Skip to main content
The Globe and Mail
Support Quality Journalism.
The Globe and Mail
First Access to Latest
Investment News
Collection of curated
e-books and guides
Inform your decisions via
Globe Investor Tools
per week
for first 24 weeks

Enjoy unlimited digital access
Enjoy Unlimited Digital Access
Get full access to
Just $1.99 per week for the first 24 weeks
Just $1.99 per week for the first 24 weeks
var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(}function setPanelState(o){dom.root.classList[o?"add":"remove"](,dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){window.requestAnimationFrame(function() {var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))});}pencilInit(".js-sub-pencil",!1); // via darwin-bg var slideIndex = 0; carousel(); function carousel() { var i; var x = document.getElementsByClassName("subs_valueprop"); for (i = 0; i < x.length; i++) { x[i].style.display = "none"; } slideIndex++; if (slideIndex> x.length) { slideIndex = 1; } x[slideIndex - 1].style.display = "block"; setTimeout(carousel, 2500); } //

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

Harvest Health & Recreation Inc. (HARV-C) announced plans to divest 13 operational and planned dispensaries in California to Hightimes Holding Corp. The company said the price is for up to $5-million in cash, $7.5-million as a one-year promissory note with 10-per-cent interest, and $67.5-million in Series A Preferred Stock issued by High Times.

Harvest said it will keep select retail dispensaries and licenses for potential retail locations in California following completion of this transaction.

Story continues below advertisement

“This planned divestment of select retail assets in California allows Harvest to focus on optimizing operations and expanding assets in core markets such as Arizona, Florida, Maryland, and Pennsylvania while retaining a smaller retail presence in California,” said CEO Steve White. “We will continue to examine the strategic value of our assets and streamline operations as we move toward achieving our profitability goals.”


Cresco Labs Inc. (CL-C) reported fourth-quarter revenue of US$41.4 million, up 144 per cent year-over-year and 14 per cent quarter-over-quarter. Analysts were expecting revenue of US$44-million in the fourth quarter, according to S&P Capital IQ.

Its net loss was US$45.2-million, compared to a net loss of US$4.4-million in the prior-year period. Adjusted EBITDA, excluding the net impact of the fair value of biological assets, for the fourth quarter was US$2.9-million, compared with a loss of US$276,000 for the prior-year period.

The company also announced that it has reached a mutual agreement to terminate a deal made last fall to acquire certain assets from Tryke Companies LLC. The terminated agreement was for a purchase consideration of approximately US$282.5-million, including approximately US$55-million in cash. Cresco said it has agreed to pay equity valued at $1.25-million for the termination of the agreement.

“Our acquisition of Tryke has been impacted by regulatory delays, a decline in capital markets, and now COVID-19, which brought additional risk to this transaction," stated Cresco Labs CEO and co-founder Charlie Bachtell. "Given these events, we feel the resources previously targeted for this transaction are better invested in our existing markets, where we have high visibility and certainty of return on capital.”


Story continues below advertisement

Secure Energy Services Inc. (SES-T) reported a net loss of $22.4-million or 14 cents per share for the first quarter, compared to income of $1.3-million or a penny per share during the prior-year comparative period. Revenue came in at $611.1-million versus $788.9-million a year earlier. Analysts were expecting revenue of $734.9-million.

The company also said it will be moving to a quarterly dividend after the June monthly dividend, with the first planned payment of 0.75 cents per share to occur on or about Oct. 15.


Chorus Aviation Inc. (CHR-T) announced that it has entered into a shareholder rights plan effective Monday.

"The rights plan is designed to ensure that all Chorus shareholders are treated fairly in connection with any take-over bid and to protect against 'creeping bids,' which involve the accumulation of more than 20 per cent on an aggregate basis, of the Chorus' Class A Variable Voting Shares and Class B Voting Shares through purchases exempt from applicable take over-bid rules," it stated.

The company said it has not been implemented in response to, or in anticipation of, any pending or threatened take-over bid.

Story continues below advertisement

"Since the onset of the COVID-19 pandemic, the price of Chorus' shares have declined significantly," said CEO Joe Randell. "We have taken significant steps to bolster our liquidity and remain focused on taking all actions necessary to emerge from this crisis as a strong company. We have adopted the Rights Plan to protect against those who may seek to take advantage of the current market environment to the detriment of Chorus and its shareholders."


Calfrac Well Services Ltd. (CFW-T) announced a further reduction of staff cuts to 70 per cent of its workforce in North America.

Calfrac also said its Argentinean operations have been significantly impacted by stay-at-home orders and said a warmer than usual start to the year that prevented the use of ice bridges in Russia negatively impacted quarterly results.

“It is difficult to predict how the COVID-19 pandemic will continue to affect the demand for Calfrac’s services,” the company stated. “However, Calfrac’s management and board of directors will continue to monitor and assess the evolving circumstances and business outlook to determine what further measures will need to be taken to mitigate the impacts to the company of this unprecedented market challenge.”


Story continues below advertisement

Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter. Sign up today.

Your Globe

Build your personal news feed

  1. Follow topics and authors relevant to your reading interests.
  2. Check your Following feed daily, and never miss an article. Access your Following feed from your account menu at the top right corner of every page.

Follow the author of this article:

Follow topics related to this article:

View more suggestions in Following Read more about following topics and authors
Report an error Editorial code of conduct
Tickers mentioned in this story
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to If you want to write a letter to the editor, please forward to

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

If you do not see your comment posted immediately, it is being reviewed by the moderation team and may appear shortly, generally within an hour.

We aim to have all comments reviewed in a timely manner.

Comments that violate our community guidelines will not be posted.

UPDATED: Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies