Connect with us

Marijuana Business Daily

Canadian retailer Nova Cannabis to issue up to CA$20 million in shares

Published

on


Canadian marijuana retail chain Nova Cannabis announced an at-the-market share offering to issue as much as 20 million Canadian dollars ($15.5 million) worth of shares over time.

The shares would be sold at prevailing market prices at the time of issuance, Nova said in a news release.

ADVERTISEMENT

Nova intends to use proceeds from any share offerings “to finance future growth opportunities including acquisitions and investments, to finance our capital expenditures, to reduce our outstanding indebtedness, for working capital purposes or for general corporate purposes,” according to a prospectus supplement filed Friday.

Nova said it currently owns or operates 81 cannabis stores in Alberta, Ontario and Saskatchewan.

Most of those stores are under the retailer’s Value Buds discount brand, with one Sweet Tree Cannabis Co. location in Saskatchewan.

Nova, an Edmonton, Alberta-based retailer, is majority-owned by cannabis producer Sundial Growers as a result of Sundial’s acquisition of Alcanna.

Read full article on Marijuana Business Daily



Source link

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Marijuana Business Daily

Auxly sells Nova Scotia outdoor cannabis farm for less than it invested

Published

on

By


Canadian marijuana operator Auxly Cannabis Group sold an outdoor cultivation site in Hortonville, Nova Scotia, for proceeds of 4.1 million Canadian dollars ($3.2 million) – significantly less than what it invested in the facility.

ADVERTISEMENT

As of 2021, Auxly had spent roughly CA$11.4 million to build and develop the Auxly Annapolis OG outdoor cultivation facility and anticipated spending CA$3.5 million more to finish it, according to regulatory filings.

The sale to a private buyer comes shortly after Auxly sold its indoor cultivation site in Nova Scotia in July for proceeds of CA$6 million. That total was also less than Auxly spent on the facility.

Auxly, previously Cannabis Wheaton Income Corp., bought that indoor facility in a CA$14 million deal to acquire Robinson’s Cannabis in

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

CA marijuana grower fined $300K-plus for failing to clean up runoff into river

Published

on

By


This free resource offers practical business tips and valuable insights from cannabis extraction professionals to help plan or scale your extraction or processing operation with confidence.

Inside the MJBizDaily Extraction Buyers Guide: In-depth guidance for planning a CBD extraction business Best practices in sourcing solvents + solventless materials Lessons in shopping for extraction/processing equipment Tips for outfitting a facility for psilocybin mushroom extraction And more!

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

CBD prices are stabilizing after years of decline – but is it progress?

Published

on

By


A yearslong tailspin for CBD prices is showing signs of leveling off.

But it’s too soon to say whether the CBD market is rebounding or if companies making CBD products have simply cut so deeply that they’re now holding or increasing prices just to survive.

ADVERTISEMENT

The pricing trend was noted recently by the Brightfield Group, a Chicago-based cannabis analytics firm that crunches prices on thousands of websites and brick-and-mortar stores selling CBD.

“There were some massive price cuts that took place during the (COVID-19) pandemic, and those look to be ending,” said Brightfield’s managing director, Bethany Gomez.

Gomez compared the CBD market landscape to that of apparel, where discounting is so prevalent that consumers resist paying what they perceive to be full price.

A similar story has played out in the marijuana market: U.S. and Canadian cannabis retailers have been discounting their products, likely reflecting the rapidly growing

Read full article on Marijuana Business Daily



Source link

Continue Reading
Advertisement

Trending

Copyright © 2021 The Art of MaryJane Media