Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Hardwoods Distribution Inc. (HDI-T) announced it has purchased Far West Plywood for a total value of US$3.6-million. Far West is a single site wholesale distributor located in Northridge, Cal., with estimated annual sales of US$12-million.
"The addition of Far West represents a contiguous expansion of our current southern California operations and provides additional size and scale in an attractive growth market," stated HDI CEO Rob Brown.
Drone Delivery Canada (FLT-X) announced it has submitted its expression of interest to participate in Transport Canada’s National Trade Corridors Fund (NTCF) for a total request of $12-million to deploy DDC’s drone delivery solution in two remote locations.
"The vision of the Canadian Federal Government to modernize and improve transportation across Canada's north is consistent with DDC's commercialization strategy of servicing Canada's remote communities," stated Tony Di Benedetto, CEO. "Various government funding solutions exist to allow Canadian enterprise to help transform Canada's transportation systems. DDC looks to capitalize on this type of funding as we commercialize our Drone delivery solution in 2019.
National Access Cannabis Corp. (META-X) reported revenue for its first quarter ended Nov. 30 was $3.8-million, representing a 766-per-cent increase over the same period last year of $437,352. Its net comprehensive loss for the quarter was $7.9-million or 4 cents per share versus a net comprehensive loss of $1.3-million or a penny per share a year earlier.
"Under the terms of the agreement, Valens will extract cannabis flowers and trim from Organigram's Moncton operation as well as hemp to produce extract concentrate," the company stated. "In turn, the concentrate will be used by Organigram to produce oils and, eventually, derivative edible and vaporizable cannabis products. The legalization of cannabis edibles and other derivative based products in Canada is expected later this year. In addition, under the terms of the agreement, Valens will also provide lab services for Organigram as needed."
HLS Therapeutics Inc. (HLS-X) announced that it has received the conditional approval of the Toronto Stock Exchange to graduate from the TSX Venture Exchange to list the company’s common shares on the TSX.
"Graduating to the TSX represents an important milestone for the company as we continue to execute on our plan to build, and grow, a leading Canadian-based North American-focused specialty pharmaceutical company," stated Greg Gubitz, CEO of HLS.