Market Overview

ABcann Buys Canna Farms For $102M, Canopy Announces Stock Split & Acquisition, Isodiol's Earnings

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ABcann Buys Canna Farms For $102M, Canopy Announces Stock Split & Acquisition, Isodiol's Earnings

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A Merger

ABcann Global Corp (CVE: ABCN)(OTC: ABCCF) announced its $133 million purchase of BC-based Canna Farms, the first licensed producer in British Columbia.

“This is a transformational acquisition, and key benefits include increased production capacity, an expanded product offering, operational efficiencies, and a more robust platform to accelerate our growth,” ABcann CEO Barry Fishman said in a press release. “We will maximize operational and financial synergies, so that the combined company will be greater than the sum of its parts.”

Together, the entities will boast annual production capacity of 57,000 kilograms, more than 15,000 medical cannabis patients, and access to international markets like Germany and Australia.

ABcann expects immediate accretion considering Canna Farms’ positive operating cash flow.

Stock Split & Acquisition

Canopy Growth Corp (NYSE: CGC) shareholders voted to acquire all yet-unowned interest in Canopy Health and Canopy Animal Health Inc. Management will seek approval from the Ontario Superior Court of Justice on Thursday in order to complete the transaction Friday.

Investors also authorized a 2-for-1 or 3-for-1 stock split to be exercised at the discretion of the board.

Earnings

Isodiol International Inc (CNSX: ISOL)(OTC: ISOLD) reported annual revenue of C$19 million, gross profit of C$8.8 million and net losses of C$36 million for the fiscal year ending March 31. Last year, the firm saw just C$355,959 in revenue and C$126,715 in profit but also lost far less — just C$4 million.

“Although the Company experienced tremendous growth for its Fiscal Year 2018, we strongly believe that CBD is still in its infancy stage, and we are just beginning to understand its benefits for the human body,” CEO Marcos Agramont said.

The firm has made several acquisitions since the start of the new fiscal year to hasten additional growth.

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Posted-In: Canna FarmsCannabis News After-Hours Center Best of Benzinga

 

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