Looking to avoid being delisted by the New York Stock Exchange, Aurora completed its planned reverse stock split to leave shareholders with one share for every 12 they held previously.
Marketwatch
- The rolled up shares will open at around $8, which will keep Aurora trading in the U.S.
In other LP news:
Cronos fell short of analyst expectations with its Q1 earnings, partly caused by a US$8M inventory writedown, which it said would not be its last “due to pricing pressures in the marketplace.” (ie. As prices go down, inventory will no longer valued at what it once was.)
BNN Bloomberg, MJ Biz Daily
- The company reported US$8.4M in revenue (only $165,000 of net revenue from overseas sales outside Canada and the US), and a US$45.1M operating loss.
New Cannabis Ventures, Investors.com - Cronos has US$1.1B in cash, down from US$1.8 last year.
- The company warned COVID-19 would make the cannabis market “choppy” for the next six months to a year as it ravages supply chains.
Yahoo Finance
Aleafia, which recently parted ways with controversial chair Julian Fantino, announced a $13M bought deal offering.
Tri-City News, Leafly, New Cannabis Ventures
- Here’s a summary of three other capital raises by major LPs.
Technical420
Organigram VP public affairs Cameron Bishop praised Ottawa for supporting the sector and asked the government to allow licensees to waive the annual regulatory fees, equal to 2.3% total revenue.
Twitter–@Ottawa_Cameron
WeedMD is preparing for its second outdoor planting.
London Free Press
Scandal-plagued CannTrust has four weeks to go before its Site 1 license expires. Many expect to see its distressed assets up for sale soon.
Twitter–@AaronWAnderson, @AlexTheChemist
