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CANACCORD FINANCIAL

Canaccord Genuity Group Inc is an independent, full-service financial services firm. The Company's segment reporting is based on the following operating segments: Canaccord Genuity Capital Markets, Canaccord Genuity Wealth Management, and Corporate and Other. The company is been driven by an unwavering commitment to building lasting client relationships. It achieves this by generating value for its individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services. The company has wealth management offices located in Canada, the UK, Guernsey, Jersey, the Isle of Man and Australia. Its international capital markets division operates in North America, UK and Europe, Asia, Australia and the Middle East.

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Source: Streetwise Reports 04/09/2024

New positive drill results plus a hot sector bode well for this U.S. gold company&#39;s stock. Learn more about why analysts like and recommend buying it.

Drill Bit Hits 25 G/T Gold at South Dakota Project

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Estée Lauder Companies, Inc. (NYSE: EL) is among an increasingly smaller group of stocks that have yet to mount a serious comeback to recent selloffs. Having gained more than 200% from January 2019 through January 2022, investors in the cosmetics giant then gained a harsh lesson in gravity. 

Is Estée Lauder on the Verge Of a Massive Comeback?

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The Department of Justice (DOJ) revealed yet another antitrust lawsuit against consumer and technology giant Apple Inc. (NASDAQ: AAPL).

Apple Faces DOJ Scrutiny, but Not These 3 Under the Radar Names

CANACCORD GENUITY GRP INC by Canaccord Genuity Group, Inc.

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Source: <a href="https://www.streetwisereports.com/article/2024/04/09/drill-bit-hits-25-g-t-gold-at-south-dakota-project.html?utm_medium=feed">Streetwise Reports 04/09/2024</a>
New positive drill results plus a hot sector bode well for this U.S. gold company&#39;s stock. Learn more about why analysts like and recommend buying it.
Dakota Gold Corp. (AMEX:DC)&nbsp;is about to see its share price break out to the upside, according to one technical analyst, who rates it an Immediate Strong Buy. This U.S.-based gold mining company is exploring its sizable and prospective land package in South Dakota&#39;s Homestake District for new mineral discoveries.
&quot;Investors in Dakota over the past two years have only known a bear market, but this looks like it is changing fast&quot; wrote Technical Analyst Clive Maund in an April 4 report. &quot;Dakota is done falling and is now in a position to take off higher.&quot;
Maund explained that DC&#39;s movement has formed the pattern of a cup base during the past six months and appears to be in the process of reversing out of its downtrend. He indicated that before breaking out, the stock &quot;may pause for a while to mark out a handle to complement the cup.&quot;
The analyst cited two key reasons Dakota Gold&#39;s share price is poised to move higher. One is that gold has started a major bull market. The other is the company&#39;s recent positive news that drill results showed high-grade gold in another zone at one of its flagship assets, Maitland.
The standout results, from the JB zone specifically, Analyst Peter Bell with Canaccord Genuity&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/ccorf#OTC">CCORF</a>) reported in an April 4 research report, included:
<ul>
<li>25.03 grams per ton (25.03 g/t) gold over 4.4 meters (4.4m) from 608.4m in hole MA24C-038</li>
<li>9.36 g/t gold over 2.6m from 621.8m in hole MA24C-036</li>
</ul>
&quot;These strong intercepts [at Maitland] . . . highlight the prospectivity for a substantial Homestake-style deposit&quot; Bell wrote. &quot;The continued advancement of Homestake-style targets adds excitement and optionality to the Richmond Hill deposit.&quot; Richmond Hill is a second project, 2.3 miles to the west of Maitland; Dakota Gold has been actively drilling since early 2022.
&quot;The combination gives investors exposure to an advancing development project, with high-grade exploration sizzle&quot; added Bell.
<blockquote class="callOut left">Technical Analyst Clive Maund wrote, &quot;Dakota is done falling and is now in a position to take off higher.&quot;</blockquote>
Bell reiterated his Speculative Buy rating and target price on Dakota Gold, the latter of which implies a 102% return for investors given the company&#39;s current share price.
As for Maitland, the company recently announced it had found three distinct ledges of high-grade Homestake Mine-style gold mineralization at its Maitland Gold Project in the Black Hills of South Dakota.
Chris Temple, editor/publisher of The National Investor, also likes Dakota Gold, categorizing it as a growth-oriented stock to buy. In his coverage of the explorer last month, he highlighted that a Richmond Hills resource estimate is due out soon, that the Richmond Hills deposit remains open, and that exploration upside exists across Dakota Gold&#39;s properties.
&quot;I sense more tantalizing news is ahead on the old Homestake workings as well, including a BRAND NEW aspect to that whole story!&quot; Temple wrote.
<h2>Outstanding Place, Projects, People</h2>
Headquartered in Lead, S.D., Dakota Gold is &quot;a revitalized entity, spearheaded by seasoned mining entrepreneurs roughly two years ago&quot; describes John Newell, who also views the explorer-developer favorably. Newell, president and chief executive officer (CEO) of Golden Sky Minerals, has more than 35 years of experience in the investment industry as an officer, director, and portfolio manager of a global precious metal fund.
Dakota Gold&#39;s leadership team boasts Robert Quartermain as co-chairman, a mining professional, and Canadian Mining Hall of Fame inductee with a 40-plus-year career in the industry. Dakota Gold&#39;s President, CEO, and Director, Jonathan Awde, also the co-founder and former CEO and president of Gold Standard Ventures, is well-skilled in corporate development, asset acquisition, joint ventures, and procuring and raising capital.
<blockquote class="callOut right">Bell reiterated his Speculative Buy rating and target price on Dakota Gold, the latter of which implies a 102% return for investors given the company&#39;s current share price.</blockquote>
Dakota Gold&#39;s technical team collectively, has extensive geological and exploration experience, including direct experience in the Homestake District and historic Homestake mine.
