Skip to main content
The Globe and Mail
Get full access to globeandmail.com
Support quality journalism
Just $1.99 per week for the first 24 weeks
Just $1.99 per week for the first 24 weeks
The Globe and Mail
Support quality journalism
Get full access to globeandmail.com
Globe and Mail website displayed on various devices
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(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){console.log("scroll");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);

Cannabis Professional’s daily roundup of industry news. View archive here.

MediPharm files statement of claim against unnamed LP seeking $9.8-million

Extraction company MediPharm Labs Corp. has filed a statement of claim against an unnamed licensed producer in the Ontario Superior Court, the company said on Friday after market close. The claim relates to an outstanding payment of approximately $9.8-million from a white label partner, MediPharm said.

The company did not name the LP, but pointed to a news release from February 2019, where it announced a large oil supply deal. The February release said that “a leading Licensed Producer” had agreed to buy approximately $35-million worth of cannabis oil concentrates from MediPharm over a 12 month period.

Story continues below advertisement

– Mark Rendell

High Tide buys out Canna Cabana store in Hamilton

High Tide Inc. has paid $2.1-million in cash and roughly $1-million in stock to acquire one of its franchise stores in Hamilton, Ont. The store in question was owned by one of the winners of Ontario’s first cannabis retail licence lottery, held in January 2019. Prior to the acquisition, High Tide had a licensing agreement with the owner of the store for the use High Tide’s Canna Cabana brand.

The sale is possible due to a relaxation of ownership transfer rules for retail stores in Ontario. Prior to December, lottery winners were not allowed to sell their licences, although many signed franchise or licensing agreements with larger cannabis retail chains. This rule was lifted last month, allowing the retail chains to buy out their franchise partners.

“The Hamilton store has a strong operating history with unaudited gross sales exceeding $14 million for the nine months since opening on April 20, 2019, with gross margins of approximately 28 per cent,” High Tide said in a statement.

- Mark Rendell

Cova to begin offering Fire & Flower’s e-commerce software

Point-of-sale system Cova Software Solutions Inc. will begin offering “click and collect” e-commerce services through Fire & Flower Holding Corp.’s digital platform Hifyre TM Inc. The strategic licensing agreement, announced Monday, will give retail stores using Cova’s POS system access to Hifyre’s suite of e-commerce products, including click-and-collect software and an e-commerce membership program for consumers called Spark Perks.

“This strategic agreement will allow Cova to rapidly deploy ‘click-and-collect’ service to customers in the Ontario market, given the province’s recent announcement of permitting this service,” said Cova chief executive Gary Cohen in a statement.

Story continues below advertisement

- Mark Rendell

TerrAscend terminates $33.5-million takeover of Nevada cannabis company

TerrAscend Corp. has terminated plans to acquire Nevada cannabis company Gravitas Nevada Ltd. for $33.5 million in cash and 625 proportional voting shares. The deal was originally announced in February 2019.

“TerrAscend has paid a $3mm reverse termination fee to the sellers, which had been placed in escrow in June of 2019. As part of the termination, the Company is no longer liable for the remaining $30.5mm and proportionate voting shares in the equity of TerrAscend equivalent to 625,000 common shares of the Company,” TerrAscend said in a statement.

“TerrAscend has agreed to continue licensing The Apothecarium, State Flower and Valhalla names and related intellectual property to Gravitas and its related operations in Nevada, pursuant to such final terms as will be mutually agreed by the parties,” it added.

The failed takeover is the latest in a string of U.S. cannabis deals to collapse.

- Mark Rendell

Story continues below advertisement

Recently, around the industry:

Related topics

Report an error Editorial code of conduct
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 feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

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 letters@globeandmail.com. 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 letters@globeandmail.com. 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

Comments that violate our community guidelines will be removed.

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