Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Liberty Health Sciences Inc. (LHS-CN) reported sales of $16.1-million for the third quarter ended Nov. 30 compared with $3.2-million for the third quarter a year ago. The company recorded net income for the quarter of $6.9-million compared with a net loss of $9.7-million for the same quarter a year earlier.
"The significant year-over-year increase in revenue was driven by the company's opening of new dispensaries and delivery locations, as well as experiencing an increase in same-store sales volume, and an uptick in the registered patient base for medical marijuana use in Florida," it stated in a release.
The board also officially appointed Victor Mancebo as CEO. Mr. Mancebo had been serving as interim CEO since Feb 12.
The company noted that it's currently out of compliance with Nasdaq rules, but chose not to apply for an extension to regain compliance. "Given that trading on the Toronto Stock Exchange accounts for a vast majority of the company's current daily trading volume, the costs associated with maintaining this listing are no longer justified," it stated.
The company also said it’s evaluating alternative platforms for future listings in order to increase liquidity.
The sale is part of Cott’s plan to focus on its water business.
Cott announced an agreement earlier this year to acquire Primo Water Corp.
The company plans to rebrand Cott under the Primo Water name to reflect its new focus.
Westrock Coffee is an integrated coffee company that provides sourcing, financing, supply chain management, roasting, packaging and distribution services.
The deal is expected to close in the first quarter of 2020 and is subject to certain customary closing conditions including regulatory approval.
-The Canadian Press
Calian Group Ltd. (CGY-T) announced the acquisition of two Ottawa-based health companies, Allphase Clinical Research Services Inc. and Alio Health Services Inc. for $14.5-million, including $12-million cash and 62,054 common shares.
The agreement contains two earnout payments on the first- and second-year anniversaries, of $6-million and $6-million respectively, based on the achievement of a certain level of EBITDA in each of those periods, the company stated.
“This strategic acquisition supports all four pillars of our growth framework. It diversifies our customer base into pharmaceuticals, home care and hospitals, and supports Calian’s innovation agenda with services enabled by sophisticated software. We see opportunities to evolve this software within our Health segment and strengthen Calian’s position in technology-enabled health solutions,” stated Kevin Ford, CEO of Calian.
MedMen Enterprises Inc. (MMEN-C) announced that co-founder and CEO Adam Bierman has decided to step down as CEO, effective Feb. 1. The board of directors is in the process of forming a committee of directors that will be responsible for identifying and appointing a new CEO, the company said. Meantime, chief operating officer and chief technology officer Ryan Lissack has been named Interim CEO. Mr. Bierman will continue to serve on the company’s board.