I spoke with David Smith of the Morgan Report and Money Metals, who said he sees a bright future for silver, and encouraged investors to be cautious about trading in and out of the market.
In his view, once silver can close above US$30 a couple of times, it will run up quickly, possibly leaving those who aren’t invested without another opportunity to get in. Overall, he emphasized that the current situation is not like silver’s “false bull run” in 2016 — it’s the real deal.
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“When this thing really gets underway and decides to challenge the high US$30s and into the US$40s, I don’t think it’s going to take any prisoners” — David Smith, the Morgan Report, Money Metals
I also spoke with Brian Leni of Junior Stock Review about how his portfolio has been doing this year. Describing the current environment as a “stock picker’s market,” he said the last six months have probably been the most profitable he’s seen in his life — he mentioned Abraplata Resource (TSXV:ABRA,OTC Pink:ABBRF) as his first 13 bagger.
Brian also discussed the dichotomy between the ideas he presents to his newsletter audience and the decisions he makes privately, saying that while he’s careful when it comes to recommendations for his followers he allows himself to be somewhat riskier when making his own personal trades.
“I’m much more conservative when it comes to my money and how I present it to my readers … on the other side of things, I do have a more speculative side to myself … and with my own money I’ll take some of those chances and do some shorter-term trades” — Brian Leni, Junior Stock Review
For our Twitter poll this week, we continued last week’s election theme. Normally a presidential election in the US is a fairly big talking point for the gold price, but this year it’s understandably been overshadowed by other factors.
With only about two months left before America goes to the polls, we asked our followers if a Donald Trump victory or a Joe Biden victory would be better for the gold price. By the time the poll closed, a narrow majority said they think a Trump victory would be more beneficial — although some commenters said they don’t think it will make a difference who wins.
We’ll be asking another question on Twitter next week, so make sure to follow us @INN_Resource or follow me @Charlotte_McL to share your thoughts!
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In the cannabis space this week, INN’s Bryan Mc Govern had the opportunity to speak with Vic Neufeld, former CEO of Aphria (TSX:APHA,NASDAQ:APHA).
Vic left the major marijuana company in January 2019 citing health concerns, although his departure also came soon after a short seller report questioned Aphria’s Latin American acquisitions.
He’s now re-emerged as a director and advisor at Havn Life Sciences (CSE:HAVN), a new psychedelics company that went public this week. Explaining his interest in psychedelics, Vic cited their potential to help treat mental health issues as a key draw, and noted that research will be key moving forward.
“It’s something that we really need to have a better understanding of — the standardization, the efficacy, the safety (of psychedelics) so researchers … can take it to the next level” — Vic Neufeld, Havn Life Sciences
Vic won’t be involved with Havn’s day-to-day operations, which he said will help him better balance his work and home life. “In simple words, no more heavy lifting for me,” he explained.
Want more YouTube content? Check out our YouTube playlist At Home With INN, which features interviews with experts in the resource space. If there’s someone you’d like to see us interview, please send an email to cmcleod@investingnews.com.
And don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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A filing showed last Friday (August 14) that Warren Buffett’s Berkshire Hathaway (NYSE:BRK.A,NYSE:BRK.B) has bought about 21 million shares of Barrick Gold (TSX:ABX,NYSE:GOLD), paying around $560 million for the stake.
This development was surprising for many market watchers because Buffett has made his feelings for gold very clear in the past — and they aren’t positive.
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“If you own one ounce of gold for an eternity, you still own one ounce of gold at its end” — Warren Buffett, Berkshire Hathaway
Speaking about the news, Ian Ball of Abitibi Royalties (TSXV:RZZ) pointed out that it’s not clear if Buffett or someone else at Berkshire Hathaway actually pulled the trigger on the Barrick purchase. But overall he believes it’s positive for gold — in fact, Ian described the unexpected move as “a very large endorsement for gold going forward and for the miners.”
“Here you have one of the most respected investors of all time making their first foray into the gold-mining sector. I thought it was quite encouraging that Berkshire didn’t buy gold, or a gold exchange-traded fund or an index of gold-mining companies. But they’re making a specific bet on one of the world’s top two largest gold miners” — Ian Ball, Abitibi Royalties
Investors seem to share that optimism — shares of Barrick rose about 10 percent on the TSX from last Friday’s close to the end of the day this past Monday (August 17).
