Tilray CEO Brendan Kennedy predicted “another dozen more [bankruptcies] as funding has dried out” across the cannabis sector.
- Sunniva, based in California with properties in Canada, appears to be on the brink of bankruptcy.
- CannTrust is seeking buyers for “all or part of [its] assets and business operations.”
In early April, Hexo again faced warnings from the New York Stock Exchange after its share price fell below $1, though the company did not inform shareholders until mid-May. Hexo has until mid-December to become compliant and is considering consolidating its shares as Aurora recently did.
MJ Biz Daily, The Deep Dive, Marketwatch
- Hexo hopes to raise $50M through a public offering of 55.6M shares. The company also announced the option of early conversion for holders of $29.86M worth of convertible debentures.
NewsWire, The Deep Dive, New Cannabis Ventures
Oil extractor MediPharm Labs labs will lay off 10% of its staff (equal to about 23 people) and take an inventory impairment of $10M to $15M as executives take a 10% cut. Chief strategy officer Braden Fenske left his position.
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