Canada pot market on track to hit $1.9B in sales, according to February retail figures
Canadians spent nearly $150 million on cannabis in February, down slightly from the prior month, according to Statistics Canada. StatsCan said $149.9 million of legal pot was bought in February, down 2.7 per cent from January. On a daily basis, Canadians bought $5.16 million of pot in February, up from the $4.97 million bought per day in January, and resulting in an annualized revenue rate of $1.9 billion. Only three provinces reported monthly sales advances in February, with Saskatchewan leading declines with a nearly-15-per-cent fall in activity, the data showed.
Tilray CEO compensation declines by 89% in 2019, filings show
Tilray CEO Brendan Kennedy saw his compensation fall by 89 per cent to US$3.4 million in 2019 after the executive failed to receive any bonus or option awards last year, security filings show. Kennedy - whose US$31.8 million compensation in 2018 led all cannabis industry CEOs - only pulled US$2.9 million in stock awards, and US$575,000 in base salary. He also continues to draw the lion's share of voting power at Tilray, with 36.4 per cent control of the company, according to the security filings released on Monday.
Canopy Growth strikes Latin American supply deal with Clever Leaves
Canopy Growth struck a supply deal with Colombian-based cannabis extractor Clever Leaves to cover the Latin American market, the companies announced Tuesday. The deal didn't specify how much supply Canopy would acquire from Clever Leaves, or what kind of extracted product is part of the agreement. The deal is tentatively in place for one-year with options for two more. Canopy announced last week it would cease production at its Colombian facility, part of a broader corporate plan aimed at retrenching its global operations to cut costs.
Cannabis companies raise financing despite challenging environment
Despite liquidity challenges that have been heightened by the COVID-19 pandemic, some cannabis companies are still able to raise some capital. Flowr Corp said it raised $20 million in a private placement round led by insiders, including CEO Vinay Tolia. The placement consists of units that include subordinated secured debentures and purchase warrants that prices common shares at $0.76 a share. Meanwhile, cannabis retailer Fire & Flower said it struck a financing agreement with ATB Financial for $10 million in two separate loan facilities.
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