Gold itself had its ups and downs this week, but overall a lot of optimism remains about the yellow metal. With that in mind, we asked our Twitter followers if they think gold is an investment that should always be held, or if there are times they would consider selling.
That’s a question that I got some color on during a conversation this week with Will Rhind of GraniteShares — in his opinion, the yellow metal should not be traded and should not be used as a quick way to make money. As it turns out, most of our Twitter poll respondents agree with Will — nearly 65 percent said they buy gold and keep holding it.
“If you’re a seller of gold right now, what are you buying? What is the alternative that is potentially more interesting or more relevant than gold? I think that’s why there’s so much interest in gold and people looking to hold onto gold through these times” — Will Rhind, GraniteShares
We’ll be asking another question on Twitter next week, so make sure to follow us @INN_Resource or follow me @Charlotte_McL to share your thoughts!
Finally, in the cannabis space this week, INN’s Bryan Mc Govern looked at the latest quarterly results in the sector. Matt Hawkins of Entourage Effect Capital told Bryan that from his perspective the industry is in good shape despite the impact of COVID-19.
“We’ve been investing in the industry since 2014, we’ve made 66 investments I believe. There’s never been a better time to invest in the industry” — Matt Hawkins, Entourage Effect Capital
Moving forward, he believes legalization momentum will pick up in the US at both the state and federal level no matter who wins the presidential election in November — Matt said that even conservative-leaning politicians are beginning to realize the revenue opportunities associated with legalization.
Want more YouTube content? Check out our YouTube playlist At Home With INN, which features interviews with experts in the resource space. If there’s someone you’d like to see us interview, please send an email to cmcleod@investingnews.com.
And don’t forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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Read on for a closer look at some of the biggest cannabis news over the last five days.
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Impairment overshadows Aphria’s revenue boost
Canadian licensed producer Aphria (TSX:APHA,NASDAQ:APHA) experienced a sharp share price drop this week after reporting its latest quarterly results on Wednesday (July 29).
The company began the week at C$6.99 on the TSX, then rose on Tuesday (July 28) to C$8.18, its high point for the period. However, by Friday’s (July 31) close, Aphria was sitting at just C$6.39. It experienced similar share price activity on the NASDAQ over the course of the week.
As mentioned, the downtrend follows the release of Aphria’s financial results, which cover its fourth fiscal quarter and its most recent fiscal year, both ended on May 31. While the company reported positive adjusted EBITDA for both periods, and saw its net revenue increase year-on-year both for the quarter and the year, it also recorded a non-cash impairment of C$64 million for the quarter.
According to Aphria, the impairment was “largely attributable to measures taken with respect to certain of the Company’s international businesses in response to the COVID-19 pandemic.”
Speaking to BNN Bloomberg after the release of the results, CEO Irwin Simon emphasized that the charge makes sense in the long term for the company. “I’m a little puzzled why everybody’s focused on the C$68 million non-cash loss,” he said. Aphria’s total net loss for the quarter was C$98.8 million.
The interview also covered the recent rumor that Aphria and Aurora Cannabis (TSX:ACB,NYSE:ACB) discussed merging, but ultimately saw their talks fall through. Simon was tightlipped about whether the conversations actually happened, but did say the cannabis industry needs to see consolidation.
Overall he emphasized the opportunity he still sees in the cannabis space as a whole, particularly in terms of Cannabis 2.0 products in Canada, and what could happen in the US when federal legalization happens. The latter also came up in a conversation Simon had with CNBC’s Jim Kramer — “One of the important things … is legalization in the US,” he said.
New warehouse coming for Ontario Cannabis Store
The OCS, Ontario’s sole legal online retailer of recreational cannabis, is reportedly set to get a second marijuana warehouse, a move that would expand its distribution capacity.
According to Marijuana Business Daily, Ontario has given the OCS the go-ahead for the expansion, and at least one market watcher thinks it could happen sooner rather than later — BMO Capital Markets analyst Tammy Chen said in a recent note that it could be open by September.
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However, the OCS itself has not confirmed that date, simply telling the news outlet:
“After the consultations last winter where the producers opted out of delivery, we received confirmation from the government to continue to expand our privately operated distribution network when necessary.”
