A Canadian cannabis company is celebrating a decision that will allow it to take full control of a third-party producer.
Also in the market this week, two companies confirmed their merger and told shareholders the details about the new resulting company.
Keep reading to find out more cannabis highlights from the past five days.
LP ownership showdown comes to an end
Village Farms International (NASDAQ:VFF,TSX:VFF) confirmed that Emerald Health Therapeutics (TSXV:EMH,OTCQX:EMHTF) shareholders have decided to allow Emerald to sell its stake in Pure Sunfarms, a licensed producer (LP) of cannabis.
On Thursday (October 29), both publicly traded companies announced the decision. Emerald CEO Riaz Bandali thanked investors for the decision as the company undergoes a rebalancing period. According to Emerald, a 98.65 percent majority of shareholders approved the transaction.
While the two companies originally joined forces to launch and oversee Pure Sunfarms, conflict ensued between Village Farms and Emerald as the two first disputed a wholesale agreement stipulation.
In September, the two companies finally came together to settle the ownership dispute, and it was agreed Village Farms would acquire the 41.3 percent stake in Pure Sunfarms owned by Emerald.
Two US cannabis companies close merger plan
Also on Thursday, Dixie Brands (CSE:DIXI.U,OTCQX:DXBRF) told the market its planned reverse takeover deal with BR Brands will complete at the end of October. The new company will be called BellRock Brands and will trade under the ticker symbol “BRCK.”
“Under BellRock management, the platform is poised for exponential growth, through both M&A and organic R&D, and is purposely built to cater to all of the industry’s fastest growing segments,” Andrew Schweibold, chairman of BellRock, said in a statement.
In terms of management, Dixie CEO Chuck Smith will retain the top position. “Our mission is to build the first national cannabis house of brands,” he said.
Cannabis company news
- IntelGenx (TSXV:IGX,OTCQB:IGXT) announced a planned supply agreement deal with Heritage Cannabis Holdings (CSE:CANN,OTCQX:HERTF) to provide filmstrip products with CBD, with distribution planned for the Canadian and Australian markets.
- Curaleaf Holdings (CSE:CURA,OTCQX:CURLF) expanded the presence of its Select-branded stores to the Illinois state market. The company’s branded stores are now available in 15 states.
- Inner Spirit Holdings (CSE:ISH) added six new stores in October to its portfolio across Canada. The new stores are located in Ontario, Alberta and Newfoundland and Labrador.
- Liberty Health Sciences (CSE:LHS,OTCQX:LHSIF) reported its financial results for its second fiscal quarter of 2021. The company highlighted its 26 dispensaries in the Florida market and reported net sales of C$18 million for the period.
Don’t forget to follow us @INN_Cannabis for real-time updates!
Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: Heritage Cannabis Holdings is a client of the Investing News Network. This article is not paid-for content.