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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Canfor Corp. (CFP-T) said the COVID-19 outbreak has negatively impacted global demand for forest products and disrupted supply chain networks. As a result, the company announced that it’s curtailing Canadian lumber production by approximately 70 million board feet, or about 40 per cent, over a three-week period. Its U.S. Southern Pine operations will reduce operating capacity by approximately 40 per cent or 50 million board feet over a four-week period. In Europe, Swedish lumber production will be curtailed at two sawmills by 50 per cent over a four-week period, representing a decrease in production of approximately 17 million board feet.

The company has also reduced capital expenditures by $20-million for Canadian and US operations which, together with an already lower capital budget for 2020, results in a year-over-year reduction in capital spend of approximately $100-million across lumber operations compared to 2019.

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Canfor Pulp Products Inc. (CFX-T) announced that it’s postponing its planned extended spring maintenance shut at Northwood Pulp Mill until later this year and instead will curtail the mill for three weeks during the period the turnaround was originally scheduled to occur. “This will result in a reduction of approximately 35,000 tonnes of Northern Bleached Softwood Kraft pulp production” it stated. Canfor Pulp is also reducing its planned capital expenditures for 2020 by $15-million to $25-million, representing a $78-million decrease from 2019 capital expenditures.

**

The Green Organic Dutchman Holdings Ltd. (TGOD-T) announced a $5-million bought-deal financing. The underwriter has agreed to purchase about 17.9 million share for 28 cents each.

Each unit includes one common share and one-half of one common share purchase warrant of the company. Each warrant is exercisable to acquire one common share of the company for a period of 36 months from closing of the transaction at an exercise price of 38 cents per warrant. TGOD said intends to use the proceeds of the offering for the development of key product lines and for general corporate purposes.

**

The Westaim Corp. (WED-X) announced a net loss of $13-million or 9 cents per share compared to a net profit of $6.7-million or 4 cents per share for the three months ended Dec. 31, 2018.

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Dream Industrial REIT (DIR.UN-T) has suspended its distribution reinvestment and unit purchase plan "until further notice, in response to the market disruption caused by the COVID-19 pandemic.

“We are in constant communications with our lenders, tenants and partners to ensure that the trust and our stakeholders are well supported through this challenging period,” said CEO Brian Pauls. “The COVID-19 pandemic has created an uncertain market environment and we have suspended our DRIP as we do not believe it is in the best interests of the trust or its unitholders to issue units at current prices, particularly given our strong balance sheet and ample liquidity.”

**

Goodfood Market Corp. (FOOD-T) announced the introduction of its Essential Canadian Pay Program, raising the pay of all its hourly and salaried operations and production employees by a minimum of $2 per hour throughout the duration of the COVID-19 crisis.

“Goodfood is considered an essential service and will remain open for the duration of the current crisis. Our teams recognize the importance of this responsibility and are motivated by their duty to keep Canadians fed and healthy. It was therefore paramount for us to reward our employees with our “Hero Pay Program” during this period, recognizing their continued and incredible efforts in keeping our operations running as efficiently as possible,” stated president Neil Cuggy.

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KP Tissue Inc. (KPT-T) says Kruger Products L.P. has been ramping up production to meet the increased demand for tissue from its customers and consumers. “We have increased and expedited deliveries to retailers to get our product on the retail shelf as quickly as possible,” the company stated. “We have also been deemed an essential service which means that we will be able to operate our facilities as normal during the COVID-19 pandemic.”

**

Green Thumb Industries Inc. (GTII-C) announced revenue for the fourth quarter was US$75.8 million, up from US$20.8 million for the fourth quarter of 2018. Its net loss for the fourth quarter was $13-million or 6 cents US per share. Analysts were expecting a loss of 3 cents US per share, according to S&P Capital IQ.

**

Boston Pizza Royalties Income Fund (BPF.UN-T) announced that Boston Pizza International Inc. is temporarily laying off approximately half of its 192 corporate staff across all three offices in Canada due to a significant decline in business caused by COVID-19. Kitchens in many of Boston Pizza’s nearly 400 independently and locally owned restaurants continue to support Canadians by providing dine-at-home options through take-out and delivery services, the trust stated.

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"The reduction in operations across our restaurant network has resulted in a dramatic decline in sales making it impossible to sustain our current level of staffing during this period. Just as our independently and locally owned restaurants have been forced to make difficult decisions and significant changes to adjust to this period of depressed sales, so must we," stated BPI president Jordan Holm.

**

Harvest Health & Recreation Inc. (HARV-C) announced the closing of the acquisition of Franklin Labs, LLC, a subsidiary of CannaPharmacy, for approximately $25.5-million payable with $15.5 million in cash and a $10-million promissory note.

“This accretive acquisition helps to alleviate supply constraints in a fast-growing market, while contributing to improved financial performance,” said Harvest CEO Steve White.

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