Cannabis Professional’s daily roundup of industry news. View archive here.
BevCanna partners with Clearwater on outdoor grow
BevCanna Enterprises said Thursday it has increased the size of its outdoor cannabis cultivation site to 292 acres, up from the originally announced 130-acre site. BevCanna said it has partnered with agricultural experts Clearwater CannGrow Ltd. to grow certified organic cannabis on the property near Osoyoos, British Columbia. Vancouver-based BevCanna said the expansion will allow it to develop into one of largest outdoor cannabis cultivators in Canada. The Company has in turn increased its anticipated production to 300,000 kg - 400,000 kg of biomass, and a yield of 30,000 kg - 40,000 kg of pure cannabinoids through the finished extract. In conjunction with the additional cultivation capacity, BevCanna said it has completed a debt settlement with Clearwater CannGrow, in the amount of $500,000, in exchange for the issuance of 1,000,000 common shares at a deemed price of $0.50 per share. ext.
– Staff
Hexo announces US$25-million registered direct offering
Hexo Corp. said Thursday has entered into a definitive agreement with institutional investors for the purchase and sale of 14,970,062 common shares at an offering price of US$1.67 a share for gross proceeds of US$25-million before deducting fees and other estimated offering expenses. The company also said it has agreed to issue to the investors common share purchase warrants to purchase 7.5 million common shares of the company. The warrants will have a five year-term and an exercise price of US$2.45 a share.ext
- Staff
CAA calls for more education around driving and cannabis
One quarter of younger Canadians (aged 18-34) say they have driven high or have travelled in a vehicle with a high driver, according to new research from the Canadian Automobile Association (CAA), pointing to the need, it says, for more public education. The same poll found that while many younger Canadians (86 per cent) understand the importance of planning alternative travel arrangements after consuming alcohol, like a ridesharing service, taxi or designated driver, they view it as significantly less important to do so after consuming cannabis (70 per cent). Fully 26 per cent of younger Canadians said they have driven after consuming cannabis or been in an automobile driven by someone who had recently consumed cannabis. “The study’s findings regarding attitudes and perceptions tells us there is a need for more education,” says Jeff Walker, CAA chief strategy officer. The latest CAA findings are based on a poll of over 1,517 Canadians carried out from November 27 to December 4, 2019. A probability sample of the same size would yield a margin of error of +/-2.5%, 19 times out of 20.
- Staff