Canopy Rivers puts up $2M toward Edmonton-based edibles maker
Cannabis venture capital firm Canopy Rivers made its first new investment in nearly a year on Monday, announcing it pledged $2 million to Dynaleo, a company that makes pot-infused gummies. The investment, which equates to a 12 per cent stake in the Edmonton-based company, is Canopy Rivers’ first investment in a new firm since June 2019. In a statement, Canopy Rivers’ CEO Narbé Alexandrian said the pot-infused gummies market has a “significant supply and demand imbalance”, which could see Dynaleo emerge as a potential leader in the space.
Despite layoffs, there’s still plenty of jobs available in cannabis industry
Despite a string of layoffs as the cannabis industry deals with the fallout from COVID-19, there are still companies hiring. Bloomberg News reports that one cannabis-related job site is hiring 600 new people a week, mainly temporary positions for curbside pickup and delivery services. One U.S. cannabis operator, Trulieve, has hired around 250 people since the pandemic started, Bloomberg reports. That jump comes as Trulieve doubled its delivery vehicle fleet and expects a surge in call centre volumes, the wire service reports.
Constellation’s latest investment in Canopy could help boost entire sector, analyst says
Shares of Canopy Growth got a bump on Monday after the company’s biggest investor, Constellation Brands Inc., decided to exercise its warrants on the company late Friday. Constellation said it would pay $245 million in exchange for increasing its stake in the pot giant to 38.6 per cent from 33.5 per cent. Jefferies analyst Owen Bennett sees Constellation’s investment in Canopy improving sentiment in the cannabis sector. “With someone like Constellation Brands, that arguably has more intimate knowledge of the space now than many, not giving up, it gives hope” that the sector can develop value, Bennett said in a research note.
DAILY BUZZ
333 – The number of patients in Denmark that accessed the European country’s medican cannabis program in the fourth quarter of 2019, according to MJ Biz Daily. That’s down from 581 in the previous quarter.
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TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
