The Daily Hit is a recap of the top financial news stories for Oct. 2, 2023.
On the Site
Canopy, Tilray Close Deals as One Shrinks and the Other Grows
Today’s transaction closings really sum up the current cannabis industry. One company is shedding assets to generate cash to pay debts, while another is buying assets to build its portfolio. Canopy Growth Corp. (NASDAQ: CGC) told investors it closed the deal to sell its Hershey facility, while Tilray Brands Inc. (NASDAQ: TLRY) closed a deal to buy beverage businesses. Read more here.
MediPharm Settles $9M Dispute with HEXO, Establishes New Deal with Tilray
Toronto-based MediPharm (TSX: LABS) (OTCQX: MEDIF) announced Monday a settlement agreement of $9 million to resolve a long-standing commercial dispute with HEXO. Read more here.
Vext to Acquire Two Ohio Dispensaries in $9.8M Deal
Vext Science (CSE: VEXT) (OTCQX: VEXTF) announced plans Monday to purchase two Ohio-based cannabis dispensaries from Big Perm’s Dispensary Ohio. The acquisition, valued at approximately $9.8 million, will also include all relevant business assets and licenses from the dispensaries. Read more here.
Heritage Cannabis Reports 11% Revenue Boost in Q3
Heritage Cannabis Holdings Corp. (CSE: CANN) (OTCQX: HERTF) reported an 11% rise year-over-year rise in revenue for the quarter ending July 31, which the company attributed to the strategic push of its brands and diversified revenue avenues. Read more here.
In Other News
Trulieve Cannabis Corp.
Trulieve Cannabis Corp. (CSE: TRUL) (OTCQX: TCNNF) announced Steve White stepped down as the company’s president, effective as of Oct. 1. White will continue to serve as a strategic advisor until his anticipated retirement at the end of this year. Read more here.
Shiny Health & Wellness
Shiny Health & Wellness Corp. (TSXV: SNYB) reported sales decreased during the period ending July 31, driven primarily by the reduction of the company’s cannabis retail store count from 31 to 26 stores, after closing underperforming stores with higher than usual monthly rental payments. Read more here.
BZAM Ltd.
BZAM Ltd. (CSE: BZAM) (OTC: BZAMF) entered into an engagement letter with Clarus Securities on a “best-efforts” marketed basis, a private placement of at least 15,384,615 units at an issue price of C$0.13 per unit for aggregate gross proceeds of approximately C$2 million. The units will be offered by way of the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Exemptions. Read more here.
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