Toronto LP Beleave announced its application for creditor protection under the Companies’ Creditors Arrangement Act, becoming the 10th Canadian cannabis company to file for bankruptcy in 2020.
Newswire, MJ Biz Daily, Twitter–@itsdgc
- Someone on Reddit helpfully compiled a “Failing Companies Masterlist,” charting bankruptcy filings and court orders to pay debts.
Reddit
In Other Corporate News:
Ousted Canopy co-founder and co-CEO Bruce Linton was again ousted, this time from his role as executive chair of US multi-state operator (MSO) Vireo. Linton admitted he is “not everyone’s favourite flavour,” and can be “a pretty demanding guy” when he brings his own money to the table.
Newswire, Yahoo Finance
- Linton said his next move would be with his Collective Growth Corporation, a “blank check” acquisition company that closed its initial IPO last month, raising $150M.
BNN Bloomberg, Newswire
Weeks after accepting less than half what they paid for an Ontario greenhouse, Aurora sold off its 23% stake in AlCanna for $27.6M–after paying $138M for the stocks in 2018.
MJ Biz Daily
After closing bell on Friday, Aphria migrated its shares from the NYSE to Nasdaq’s Global Select Market.
MJ Biz Daily
After a strong year, Valens is repositioning itself as an “manufacturer” rather than an “extractor.”
Newswire, Twitter–@BettingBruiser
Organigram is producing flower at $0.53 per gram–not as cheap as outdoor growing, but significantly cheaper than other indoor growers.
CanTech Letter
Some analysts worry investments by big alcohol and tobacco companies in the sector have hindered LPs more than they’ve helped. Meanwhile, an executive-search firm reviewed 96 LPs and found the companies with better-compensated executives performed worse.
The Deep Dive, THCNet
