Cannabis Professional’s daily roundup of industry news. View archive here.
Delta 9 to acquire two Alberta retail stores
Delta 9 Cannabis Inc. said late Thursday it has entered into a definitive agreement with Modern Leaf Group Inc. to acquire Modern Leaf stores in Alberta for $1.3-milion in cash common shares. The company says the acquisition will be completed through its wholly-owned subsidiary, Delta 9 Cannabis Store Inc. Kronos Capital Partners acted as financial advisor to the Modern Leaf Group on the transaction. Winnipeg-based Delta 9 expects the deal to close on or before March 30, 2020.
– Staff
Pasha Brands lays off a dozen workers
Craft cannabis brand organization Pasha Brands Ltd. said Thursday it had to lay off 12 of the company’s work force of approximately 50 due to “both the contraction in the capital markets and Health Canada’s slow roll out of the micro cultivation licensing program.” The Vancouver-based company says it will now focus on getting its two pre-roll brands, Grizzlers and Roll Model, onto retail store shelves in the first quarter of 2020. “Yesterday, the company made the difficult, but necessary choice, to lay off some of its employees in both its communications and client services divisions. At the same time as letting some go, it has repurposed other employees, who will focus on commercializing these iconic pre-legalization brands” stated CEO Jason Longden.
- Staff
Zenabis adds Vincent Quan to board of directors
Zenabis Global Inc. said Thursday that Vincent Quan has been appointed as the newest member of its board of directors, effective Nov. 21. Mr. Quan currently serves as the vice-president of finance for the Richberry Group of Companies, a national agribusiness enterprise with operations in British Columbia and Quebec. In conjunction with joining the board the company says Mr. Quan has committed to exercise 258,000 rights under the current rights offering. Mr. Quan holds a Bachelor of Science (Honours) degree in Agriculture Economics from the University of British Columbia.
- Staff