Harvest Health and Recreation upsizes bought deal offering to US$40M 
U.S. cannabis operator Harvest Health and Recreation announced Tuesday it completed bought deal financing valued at US$40 million, up from a previously stated US$30 million. The company said a group of underwriters led by Eight Capital agreed to purchase about 17.7 million units of the company valued at $2.26 each. Each unit is comprised of one subordinate voting share and one-half of a warrant that can be exercised for another voting share valued at $3.05. Harvest said the proceeds from the financing will be earmarked for working capital and general corporate purposes. The company’s Canadian Securities Exchange-listed shares fell more than 18 per cent to $2.05 on Thursday.  

Kiaro sees Q2 revenue jump 50% from prior quarter

Vancouver-based cannabis retailer Kiaro reported second-quarter financial results early Thursday, posting a 50-per-cent sequential increase in sales to $4 million. The company - which operates seven cannabis stores in British Columbia and Saskatchewan - recorded gross profit of $1.2 million, while also posting a negative adjusted EBITDA of about $136,000. However, Kiaro stated it has negative working capital of roughly $413,000, after losing $2.1 million from a decline in its shares. Kiaro shares fell about 13 per cent on the TSX Venture on Thursday following the announcement.   

Decibel launches rollout of Cannabis 2.0 products, including infused shot

Calgary-based cannabis retailer and producer Decibel Cannabis Company said it struck a deal with Origin Scientific to launch a series of infused single-dose beverages to the recreational market. The company made the announcement alongside its rollout of Cannabis 2.0 products, including four new vapes and a lineup of concentrates under the "Blendcraft" moniker. The new products are expected to launch sometime next month across B. C., Alberta and Saskatchewan. 

 

DAILY BUZZ

 
 


$143 million

-- The value of illicitly-grown cannabis plants seized by the Ontario Provincial Police between July 1 and Oct. 15, 2020.  

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