After announcing quarterly earnings on Thursday, Hexo Corp. outlined its U.S. CBD strategy during the earnings call. YSS Corp. is buying an Alberta retailer; Loyalist College in Belleville gets federal money for a cannabis innovation centre; Khiron appoints a new CFO; and TruTrace begins trading on the CSE.
– Rob Gilroy
Hexo details U.S. CBD plans
Cannabis company Hexo Corp. outlined its plans to enter eight U.S. states with CBD products in 2020 after it reported third-quarter earnings that fell short of expectations, sending its stock lower. Hexo CEO Sebastien St.-Louis would not say which states the pot producer was prioritizing, but the company expects to enter the U.S. market through a joint venture with Molson Coors Brewing Co. He added that it plans to launch a suite of products, and is in varying levels of discussions with roughly 60 Fortune 500 companies for potential partnerships. Hexo already has a Canadian joint venture with Molson Coors for a portfolio of cannabis-infused beverages, called Truss. Mr. St. Louis said it plans to enter the U.S. beverage market with a similar type of partnership with Molson. - Canadian Press.
YSS Corp. to buy Sweet Tree Modern Apothecary
YSS Corp. announced Thursday it has entered into a definitive agreement and closed the acquisition of a call right on all of the voting shares of Sweet Tree Modern Apothecary Ltd. for $1.5-million and 135 million common shares of YSS. The company also said it has entered into a perpetual licensing agreement to rebrand and operate the stores under the YSS or the Sweet TreeTM banner. YSS says the acquisition adds two operating stores and two AGLC-inspected stores. The company also said it expects to have at least 12 stores operating by the end of 2019. The stores currently operating are located in Calgary’s Riverbend and Forest Lawn neighborhoods. Tony Balakas, the CEO of Sweet Tree, has joined YSS team as vice-president of operations. “Bringing everything that is Sweet Tree, including Tony and his team, into the YSS family is a transformational step for YSS," said Theo Zunich, President and CEO of YSS. - Staff
Ontario college gets federal grants for cannabis program
Loyalist College in Belleville, Ont., says it will launch Canada’s first Technology Access Centre (TAC) for natural products and cannabisis after receiving a grant of $1.75-million grant from the Natural Sciences and Engineering Research Council of Canada (NSERC) College and Community Innovation (CCI) program. In addition, Loyalist received $1-million through the Canada Foundation for Innovation’s (CFI) College-Industry Innovation Fund (CIIF) to add specialized equipment to the TAC. The programs are intended to help post-secondary institutions work directly with local employers to facilitate commercialization and transform the results of research and development into new technologies to help businesses expand and grow. In partnership with the Quinte Economic Development Commission (QEDC), Loyalist will support the Bay of Quinte’s natural products and cannabis sectors. - Staff
Khiron appoints Kaufman as new CFO
Khiron Life Sciences Corp. today announced the appointment of Wendy Kaufman as CFO, effective July 2. Ms. Kaufman, a chartered professional accountant, served most recently as CFO at Pasinex Resources Limited. Ms. Kaufman also served as CFO at Primero Mining Corporation and vice-president, finance and treasury at Inmet Mining Corporation.
TruTrace begins trading on CSE
TruTrace Technologies Inc. announced today that its shares will begin trading this morning on the Canadian Securities Exchange under the ticker TTT. TruTrace’s blockchain platform registers and tracks intellectual property for the cannabis industry. Effective at the close of business on Thursday, June 13, the common shares were delisted from TSX Venture Exchange at the request of the company.