Newell noted that Dakota Gold is exploring &quot;within the historic Black Hills of South Dakota . . . renowned for hosting the Homestake mine (40,000,000 ounces), once the largest gold mine in America, signaling a rich prospecting heritage.&quot; The company&#39;s mission, he added, &quot;leverages this historical backdrop, aiming to uncover significant gold deposits by applying modern exploration techniques and knowledge to this historically gold-rich area.&quot;
Around this past-producing mine, Dakota Gold owns numerous gold properties that collectively span more than 48,000 acres. Along with Maitland and Richmond Hill, they include City Creek, Blind Gold, Tinton, Paleoplacer, West Corridor, Ragged Top, Whistler Gulch, and Poorman Anticline.
<h2>Gold in Major Bull Market</h2>
The consensus among Wall Street analysts and precious metals experts is that a major gold bull market is underway.
Adam Hamilton, principal of Zeal LLC, described it in an April 5 note: &quot;Over the past five weeks or so, gold has blasted higher in a magnificent breakout rally! It was born as March dawned when a top Fed official hinted at more quantitative-easing Treasury monetizations . . . Midweek gold was challenging US$2,300, and its total upleg since early October had grown to 26.3%!&quot;
The gold price is expected to continue climbing. This is due to several factors, wrote Mark Reichman, Noble Capital Markets senior research analyst of natural resources, in an April 1 research report. Reasons include &quot;expectations of one or more [real interest] rate cuts in 2024, continued geopolitical uncertainty, concerns about the growth in U.S. deficit spending and the national debt, and increasing investments in gold by central banks.&quot;
All of this is good news for gold equities that have not risen in tandem with the gold price but, rather, have lagged it, added Reichman.
Now, according to Hamilton, gold stocks are &quot;finally building steam after being overlooked for years&quot; and are &quot;only getting started.&quot; He continued, &quot;They have a long ways higher to mean revert merely to reflect today&#39;s prevailing gold prices, let alone where their metal is heading.&quot;
As for which of the equities will do the best, it is the fundamentally sound juniors, like Dakota Gold, and smaller mid-tiers, noted Hamilton.
&quot;And gold stocks&#39; upside potential is massive&quot; he wrote.
<h2>The Catalysts: Drill Results, Resource Estimate</h2>
The events that could boost Dakota Gold&#39;s share price in the near term include additional drill results, which are expected to be released on an ongoing basis.
Another catalyst is the completion of a maiden mineral resource estimate on Richmond Hill, anticipated this quarter. This resource will encompass results of 800 historical drill holes plus results of Dakota Gold&#39;s own drilling at the property.
Analysts and experts are bullish on this South Dakotan company, they said, which is continuing to aggressively drill and advance its projects and which now has macroeconomic tailwinds and upcoming events in its favor. [OWNERSHIP_CHART-7442]
<h2>Ownership and Share Structure</h2>
According to the company, approximately 25% of its shares are with management and insiders.
Out of management, Co-Chairman Robert Quartermain holds the most shares at 8.49% or 7.45 million shares, President and CEO Jonathan Awde is next at 6.86%, with 6.01 million shares, while COO Jerry Aberle holds 4.88%, with 4.28 million. The remainder of the 25% is held by other members of management and the board of directors.
About 26% of the shares are with institutional investors, according to Yahoo Finance and Edgar filings. Top institutional holders include Fourth Sail Capital with 5.27%, Van Eck Associates with 3.97%, Blackrock Institutional Trust Co. with 3.65%, The Vanguard Group Inc. with about 3.15%, Fidelity Management and Research Co. LLC with 2.71%, and CI Investments Inc. with 2.63%.
About 16.5% is with strategic investors, including Orion Mine Finance, which owns about 7.7%, and industry giant Barrick Gold Corp., which owns about 3%. The rest is retail.
Dakota Gold has a market cap of US$227.41 million, with 87.7 million shares outstanding. It trades in a 52-week range of US$3.95 and US$1.95.
Important Disclosures:
<ol>
<li>Dakota Gold Corp. is a billboard sponsor of Streetwise Reports and pays SWR a monthly sponsorship fee between US$4,000 and US$5,000.</li>
<li>As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of Dakota Gold Corp.</li>
<li>Doresa Banning wrote this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor.</li>
<li>This article does not constitute investment advice and is not a solicitation for any investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Each reader is encouraged to consult with his or her personal financial adviser and perform their own comprehensive investment research. By opening this page, each reader accepts and agrees to Streetwise Reports&#39; terms of use and full legal disclaimer. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company.</li>
</ol>