Chen describes the warehouse as a “tailwind” for the Ontario cannabis sector, saying that the OCS’ lone warehouse has contributed to supply chain issues in the province for quite some time. Although Ontario is Canada’s largest province in terms of population, its cannabis sales have consistently lagged.
“As a result, we believe a second warehouse should drive an increase in sell-in during Q4/20 and better support inventory needs from a growing store network,” Chen said.
Cannabis company news
Aside from Aphria, a number of other cannabis companies provided their latest quarterly results this week. Marijuana company news during the period also centered on delivery programs.
- Aleafia Health (TSX:AH,OTCQX:ALEAF) announced that AssureHome Delivery, its medical cannabis delivery service, now offers same-day delivery. Separately, MediPharm Labs (TSX:LABS,OTCQX:MEDIF) revealed a supply deal with the Hybrid Pharm, a pharmacy that provides medical cannabis patients with a “full in-store experience,” including same-day registration and delivery. The partnership is renewable and will initially last for one year.
- Delta 9 Cannabis (TSX:DN,OTCQX:VRNDF) shared guidance on its upcoming quarterly results, noting that it expects revenue to come in at $12.7 million to $13.2 million; that would be up both year-on-year and from the previous quarter. The company’s full results will come out on August 14.
- FSD Pharma (CSE:HUGE,NASDAQ:HUGE) is exiting the cannabis business in favor of focusing on its lead compound FSD201; the company plans to submit an investigational new drug application to the US Food and Drug Administration for the use of FSD201 to treat hospitalized COVID-19 patients. All activities of FSD’s cannabis subsidiary, FV Pharma, will be suspended within 30 days.
- GTEC Holdings (TSXV:GTEC,OTCQB:GGTTF) reported its latest quarterly results, saying that its revenue sank 36 percent compared to the prior quarter, coming in at 1.5 million. The company attributed the decline to packaging bottlenecks; it doesn’t expect a repeat of these issues in the future. GTEC also reported a much-improved net loss of $197,000, but an adjusted EBITDA loss of $406,000, down from a positive result in the previous period.
Don’t forget to follow us @INN_Cannabis for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Cannabis trends to watch from CIBC
CIBC analysts John Zamparo and Seth Rubin published their latest quarterly update on the cannabis space this week, covering the industry’s main trends in great detail.
The report is extensive, but here’s a brief rundown of three key points they highlighted:
- Cannabis beverages facing headwinds — According to the analysts, while cannabis beverages are becoming more popular and easier to get ahold of, there are still major roadblocks to widespread consumption. For example, in order to begin displacing alcohol, these beverages would need to be available in place like bars and liquor stores; limitations on marketing, potency and transaction size “make things even more difficult,” they said.
- Adult-use legalization likely in more US states — Zamparo and Rubin said the American political landscape has changed significantly since their Q1 cannabis note. They now think a second term for US President Donald Trump is “highly unlikely,” and believe a Republican Senate “is currently even odds at best.” In their opinion, “This is incredibly constructive for America’s cannabis industry.” And regardless of who wins the election, they expect more states to legalize adult use.
- Revisiting the Aphria/Aurora deal — Finally, the duo touched on the recent failed merger between Aphria (TSX:APHA,NASDAQ:APHA) and Aurora Cannabis (TSX:ACB,NYSE:ACB). They think the talks could be revisited in the future, and said that such a transaction “would create an undisputed Canadian market leader with market share over 30%.”
For more on what happened in the cannabis space during Q2, click here to read the Investing News Network’s update on the quarter.
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Marijuana restrictions could weigh on Ontario economy
Ontario’s cannabis sector has been in focus for the last couple of weeks due to multiple changes to the province’s policy on delivery and curbside pickup for private stores.
Private stores in Ontario had been allowed to provide those services since April due to a temporary emergency order from the provincial government. But earlier this month, news hit that private stores in the province would soon no longer be able to offer those options.
In the weeks since then there has been confusion about the exact date that delivery and curbside pickup would have to halt. The latest information available indicates that Thursday (July 23) was the last day.
Click here to skip to the Investing News Network’s overview of the situation in Ontario.
