Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
CannTrust Holdings Inc. (TRST-T; CTST-N) announced it has received a compliance report from Health Canada notifying the company that its greenhouse facility in Pelham, Ont. “is non-compliant with certain regulations.” CannTrust stated that it has accepted Health Canada’s non-compliance finding and “has taken actions to ensure current and future compliance.”
It said the non-compliant rating is based on "observations by the regulator regarding the growing of cannabis in five unlicensed rooms and inaccurate information provided to the regulator by CannTrust employees." The company stated that growing in unlicensed rooms took place from October 2018 to March 2019 during which time CannTrust had pending applications for these rooms with Health Canada.
The stock was down nearly 20 per cent in pre-market trading around 8:15 a.m. ET on Monday in New York.
Ceres Global Ag Corp. (CRP-T) announced that it has secured an exclusive option to acquire Delmar Commodities Ltd. based in Winkler, Man. for $16-million in cash and the assumption of approximately $7.6-million in existing term debt. “We believe the addition of Delmar’s grain assets to be an important first step in adding strategic origination for our core products, while also significantly advancing our portfolio diversification strategy with the inclusion of their soybean crush, agricultural seed sales and distribution and birdfeed product lines,” stated Ceres Global CEO Robert Day.
Harvest Health & Recreation, Inc. (HARV-CN) announced the acquisition of Arizona medicinal cannabis dispensary Leaf Life. The company said Leaf Life will be transitioned to operate under Harvest’s House of Cannabis stores. “Arizona continues to be a priority market for Harvest with large scale growth projections this year,” the company stated, adding the transaction “will expand Harvest’s industry-leading position on operating licensing rights to include more than 210 retail and processing facilities in 17 states and territories across the U.S.” The price of the transaction wasn’t included in the release.
Neptune Wellness Solutions Inc. (NEPT-Q; NEPT-T) announced the appointment of Michael Cammarata as its CEO and board member, effective today. The company said Jim Hamilton has stepped down from his role as CEO and director, after four years, but will remain an adviser. Mr. Cammarata is described as “a serial entrepreneur” and co-founder of Schmidt’s Naturals, now a business unit of Unilever.