It’s time for your Daily Hit of cannabis financial news for March 4, 2020.
On The Site
Canopy Growth Corporation (TSX: WEED) (NYSE: CGC) said that it plans to close two facilities in Aldergrove and Delta, British Columbia, which will result in the loss of approximately 500 jobs. Also, the company said it no longer plans to bring the third greenhouse online in Niagara-on-the-Lake, Ontario.
The bad news continued for the company as Canopy also said it would take estimated pre-tax charges of approximately $700-800 million in the quarter ending March 31, 2020, as a result of the announcement and additional changes related to its organizational and strategic review.
Halo Labs Inc. (NEO: HALO)(OTCQX: AGEEF) is acquiring Cannalift Delivery Inc. in exchange for C$3.41M common shares of Halo at a deemed price of C$0.11 per share. The Cannalift vendor is also helping Halo secure a non-brokered private placement of up to C$700,000. Both the acquisition and private placement are expected to close on or before March 10, 2020.
Cannalift is a software company that is developing an application to introduce a new and convenient method for obtaining cannabis products. The company said in a statement that the application will deliver any products from local dispensaries to consumers through an intuitive application and website, subject to regulatory approvals.
TILT Holdings Inc. (CSE: TILT) (OTCQB: TLLTF) vape subsidiary Jupiter Research said it was back online following Chinese New Year and minor delays associated with the novel coronavirus COVID-19. The virus caused many parts of the country to impose strict quarantines on its residents. This resulted in several factories having to shut down as employees stayed home.
“We are proud to report that manufacturing lines have been open since February 17, 2020, and can confirm our first post-Chinese New Year ocean and air shipments are en route,” stated Mark Scatterday, CEO of TILT and founder/CEO of Jupiter Research. “Each year, Jupiter strategically forecasts inventory positions for the Chinese New Year holiday and beyond, which aims to navigate our customers’ needs when production is halted for a variety of reasons. With the product on hand stateside, our sales team has been actively receiving orders and fulfilling customer requests, along with our in-house print operations increasing capacity for domestic fulfillment.”
Driven by the leadership of our CEO and founder, Debra Borchardt, Green Market Report is pleased to release the industry’s first psychedelic industry trend report, Trends in Psychedelic Investing, which takes a deep-dive into the emerging movement and the investments and companies to watch behind it.
Our publication had been slowly inching into the emerging psychedelics movement over the last year, profiling various companies such as Orthogonal Thinker and Field Trip Ventures while examining some of the emerging research and perspectives in psychedelics. At the same time, we began creating spaces and occasions for people of the movement to come together to talk about the business of psychedelics, which includes companies that promote and work within the potential of “novel molecules” found in psilocybin (psilocin), DMT, ketamine, MDMA and other substances that are classified as “psychedelic”.
In Other News
Organigram Holdings Inc. (NASDAQ: OGI) (TSX: OGI), the parent company of Organigram Inc. announced that effective today Paolo De Luca, the company’s current Chief Financial Officer has been appointed Chief Strategy Officer and Derrick West, currently on the Company’s Board of Directors, is joining the Company as its CFO.
Sweet Dirt LLC, a Maine-based cannabis company, today announced the appointment of Jessica Oliver to Vice President Cannabis Operations. Sweet Dirt is a fully vertically integrated cannabis organization with employees, contractors and partners spanning cultivation, distribution, retail, administration, legal, compliance, IT, security and finance.