Now, the Ontario Chamber of Commerce (OCC) has said that if the province’s 100 or so private cannabis stores can’t offer delivery and curbside pickup, Ontario could take an annualized C$180 million hit in economic activity. The impact could rise to a whopping C$990 million over a year-long period if the 449 stores whose applications are still in progress are accounted for.
In a letter to Ontario Finance Minister Rod Phillips, the OCC, along with members of the cannabis industry, asked the province to consider making the changes permanent instead of ending them.
Along with potential losses in revenue mentioned above, the OCC also points to increased black-market buying and job losses as reasons the decision should be reconsidered.
May a record month for Canadian cannabis sales
Despite the turmoil in Ontario, new data shows that Canadian cannabis sales hit a record in May.
Information from Statistics Canada indicates that total sales for the country came in at nearly C$186 million for the month. The previous record of just over C$181 million was set in March.
Commenting on the data, Prohibition Partners said that sales in Canada totaled C$850 million for the first five months of the year, meaning that sales could surpass C$2 billion for the entire year.
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“Since cannabis was legalised in Canada in October 2018, the contribution of legal cannabis to the country’s GDP (which takes into account domestic retail sales, investments, inventories and the balance of trade) has increased four-fold and currently represents 0.26% of Canada’s GDP, valued at CAD$4.3 billion,” states the data-focused market analysis firm.
Alberta accounted for 25 percent of May sales, said Prohibition Partners, even though it only represents 12 percent of the country’s population. Ontario, which accounts for 38 percent of the population, brought in 22 percent of sales. Hiccups in the store approval process have limited Ontario’s reach.
Cannabis company news
News in the cannabis space this week ran the gamut from quarterly results to M&A activity.
- Aurora Cannabis announced in an internal memo that it will be downsizing its European operations, closing offices in Portugal, Spain and Italy; it will also reduce its European workforces by one-quarter in select countries and its regional office. According to BNN Bloomberg, which obtained the memo, the company’s decision was based on the fact that some European medical markets have not developed as quickly as hoped.
- Curaleaf Holdings (CSE:CURA,OTCQX:CURLF) completed its acquisition of GR Companies, a move that it says makes it the largest cannabis company by revenue and the most diversified vertically integrated cannabis company in the US. Speaking to BNN Bloomberg, Executive Chairman Boris Jordan said he anticipates US$1 billion in revenue next year, up from US$221 million in 2019.
- Alimentation Couche-Tard (TSX:ATD.A,TSX:ATD.B,OTC Pink:ANCTF) is increasing its stake in Fire & Flower Holdings (TSX:FAF,OTCQX:FFLWF) to about 15 percent, up from around 10 percent previously. Couche-Tard is exercising some of its Fire & Flower warrants, and could ultimately gain a majority stake in the company if it exercises all of its warrants.
- Organigram Holdings (TSX:OGI,NASDAQ:OGI) released its latest quarterly results, reporting a 27 percent year-on-year decrease in net revenue to $18 million. It also recorded an adjusted EBITDA loss of $24.7 million, down from positive adjusted EBITDA of $7.7 million a year ago. In a note, Raymond James analysts admitted they had been overly optimistic about the company and reset their expectations. They still see a “solid path forward” for Organigram.
Don’t forget to follow us @INN_Cannabis for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
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Read on for a closer look at some of the biggest cannabis news over the last five days.
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Aphria and Aurora’s merger that wasn’t
News hit that Aphria (TSX:APHA,NASDAQ:APHA) and Aurora Cannabis (TSX:ACB,NYSE:ACB) were reportedly in talks to merge, but their discussions broke down last week.
Two unnamed sources familiar with the matter told BNN Bloomberg that the companies were not able to agree on board composition and compensation for some senior executives.
The cannabis powerhouses were able to reach a consensus on other terms, however — the transaction would have been completed via a share swap, according to the sources, and control of the new entity would have been split 51 percent for Aphria shareholders and 49 percent for Aurora shareholders.
Click here to skip to the Investing News Network’s overview of the Aphria/Aurora situation.
Estimates indicate that if the combination had gone through, the resulting company would be valued at $3.5 billion, with Aphria CEO Simon Irwin at the helm. Around $200 million in savings had been identified, and the marijuana mega-producer would have had operations across 25 countries.
It’s worth noting that while the merger between Aphria and Aurora appears to be out of the running, experts do agree that M&A activity is likely to be a trend in the sector moving forward.
“A significant consolidation is currently underway in Canada with a handful of bankruptcies already accounted for and many licensed producers (LPs) running on fumes,” Nawan Butt and Greg Taylor of Purpose Investments said in their cannabis market commentary for the month of July.
Separately, Butt told INN that he sees the production cuts and temporary layoffs implemented by many LPs due to COVID-19 as positive. “We … view this as a rightsizing for the industry and ultimately a net positive as production moves down towards actual industry demand,” he commented.
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Ontario flip flops on delivery and curbside pickup
Ontario was in the spotlight last week when it said that starting on July 22, customers would no longer be able to receive delivery or curbside pickup services from privately run cannabis stores in Ontario.
They had been allowed to do so since April due to a temporary emergency order from the provincial government. With the new measures in place, the province-run Ontario Cannabis Store would be the only entity able to offer delivery.
The news was not well received by operators of private cannabis stores in the province, largely because they believe taking these services away makes retailers less competitive with the black market.
These private stores got a brief reprieve on Thursday (July 16), when Ontario extended its emergency order until July 29. But there’s still uncertainty beyond that date.
“The toughest part from our perspective is keeping the resources in place as the emergency order keeps getting extended and extended, right?” Badyr Valcarcel of Ontario cannabis retailer Shiny Bud told Marijuana Business Daily. “It’s hard for retailers to plan accordingly without any clear direction, or clear decisions at this point, from the government.”
This isn’t the first time the Ontario government has made a coronavirus-related decision on cannabis retailers only to change its mind soon after.
Earlier this year, when coronavirus prevention measures were just beginning to be put in place, the province gave cannabis businesses essential status before removing it shortly after. Ontario then quickly changed its mind again, allowing marijuana stores in the province to keep operating.
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Cannabis company news
- Canopy Growth (TSX:WEED,NYSE:CGC) laid off an unspecified number of workers as it continues to complete a strategic shift. The operational changes began in mid-April, and at the time the company said its goals included optimizing production and improving efficiencies. Canopy has reportedly let go of over 800 staff members since then.
- Flower One Holdings (CSE:FONE,OTCQX:FLOOF) shared its latest quarterly results, saying its revenue came in at US$8.8 million, up 52 percent from the previous quarter. However, the company noted that it expects revenue of just US$3.8 million for the upcoming quarter due to a “notable constriction” of Nevada’s cannabis market in April and May.
- iAnthus Capital Holdings (CSE:IAN,OTCQX:ITHUF) entered into a restructuring support agreement geared at completing a proposed recaptalization transaction and securing interim financing. If completed, it would bring the company’s debt down from US$168.7 million to US$101.4 million, and would provide iAnthus with interim financing worth US$14 million.
- The Valens Company (TSX:VLNS,OTCQX:VLNCF) released results for its second fiscal quarter, reporting revenue of C$17.6 million — that’s up 100.3 percent year-on-year, but down 45 percent from the previous quarter. In a note to clients, analysts at Raymond James said they anticipated the drop and noted that a similar decline was seen when competitor MediPharm Labs (TSX:LABS,OTCQX:MEDIF) released its latest quarterly results.
- Also releasing quarterly results was WeedMD (TSXV:WMD,OTCQX:WDDMF), which brought in net revenue of C$12.2 million, up 327 percent from the prior quarter; the company attributed the increase in part to a “substantial outdoor biomass sale.” It also reported an adjusted EBITDA loss of C$5.1 million due to higher costs associated with selling, general and administrative expenses.
Don’t forget to follow us @INN_Cannabis for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
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Read on for a closer look at some of the biggest cannabis news over the last five days.
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Ontario ends delivery, curbside pickup for private stores
News hit this week that customers will no longer be able to receive delivery or curbside pickup services from privately run cannabis stores in Ontario. They had been allowed to do so since April due to a temporary emergency order from the provincial government.
Instead, the province-run Ontario Cannabis Store will now be the only entity able to offer delivery.
The news has not been well received by operators of private cannabis stores in the province, largely because they believe taking these services away makes retailers less competitive with the black market.