Est&eacute;e Lauder Companies, Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/el#NYSE">EL</a>) is among an increasingly smaller group of stocks that have yet to mount a serious comeback to recent selloffs. Having gained more than 200% from January 2019 through January 2022, investors in the cosmetics giant then gained a harsh lesson in gravity.&nbsp;
Through November of last year, the company shed more than 70% of its value and was likely only saved from losing more by the broader market rally that started in response to likely interest rate cuts. But in recent months, something interesting has been happening, and it&#39;s not just the solid run of gains, 40% all told since November&#39;s low. There has actually been a seemingly endless run of analyst upgrades, and it&#39;s effectively been all one-way traffic.&nbsp;
<h2>Run of Upgrades</h2>
For example, February saw less than five bullish updates, with Raymond James rating Est&eacute;e Lauder a Strong Buy while Wells Fargo&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wfc#NYSE">WFC</a>) rated it Overweight. Then, in March, Bank of America&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/bacrp#OTC">BACRP</a>) upgraded Est&eacute;e Lauder shares from a Neutral to a Buy rating, a move echoed by the Citigroup&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/c#NYSE">C</a>) and DA Davidson teams this week.&nbsp;
The refreshed price targets from these analysts have risen as high as $175, with at least three from the aforementioned list naming this as their expectation. Looking at the chart, however, you can&#39;t help but get the feeling that the stock hasn&#39;t reflected all this bullish optimism yet.&nbsp;
While they&#39;ve held onto much of their gains from November&#39;s run, Est&eacute;e Lauder shares have effectively traded sideways since the end of December. It&#39;s funny, considering how many analysts have come out in the bull&#39;s corner in the meantime and made all the more strange by the broader market setting high after high. For context, just this week, the benchmark S&amp;P 500 index was notching a fresh all-time high.&nbsp;
<h2>Reaching an Inflection Point</h2>
This week also saw Est&eacute;e Lauder hit what Citigroup called an &quot;inflection point&quot; in its return to growth after last year&#39;s calamitous selloff. The company&#39;s sales got hit hard by the collapse in Chinese consumer spending, a key market, and its inventories swelled as a result. But it&#39;s looking like they&#39;ve managed to adopt aggressive enough tactics to clear these hurdles, while there are signs of growth returning to its key markets.&nbsp;
Bank of America is bullish enough on the turnaround to say the company is on the verge of getting back to profitability, even &quot;if China only grows by single digits&quot; while Canaccord&nbsp;(OTC: <a class="ticker" href="https://www.benzinga.com/stock/ccorf#OTC">CCORF</a>) summed it up nicely when they said Est&eacute;e Lauder stands to gain the most as it&#39;s suffered the most.&nbsp;
<h2>Considering Getting Involved?</h2>
Given this, it&#39;s easy to feel like investors could be looking at a sleeping giant that is starting to reawaken. It will take a certain type of investor to get excited about the opportunity here, as Est&eacute;e Lauder has significantly lagged behind its peers and the broader market.&nbsp;
But perhaps that&#39;s where the real opportunity exists. It would be a different story if these analysts&#39; upgrades hadn&#39;t materialized at the rate they have been, or if Est&eacute;e Lauder shares had set even lower lows this year. But the fact is the stock has been gaining since last November, and signs continue to emerge indicating that the worst is over.&nbsp;
With the 70% selloff of recent years barely starting to be eaten into, an exciting recovery play is gathering momentum. Investors should look for shares to trend up towards and close above their recent high of $160, as this would give technical confirmation that the recovery really is about to start in earnest.
The article &quot;<a href="https://www.marketbeat.com/stock-ideas/is-estee-lauder-on-the-verge-of-a-massive-comeback/">Is Est&eacute;e Lauder on the Verge Of a Massive Comeback?</a>&quot; first appeared on MarketBeat.

