This past Wednesday, Emblem (EMC.V) released its second quarter financials with some impressive numbers. Emblem has been on a tear since last week which proves that this sector still values strong numbers and not just hype.
On Friday The Nova Scotia Liquor Corporation (NSLC) placed its first purchase orders for 3,750 kg’s of recreational cannabis. The NSLC anticipates it will order around a total of 5,000 kg’s in year one. The product mix will consist of 282 cannabis products and 21 accessories.
Last week the province of Ontario changed its retail regulations from a government run program where everyone has to hit the highway to find an official government liquor store to buy their weed, to a mixture of public and private stores.
Canopy soars 31% on news, CEO hopes shareholders don’t go hunting for the next potential acquisition
Yesterday Canopy (CGC.N) announced Constellation Brands is acquiring 104.5 million of its shares at C$48.60 CAD, a 37.9% premium. Constellation will also receive additional warrants of Canopy that, if exercised, would provide for at least an additional $4.5 billion CAD to Canopy, boosting Constellation’s stake in Canopy to 38%. Canopy jumped $10.05 CAD (+31%) on 26.8 million shares traded.
Last week Molson Coors (TAP.N) and Hydropothecary (HEXO.T) announced a joint venture to develop cannabis infused beverages, with 57.5% of ownership to Molson.
Today Hydropothecary (HEXO.T) announced their first harvest in their new 250,000 sq/ft greenhouse in Gatineau, Quebec. The project was budgeted at $25 million CAD.
Last week Friday Night Inc.(TGIF.C) announced that it received a permit for a 12,000 sq/ft hemp processing facility in Las Vegas, Nevada along with its 91% owned subsidiary Infused MFG. The 5,000 sq/ft. production facility currently being retrofitted in Las Vegas, NV, will process hemp biomass into CBD products. Infused sells CBD products through its Canna Hemp brand.
Today Aurora Cannabis (ACB.T) closed at $6.81 CAD on 20.6 million shares traded. The is the first time Aurora has closed below the $7 support level since December 7th, 2017. It bounced off of that support level in February, April, and May, going on trough-to-peak runs of 59%, 29.3% and 46% respectively, each time it bounced off the low.
Last week we reported that Hamilton’s City Council rejected a zoning amendment proposal backed by The Green Organic Dutchman’s (TGOD.T), which would have allowed for the construction of up to 968,000 sq/ft of greenhouse space for growing cannabis. Hamilton’s current zoning bylaw states that cannabis companies are allowed to have up to 24,000 sq/ft of greenhouse grow space.
As we reported Tuesday, a proposed a zoning amendment that would have increased the maximum allowance of growth space for cannabis LPs operating in Hamilton, ON from 24,000 sq/ft to 968,000 sq/ft was defeated by Hamilton’s City Council this past Wednesday, by a vote of 9-4.
As has been widely reported, a zoning amendment proposal brought forward by The Green Organic Dutchman and recommended by the City of Hamilton’s Planning Committee was defeated by vote of Hamilton’s City Council this past Wednesday. The proposed amendment (PED18118) would have increased the maximum allowance of 24,000 sq/ft to 968,000 sq/ft of growth space for cannabis LP’s like TGOD operating in Hamilton.