Our roundup of Canadian small-caps of between $100-million and $3-billion in market capitalization making news
Celestica Inc. (CLS-T) reported third-quarter earnings ahead of expectations. The company said revenue of US$1.92-billion was up from US$1.47-billion a year ago and ahead of expectation of US$1.73-billion.
Adjusted earnings came in at US$63.6-million or 52 US cents per share compared to US$43.2-million or 35 US cents a year ago. The result was ahead of expectations of 45 US cents per share, according to S&P Capital IQ.
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Cronos Group Inc. (CRON-T) announced that it has reached final settlement agreements with the U.S. Securities and Exchange Commission and the Ontario Securities Commission that resolve the regulators’ investigations regarding the company’s previously disclosed restatements for the first three quarters of 2019 and the second quarter of 2021.
“We are pleased to have resolved these matters,” said Mike Gorenstein, chair and CEO of Cronos. “Important steps have been taken to strengthen our internal controls, and we are committed to continuing this work.”
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Neighbourly Pharmacy Inc. (NBLY-T) reported revenue for the second quarter ended Sept. 10 increased to $178.9-million, up $88.2-million or 97.3 per cent versus the year-ago quarter. The expectation was for revenue to come in at $180.7-million, according to S&P Capital IQ.
Same-store sales in the second quarter increased 3.6 per cent. Net income of $0.1 million compared to a loss of $3.4-million in the second quarter 2022.
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Canopy Growth Corp. (WEED-T) announced the creation of a new U.S.-domiciled holding company, Canopy USA, LLC.
Canopy USA will hold the company’s U.S. cannabis investments, which will enable it to exercise rights to acquire Acreage Holdings Inc. (ACRG-A-U-CN), Wana and Jetty
“As the growth of the U.S. cannabis market continues rapidly at the state level, this strategy enables us to take control of our own destiny and capitalize on the once-in-a-generation opportunity in the largest cannabis market in the world,” said David Klein, CEO of Canopy Growth.
“This strategy and positioning are true differentiators, which we expect to enable our investors and brands to realize value in the near term while positioning Canopy for profitable growth and a fast start upon U.S. federal permissibility.”
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Slate Office REIT (SOT-UN-T) announced a review of strategic alternatives to evaluate options to maximize unitholder value that can include acquisitions, divestments, corporate transactions, and other partnership opportunities.
The REIT said its board has established a special committee, co-chaired by Tom Farley and Michael Fitzgerald and made up of five independent directors, to oversee the process and will retain a financial advisor to assist with the review.