Growing flowers of cannabis intended for the medical marijuana market are shown in Moncton, N.B., on April 14, 2016.Ron Ward/The Canadian Press
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Canopy Growth Corp. (CGC-T) is buying MedCann GmbH Pharma and Nutraceuticals (MedCann), a German-based pharmaceutical distributor.
"Germany has begun a process of enabling medical access to cannabis and through a policy that recognized Canopy as the first legal supply source from North America," stated CEO Bruce Linton in a release.
"This acquisition establishes a distinct and purely medicinal corporate entity that helps us today but also positions us for domestic medicinal production inside Germany if the regulatory environment shifts."
Canopy said the acquisition is structured against certain licensing milestones that will move the company towards domestic production.
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Bellatrix Exploration Ltd. (BXE-T; BXE-N) says its president and CEO Raymond Smith has taken a temporary leave of absence "to focus on a personal medical situation."
The company has appointed executive vice-president and chief operating officer Brent Eshleman as interim president and CEO.
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Dundee Acquisition Ltd. (DAQ.A-T) has postponed the date of its special meeting of shareholders for approval of its transaction with CHC Student Housing Corp. announced in August.
The company said the meeting will be moved to Dec. 20, but that it "still intends to close the arrangement in December, 2016," subject to satisfaction of conditions including shareholder and court approval.
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AutoCanada Inc. (ACQ-T) is buying Guelph Hyundai in Guelph, Ont.
AutoCanada said in a release that it will purchase the dealership lands and 29,726-square foot facility with a 14-car showroom and 14 service bays.
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Supremex Inc. (SXP-T) is buying Quebec-based Durabox Paper Inc., a manufacturer of specialty corrugated paper boxes.
"Through this strategic acquisition we gain not only a strong, vibrant and growing consumer packaging business with a positive outlook, we add complementary capabilities, cross-selling opportunities and vertical integration potential. The addition of the equipment and know-how allows us to efficiently produce and customize corrugated packaging, broaden the Supremex product offering and continue to diversify the business." said Supremex CEO Stewart Emerson in a release.
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Avigilon Corp. (AVO-T) has hired CBRE Ltd. to market its nine-storey office tower in downtown Vancouver for a sale and leaseback.
The company said the transaction would give it full use of the building while "reducing its debt, providing cash for general working capital purposes, and enhancing shareholder value."
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Gran Tierra Energy Inc. (GTE-N; GTE-T) says it submitted winning bids totaling a combined $30.4-million for two blocks offered by Ecopetrol S.A., Colombia's national oil company.
Gran Tierra said its winning bids are for the Santana and Nancy-Burdine-Maxine Blocks, located in the Putumayo Basin.
The company said it intends to finance the acquisitions with cash on hand and available borrowings under its revolving credit facility.