High Tide takes a stake in Ontario Retail License
Alberta-based High Tide said it has signed a letter of intent to acquire a minority interest in one of the lottery winners that was selected to apply for one of 25 initial cannabis retail licenses in Ontario last month. High Tide, which runs seven Canna Cabana cannabis shops in Alberta, said the letter of intent includes an option to acquire a greater interest in the Ontario lottery winner in the future. The company’s cannabis accessory operations have been in business for a decade covering six different brands that can be found online, in-store and wholesale. With a recent purchase of iconic online retailer GrassCity and a $10M strategic investment into High Tide from Aurora Cannabis, the company is rolling out Canada’s most ambitious cannabis retail concept through both retrofit and expansion of its established footprint.
Snoop Dogg vs. Toronto Maple Leafs
The latest beef involving a famous rapper may be between Snoop Dogg and the Toronto Maple Leafs. According to a report by The Independent, lawyers representing the NHL team filed an opposition to Snoop Dogg’s attempt to trademark the name of his startup cannabis brand, Leafs by Snoop. The filing also says the cannabis brand’s logo is similar to the Maple Leafs’ logo, and the team is concerned it could confuse consumers. The Toronto Maple Leafs have a long-standing trademark over the spelling of “Leafs.”
World Health Organization Recommends Reclassifying Cannabis
Global health experts at the United Nations are recommending that marijuana and its key components be formally rescheduled under international drug treaties. The World Health Organization (WHO) is calling for whole-plant marijuana, as well as cannabis resin, to be removed from Schedule IV—the most restrictive category of a 1961 drug convention signed by countries from around the world.
Weekend Unlimited wins lottery for POT stock symbol
The winner of the POT stock ticker lottery may already be benefiting from the buzz around its new symbol as shares of cannabis company Weekend Unlimited Inc. surged by nearly 135 percent in the wake of its win. Shares of Weekend, which trades as YOLO, soared to as high as $0.285 on the Canadian Securities Exchange on Friday, marking a massive leap from its previous close of $0.115.
Hexo Corp raises 57 Million
Hexo Corp., a licensed producer of cannabis, based in Quebec, Canada, raised 57.6 million Canadian dollars ($43.7 million) Wednesday when it closed its offering of common shares. The company said in a news release it will use the proceeds for global expansion and research and development. The Quebec cultivator, which trades as Hexo on the Toronto Stock Exchange and NYSE American made 8.8 million shares available at CA$6.50 a share in the offering.
Last August, Hexo entered a joint venture with Molson Coors Canada to produce CBD-infused beverages in which the brewing giant took a 57.5% stake.
Canopy Rivers closes deal with Italian hemp platform
The venture capital arm of Canopy Growth has closed a $17.4-million financing deal for Canapar Corp., the Canadian parent of Canapar Italy, an organic hemp production and processing platform. Canopy Rivers’ investment, which represents the first tranche of a $25-million non-brokered private placement, increases the company’s ownership in Canapar from 35 percent to 49 percent on a non-diluted basis. The increased investment comes as the Sicily-based firm works to develop cannabidiol-infused cosmetics, skincare and beauty products for the Italian cosmetics market.