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Cannabis Weekly Round-Up: Valens Graduates to NASDAQ
Catch up on the latest announcements in the cannabis investment market.
A Canadian cannabis operator confirmed an uplisting to the NASDAQ Capital Market.
Also this week, a Canadian retailer announced a new acquisition plan for a delivery services company.
Keep reading to find out more cannabis highlights from the past five days.
Valens finds new stock exchange home
The Valens Company (NASDAQ:VLNS,TSX:VLNS) reached a new height by moving to the NASDAQ Capital Market. “Listing on Nasdaq is the next step to our capital markets strategy,” said Tyler Robson, CEO and chair.
“We believe this listing will enable Valens and its shareholders greater access to liquidity, increased corporate visibility, and a broader shareholder base, in an effort to create long-term shareholder value," he added.
Over a year-to-date period, shares of Valens have decreased in value by over 18 percent, or approximately a dollar loss per share. As of 10:13 a.m. EST on Friday (December 10), shares were trading at a price of C$4.20.
Retailer strengthens delivery options with acquisition
Fire & Flower Holdings (TSX:FAF,OTCQX:FFLWF) told investors it will acquire Pineapple Express Delivery, a delivery services company focused on the cannabis market. The acquisition is part of Fire & Flower's goal to create a digital customer experience through a product-delivery technology system.
“We see this as an example of the advantages of building, testing and hardening technology and systems in the federally legal Canadian market before deploying them to the U.S. and other emerging markets," Fire & Flower CEO Trevor Fencott said about the Thursday (December 19) news.
Fire & Flower will assume and repay C$5.3 million in cash debt owed by Pineapple Express, and will also issue nearly 1.2 million common Fire & Flower shares.
Randy Rolph, founder and CEO of Pineapple Express, said the acquisition by Fire & Flower will take his company into its “next evolution.”
According to the company, Pineapple Express reported revenue of approximately C$10 million for the trailing 12 month period that ended on October 31.
Cannabis company news
- Tilray (NASDAQ:TLRY,TSX:TLRY)confirmed an acquisition strategy for Colorado-based Breckenridge Distillery as a way to strengthen its diversified cannabis business options. “We see tremendous potential for Breckenridge and our existing SweetWater brand to complement each other, expanding their respective reach and driving further profitable growth in our beverage alcohol segment,” said Irwin Simon, chairman and CEO of the company.
- Sundial Growers (NASDAQ:SNDL)told investors it remains committed to a previously announced proposed plan of arrangement with Alcanna (TSX:CLIQ). “Sundial shareholders demand discipline when it comes to capital deployment, and our strong capital base is in high demand in the current environment, which is seeing increasing levels of financial distress,” Sundial CEO Zach George said.
- Green Thumb Industries (GTI) (CSE:GTII,OTCQX:GTBIF)announced the opening of a new dispensary in the US marketplace. This is GTI's 67th store in the country.
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Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Bryan is a Senior Editor with INN. After graduating from the Langara journalism program he did some freelance reporting with community newspapers in British Columbia. He initially wrote about the life science space for INN and now spends his time covering the marijuana market, from Canadian LPs to US-based companies, and the impact of this sector on investors.
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