The Department of Justice (DOJ) revealed yet another antitrust lawsuit against consumer and technology giant Apple Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/aapl#NASDAQ">AAPL</a>). This time, the accusation centers on the belief that Apple has cornered&mdash;or monopolized&mdash;the smartphone market, making other competing products worse by force.
Apple says the accusations&mdash;and its logic&mdash;are wrong. After all, it isn&#39;t Apple&#39;s fault that its competitors haven&#39;t been able to keep up with their technology in terms of design and capability. However, even if Apple emerges a winner from this clash, the timing of a settlement is still up for speculation.
Knowing this, you might want to consider adding more &lsquo;low-keyed&#39; technology stocks to your watchlist, which are far from the government&#39;s radar but well within Wall Street&#39;s magnifying glass. Names like Upstart Holdings Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/upst#NASDAQ">UPST</a>), Snap Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/snap#NYSE">SNAP</a>), and even Salesforce Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/crm#NYSE">CRM</a>) could become investor favorites, as the apple doesn&#39;t fall far from the Apple tree when it comes to price action.
<h2>Upstart Can Kickstart Your Portfolio </h2>
No pun intended, but it is true. After falling to only 36% of its 52-week high, Wall Street analysts have a new reason to believe Upstart stock could return to its former glory.
Some analysts see this company&#39;s earnings per share (EPS) growing by 165% over the next 12 months, but the story doesn&#39;t end in numbers.
Now that the Federal Reserve (the Fed) is looking to cut interest rates this year, creating a bottom for the business cycle to land on and push higher again, Upstart&#39;s customers (who range from personal loan borrowers to mortgages) will likely see a new reason to look to Upstart for solutions.
Lower interest rates can spark a new wave of financing activity in all these areas. Upstart is in the eye of the storm to originate these new loans and sell them to customers. In fact, some stocks exposed to this trend have already started a rally.
Just look at the 62% performance in Carvana Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/cvna#NYSE">CVNA</a>) so far this year or how Warren Buffett bought up shares in D.R. Horton Inc. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/dhi#NYSE">DHI</a>) ahead of these rate cuts. Betting on consumer financing of car loans and a new construction boom riding on cheaper mortgage financing, these two stocks give you a glimpse of the future.
This is why markets are willing to pay a forward P/E of 113x, compared to an industry average valuation of 14.6x forward P/E. There must be a good reason for markets to overpay for this stock; now you know one of them.
Others are realizing the upside potential of Upstart stock; institutions like the Vanguard Group increased their position by 2.3%, representing a transaction of roughly $6.5 million.
Likewise, the American International Group increased its exposure to Upstart stock by 1.2% in the past quarter. Given that Upstart is not part of the big tech names, recent adoption by these institutions could imply a certain feeling of added safety.
<h2>Snapchat&#39;s Revival</h2>
The government also stretched its reach into other tech areas today, this time around social media. TikTok, the popular short-form content platform, could be banned from the U.S. market within five months. In a recent bill, U.S. officials demanded that TikTok&#39;s parent company, Bytedance, spin off the platform to avoid further national security concerns.
The gap to be filled by TikTok&#39;s user base, a demographic that tends to stay around Instagram, owned by Meta Platforms Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meta#NASDAQ">META</a>), could also have a contagion effect to be picked up by Snap stock.
Knowing this, analysts at Wells Fargo &amp; Co. (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/wfc#NYSE">WFC</a>) boosted their price targets on the stock up to $16 as of February. These valuations would call for a rally of 40% from where the stock trades today.
But the buck doesn&#39;t stop there; these same analysts projected EPS growth of 137% this year, pushing the stock&#39;s potential even higher. All of this comes along when the stock is trading at 64% of its 52-week high, leaving a wide enough gap to be filled on a decent rally.
<h2>Salesforce is Tied to the Business Cycle</h2>
Being part of the business services sector has its perks. Salesforce stock could be set to take off once lower interest rates spark new business activity.
Showing signs of a bottoming, the ISM services PMI could see a turnaround in the coming months after a new business cycle takes on water.
It should be no surprise that Wall Street institutions like Fisher Asset Management &ndash; known for their macro value strategies &ndash; bought up to $203 million worth of Salesforce stock in the past quarter, increasing their position by 5.2%, according to ownership reports.
Analysts believe that Salesforce stock could see up to 15% EPS growth in the next 12 months, a significant prediction considering the company is a $289 billion behemoth in its industry.
This comes at a 4.9x price-to-book (P/B) valuation, which throws Salesforce a 62% discount to the industry&#39;s 12.9x average P/B valuation today. Analysts at Canaccord Genuity Group Inc. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ccorf#OTC">CCORF</a>) see the stock going as high as $350 a share, nearly 14% higher than it trades today.
The article &quot;<a href="https://www.marketbeat.com/originals/apple-faces-doj-scrutiny-but-not-these-3-under-the-radar-names/">Apple Faces DOJ Scrutiny, but Not These 3 Under the Radar Names</a>&quot; first appeared on MarketBeat.

