”), a leading health and wellness CBD company utilizing the power of whole-food hemp nutrition, is pleased to announce that it has submitted its dossier to the United Kingdom’s Regulatory Food Safety Agency (the “FSA”).
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