Emblem shareholders agreed to sell their holdings to Aleafia Health last week for $1.21 per share, despite the stock having previously traded as high as $4.37, and on Wednesday, Hexo struck a friendly deal with Newstrike Brands to buy the company backed by the Tragically Hip for 47 cents per share, or barely one-sixth of what those shares were once worth.
62P2) is pleased to announce that the Company, which operates through its wholly-owned subsidiary, 3 Sixty Secure Corp., is providing secure transport and guarding services to Up Cannabis Inc.
Shares jumped 6.7% to $5.95 in NY.
He said that the company, with Newstrike, is adding skilled employees and infrastructure to become one of the largest cannabis companies in the world.
"Our strength in Ontario and English Canada clearly complements HEXO's strong position in Quebec and creates an industry leader", Jay Wilgar, CEO of Newstrike, said in a statement.
"Last October, we started conversations, and since our visions were aligned, it was a relatively quick process". With an estimated 150,000 kilograms of peak annual production capacity in the wake of this deal, HEXO is now comfortably within the top five marijuana producers in Canada.
The transaction also provides HEXO access to four, cutting-edge production campuses and will increase the Company's canopy space from 1.1M sq. ft to 1.8M sq. ft. Newstrike is a licensed cannabis grower and distributor that has been working on developing "high-quality cannabis brands". Both facilities are licensed to cultivate and sell cannabis for the recreational market under the UP Cannabis brand.
The company says the loss amounted to two cents per share for the quarter ended January 31.
Tragically Hip members Johnny Fay, Paul Langlois and Rob Baker (left to right) at Newstrike's Up Cannabis grow room in Brantford, Ontario. This accomplishment is one to take notice of, as Canada is set to legalize edible cannabis products later this year. That's quite a jump considering that the first half of fiscal 2019 has generated C$22.8 million in gross cannabis revenue and just under C$19 million in net revenue (gross revenue less excise taxes).
RBC Capital Markets acted as the financial adviser to Newstrike, the first time the bank has advised on a cannabis deal, according to a bank spokesman. "We announced that by December 2018 we would have 1 million square foot up and running, and we met that promise and we got all our licenses in under a year", St. Louis said. If you are accessing this report on another publication, it was illegally copied and reposted in violation of US & global copyright & trademark laws.
Investigating the productivity proportions of HEXO Corp. stock, the speculator will discover its ROE, ROA, ROI remaining at 0%, 0%, and 0%, individually.
A local cannabis producer is taking over the Toronto parent company of another pot producer.