Fission Uranium (OTC:<a class="ticker" href="https://www.benzinga.com/stock/FCUUF#OTC">FCUUF</a>) is in the process of raising 75 million Canadian dollars to fund exploration and development activities at its Patterson Lake South (PLS) uranium <a href="https://www.benzinga.com/topic/uranium">project in Saskatchewan, Canada</a>. 
The funding initiative involves the sale of approximately 65.6 million common shares at CA$1.18 each, with Canaccord Genuity (OTCPK: CCORF) and SCP Resource Finance leading the deal. 
The anticipated completion date for the financing is Feb. 12, pending regulatory approvals. Additionally, the underwriters retain the option to purchase up to an additional 15% of the shares sold under the offer within 30 days after the offer closes.
The PLS project, situated on the southwest rim of the Athabasca Basin, is within a region recognized for significant uranium production. Per the Fraser Institute's <a href="https://www.fraserinstitute.org/blogs/government-must-improve-policy-environment-to-unleash-saskatchewans-mining-potential#:~:text=According%20to%20the%20latest%20survey,following%20Nevada%20and%20Western%20Australia.">report</a>, Saskatchewan is the third-most attractive mining jurisdiction globally and supplies about 20% of the world's uranium.
The company&#8217;s major mines include McArthur River and Rabbit Lake, operated by Cameco (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CCJ#NYSE">CCJ</a>), and the recently revived Denison Mines&#8217; (AMEX:<a class="ticker" href="https://www.benzinga.com/stock/DNN#AMEX">DNN</a>) <a href="https://www.benzinga.com/news/24/01/36781665/uranium-revival-denison-mines-resumes-operations-at-mcclean-lake-as-prices-soar">McClean Lake</a>. 
Now Read: <a href="https://www.benzinga.com/news/24/02/36936827/capstone-copper-announces-multimillion-dollar-financing-to-support-its-chilean-expansion">Capstone Copper Announces Multimillion-Dollar Financing To Support Its Chilean Expansion</a>
Based on a feasibility <a href="https://fissionuranium.com/projects/triple-r-deposit/project-overview/">study</a> conducted in March 2023, the PLS project demonstrates robust post-tax economics, boasting a 27.2% internal rate of return, a CA$1.2 billion net present value at an 8% discount, and a 2.6-year payback period. 
The mine plan prioritizes the shallow, high-grade Triple R deposit, specifically targeting the R780E and R840W zones. The study envisions the production of 90.9 million pounds of uranium oxide (U3O8) over a ten-year mine life, with a total estimated cost of CA$1.1 billion and a three-year construction period, slated to commence in 2029.
Fission Uranium is also conducting a 6,000-meter regional exploration drill program at PLS. The goal is to assess multiple targets along the Patterson Lake Conductive corridor hosting the Triple R deposit. This strategic move to secure additional funding aligns with Fission&#8217;s commitment to unlocking the full potential of the PLS uranium project.
According to Business Insider&#8217;s <a href="https://markets.businessinsider.com/commodities/uranium-price">data</a>, spot uranium has surged 17.9% year-to-date. Fission&#8217;s shares experienced a 10% decline in Monday&#8217;s trading, closing at CA$1.17.
Now Read: <a href="https://www.benzinga.com/news/24/02/36940360/kobold-metals-announces-historic-copper-discovery-in-zambia">KoBold Metals Announces Historic Copper Discovery In Zambia</a>
Image: Shutterstock

