Jun 5, 2020
Cannabis Canada: Beleave seeking creditor protection
BNN Bloomberg
Beleave to seek creditor protection, waiting for approval to be sold to consulting company
Another Canadian cannabis company has thrown in the towel. Toronto-based Beleave Inc. announced Friday it is seeking creditor protection in an Ontario court under the Companies' Creditors Arrangement Act. It hopes to obtain a stay of proceedings ahead of a planned sale of its business to a consulting company. Beleave, which recently reported third quarter revenue of $381,000 with a net loss of $2.84 million, is now awaiting court approval to be sold to Hegedus Consulting Services for an undisclosed price. If granted, this would be the 10th cannabis company in Canada to file under CCAA this year.
Trulieve gains licensing approvals from Massachusetts regulators
Shares of U.S. cannabis operator Trulieve Cannabis Corp. were relatively flat on Friday, one day after the company announced it received several approvals from Massachusetts regulators to operate in the state. Trulieve said it received licences to operate a cultivation facility alongside a recreational cannabis licence to open a pot shop in Northampton, Mass. Beacon Securities described the announcement as "strong progress on the regulatory front," adding that its Massachusetts business should begin contributing meaningful revenue in the next fiscal year.
Valens to sell cannabis extracts with Verse Cannabis in new five-year supply deal
A day after striking a white-label supply deal with TREC Brands, Canadian cannabis extraction company Valens Groworks Corp. said late Thursday it will work with Verse Cannabis to sell new extractable products to the Canadian market in a five-year supply deal. Valens will make a "hydrocarbon-derived crumble" and a line of vape devices under a new Verse-managed brand. In a report to clients, Canaccord Genuity analyst Kimberly Hedlin said interest in these new products is likely to be high. She added that Valens' move to work with a relatively unknown partner "suggests that Valens likely received very favourable terms on the contract."
Red White & Bloom to resume trading on CSE, strikes licensing deal with High Times
After a year of suspending its trading to complete a reverse takeover, Red White & Bloom Brands Inc. is back on the public markets. The Michigan-based company, which announced a reverse takeover with Tidal Royalty in February of 2019, resumed trading on the Canadian Securities Exchange on Friday. It also struck a licensing deal with Hightimes Holdings to use its "High Times" brand for a roll-out of licensed cannabis stores in Michigan, Illinois and Florida.
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