Aurora adds independent directors, appoints new executive chair

Aurora Cannabis announced a small board shakeup on Wednesday, elevating its chairman Michael Singer to an executive chairman role as well as enhancing its overall governance with new independent directors. Ronald Funk, an existing board member, will now become Aurora’s lead independent director, while Shan Atkins, who currently sits on a number of U.S. corporate boards, will also join the company as a new independent director and head of the audit committee. As a result of the new appointments, the company said Diane Jang, CEO of Hempco Food and Fiber, and an Aurora director since November 2017, has resigned from the board.. 

Tilray buys hemp-food maker Manitoba Harvest for $419M

Tilray is acquiring the parent company of hemp-food maker Manitoba Harvest for up to $419 million in a cash-and-stock deal as the Nanaimo, B.C.-based cannabis producer accelerates its entry into the North American CBD market. The deal will give Tilray ownership of a high-profile brand and one of the biggest hemp-food makers in the world while doubling down on its investment on the fast-moving U.S. CBD market. It also gives Tilray access to Manitoba Harvest’s retail network of 16,000 stores across North America that includes Costco, Amazon and Wal-Mart.

CannTrust to commence trading on NYSE on Feb. 25

Shares of CannTrust rallied on the Toronto Stock Exchange on Wednesday after the company announced it met all the regulatory requirements to list its common shares on the New York Stock Exchange. The company will begin trading on the NYSE on Feb. 25 under the ticker symbol "CTST" and will continue to trade on the TSX. CannTrust will soon join other Canadian cannabis producers who have dual-listed on the NYSE, including Aurora Cannabis and Canopy Growth.

Aphria cuts all ties to Liberty Health Sciences

Aphria said late Tuesday members of its independent board committee unanimously approved the early termination of a promissory note, option and other agreements related to its divestment of Liberty Health Sciences. Aphria sold off its shares in Liberty Health in September in exchange for a five-year promissory note and an irrevocable option to buy back its shares within the next five years. The company said that as a result of its “early termination” of its investment with Liberty Health, it netted a return of 3.2 times its initial $25-million investment in the company.

DAILY BUZZ

US$103.3 million 
– How much cannabis tax revenue California reported in the fourth quarter of 2018, which includes state cultivation, excise, and sales taxes, according to the California Department of Tax and Fee Administration. The state generated around $300 million in taxes in its first year of commercial legalization, according to Leafly.

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