There had been some expectation that the measures would remain even after COVID-19 — speaking to the Investing News Network (INN) not long after they were introduced, Charles Taerk, president and CEO of Faircourt Asset Management, expressed optimism that they would be left in place.
While they were “designed to end with the provincial re-openings, there is an opportunity to add (these services) in addition to home delivery, which further reduces demand for the illicit market,” he said.
Faircourt is the portfolio advisor to the Ninepoint Alternative Health Fund, which Taerk manages with Doug Waterson. The fund’s inception was in March 2017.
Stats show Canada’s cannabis inventory still high
Fresh data released by Health Canada indicates that cannabis inventory remains elevated in the country.
According to the organization’s latest report, which covers the month of April, Canadian marijuana producers held unpackaged inventory of 620,144 kilograms at that time, a new high.
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Meanwhile, federal license holders had packaged inventory of 46,413 kilograms, with provincial distributors and retailers having a further 38,601 kilograms.
Health Canada defines unpackaged inventory as cannabis that is held in stock by a cultivator or processor that is not packaged for sale at the retail level; packaged inventory is described as cannabis held in stock by a cultivator, processor, distributor or retailer that is packaged for sale at the retail level.
Speaking to Marijuana Business Daily, Craig Wiggins, managing director of market researcher TheCannalysts, expressed concerns about the market’s ability to absorb the inventory that is amassing.
“The total addressable market is growing. There’s no question about it,” he said. “But it’s not growing to the extent that it can absorb the unsalable product, so adjustments are coming.”
The Health Canada report also includes a breakdown of April sales in the country. About 7.59 million packaged units of cannabis were sold for both medical and non-medical purposes; dried cannabis, cannabis extracts and edibles represented 73 percent, 14 percent and 12 percent of sales, respectively.
Cannabis investor base starting to diversify
INN spoke this week with Nawan Butt of Purpose Investments, who said marijuana investors are becoming a more varied set of people as opposed to a single group with similar ideas.
For example, he pointed out that while interest from institutional investors is strengthening, some retail investors have lost enthusiasm.
Click here to skip to the Investing News Network’s overview of Butt’s comments.
Support from institutional investors is coming as the marijuana space begins to see more stability after a tough 2019. Attention from these investors is mostly being directed at licensed producers (LPs), and Butt said it is happening partially due to strong cannabis sales seen during the coronavirus outbreak.
“On the institutional side, we’ve seen financings increase,” Butt said. “It has mostly been for LPs, which are on the sort of margins for profitability … just about maybe six to 12 months away.”
Butt’s comments on institutional investors are in contrast to thoughts expressed by panelists at the recent Prohibition Partners LIVE event.
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Cannabis company news
Company news in the cannabis spaced ran the gamut from operational updates to store launches.
- Aleafia Health (TSX:AH,OTCQX:ALEAF) shared an update on its strategic growth plan, saying that it is getting close to releasing its Cannabis 2.0 products. CEO Geoffrey Benic described the launch, which is expected this month, as a “major milestone” for the company.
- Fire & Flower Holdings (TSX:FAF,OTCQX:FFLWF) opened two cannabis retail stores adjacent to Circle K locations in Alberta. The company expects the stores to benefit from being in high-traffic areas, and anticipates additional co-locations with other Circle K stores in the future.
- The first Hemisphere Cannabis store opened this week in Toronto. Hemisphere is owned by Aegis Brands, the parent company of coffee shop chain Second Cup Coffee (TSX:SCU), and the store is situated at a former Second Cup Coffee location. Six more Hemisphere stores are set to open in Ontario before the end of the year, according to Aegis.
- HEXO (TSX:HEXO,NYSE:HEXO) said it has launched medical cannabis products in Israel via a two year agreement with Breath of Life International, an Israeli medical cannabis company. This is the first time the company’s medical cannabis products have been available outside Canada.
- The Green Organic Dutchman Holdings (TSX:TGOD,OTCQX:TGODF) announced that its Ontario-based Ancaster facility has received a European Union Good Manufacturing Practice certificate, allowing it to export dried flower and cannabis extracts to Germany for validation.
Don’t forget to follow us @INN_Cannabis for real-time updates!
Securities Disclosure: I, Charlotte McLeod, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.