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Fission Uranium Announces Funding For Uranium Project In Saskatchewan

TD Securities analyst Graham Ryding maintains Canaccord Genuity Group (OTC:<a class="ticker" href="https://www.benzinga.com/stock/CCORF#OTC">CCORF</a>) with a Buy and lowers the price target from C$11 to C$10.

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TD Securities Maintains Buy on Canaccord Genuity Group, Lowers Price Target to $10

The <a href="https://www.benzinga.com/events/cannabis-conference/">Benzinga Cannabis Capital Conference</a>, the world&#39;s largest gathering of cannabis decision-makers, founders,&nbsp;investors and advocates is returning to Miami Beach, Florida on April 11-12, 2023 and Canaccord Genuity&#39;s&nbsp;Brian Bacal&nbsp;<a href="https://www.benzinga.com/events/cannabis-conference/speakers/">will be there</a>. Canaccord Genuity is an independent investment bank that has the ability to adapt swiftly to emerging trends and dynamic markets so you won&#39;t want to miss out on what he&#39;s got to say about the industry.
<h3>An Experienced Financial Advisor Helping To Rescue Your Cannabis Business&nbsp;</h3>
As&nbsp;managing director of Cannacord, Bacal heads the Debt Advisory, Recapitalization &amp; Restructuring group. He&#39;s advised&nbsp;over 50 private and public transactions representing over $150 billion dollars.
He provides tailored advisory services including bespoke private capital raise solutions, liability management, debt reduction, covenant amendments, maturity extensions&nbsp;and special situation mergers and acquisitions across numerous industries and geographies.
Bacal has also <a href="https://www.canaccordgenuity.com/capital-markets/about-us/contacts/toronto/brian-bacal/">led</a> many in-court and out-of-court financial restructurings, consent solicitations&nbsp;and exchange offers. Prior to joining Canaccord Genuity, Bacal worked at Moelis &amp; Co.
<h3>A Client&rsquo;s Preferred Partner</h3>
Canaccord Genuity is the global capital markets division of Canaccord Genuity Group Inc. (OTCPK: CCORF), offering institutional and corporate clients idea-driven investment banking, M&amp;A,&nbsp;sales&nbsp;and trading services from offices in North America, UK and Europe, Asia, Australia&nbsp;and the Middle East.
Targeted in industry expertise, market focus, and individual client attention, Canaccord &quot;is committed to providing valued services to its clients throughout the entire lifecycle of their business and operating as a gold-standard independent investment bank &ndash; expansive in resources and reach,&quot;&nbsp;<a href="https://www.linkedin.com/company/canaccord-genuity-global-capital-markets/">per</a> the company&#39;s LinkedIn profile.
As a leading advisor in the cannabis sector, the company works and grows alongside its clients in this evolving sector.&nbsp;Canaccord Genuity offers a wide range of advisory and capital-raising services as well as complex cross-border expertise to both emerging and established companies.
Its recent transactions include Acreage Holdings, Inc. (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/acrhf#OTCQX">ACRHF</a>) for US$280m; Agrify Corp (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/agfy#NASDAQ">AGFY</a>) for US$9m; Fire &amp; Flower Holdings Corp (OTCQX: <a class="ticker" href="https://www.benzinga.com/stock/fflwf#OTCQX">FFLWF</a>); among others.
Come meet Brian Bacal in person as well as other fascinating leaders in the cannabis industry at the <a href="https://www.benzinga.com/events/cannabis-conference/">Benzinga Cannabis Capital Conference</a> at Miami Beach&rsquo;s historic Fontainebleau Hotel in Florida on April 11-12. This is the place to get DEALS DONE, raise money, jumpstart M&amp;A, and meet investors and key partners. <a href="https://www.benzinga.com/events/cannabis-conference/">Secure your tickets</a> now <a href="https://www.benzinga.com/markets/cannabis/23/03/31347658/benzinga-cannabis-instagram-reaches-4200-followers-celebrate-with-us-get-20-off-upcoming-confere">before prices go up</a>.
Image Credits:&nbsp;MVelishchuk On Shutterstock And&nbsp;<a href="https://en.wikipedia.org/wiki/Canaccord_Genuity#/media/File:CG_Logo.jpg" rel="noopener noreferrer" target="_blank">Logo</a>&nbsp;On Wikipedia Edited By <a href="https://www.benzinga.com/cannabis">Benzinga</a>

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FFLWF

Save Your Struggling Cannabis Business: Canaccord Genuity's Managing Director Has Some Valuable Advice

Agrify Corporation (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/agfy#NASDAQ">AGFY</a>) provided an update on sales under its at-the-market equity program, which was established on October 18, 2022 with Canaccord Genuity&nbsp;(OTCPK:CCORF) serving as the sales agent. As of October 26, 2022, the company had sold a total of 6 million shares of common stock under the at-the-market program for aggregate gross proceeds of $15.40 million and net proceeds, after deducting commissions, of $14.94 million. As of October 26, 2022, the company had $34.60 million of remaining availability for future issuances of common stock under the at-the-market program.
The proceeds generated through the at-the-market program to date satisfy the terms set forth in the company&rsquo;s credit facility with its institutional lender requiring that the company consummate a registered equity issuance for gross proceeds of at least $15.0 million prior to October 31, 2022. Agrify intends to use the net proceeds derived from the at-the-market program for general corporate purposes, which may include capital expenditures and repayment of debt.
Get your daily dose of <a href="http://www.benzinga.com/cannabis" target="_blank">cannabis news</a> on Benzinga Cannabis. Don&rsquo;t miss out on any important developments in the industry.
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<a href="https://www.benzinga.com/markets/cannabis/22/08/28397983/agrify-posed-to-miss-annual-revenue-projections-as-preliminary-q2-sales-grow" target="_blank">Agrify Posed To Miss Annual Revenue Projections As Preliminary Q2 Sales Grow</a>
&nbsp;

Agrify Secures $15M Via Its At-The-Market Equity Program

Aurora Cannabis Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/acb#NASDAQ">ACB</a>) (TSX:ACB), has amended the terms of its previously <a href="https://www.benzinga.com/markets/cannabis/22/05/27432005/aurora-cannabis-announces-125m-bought-deal-financing">announced</a> bought deal financing.
Under the amended terms, a syndicate of underwriters led by Canaccord Genuity&nbsp;(OTCPK:CCORF) and BMO Capital Markets, have agreed to buy on a bought deal basis 61.2 million units of the company, at a price of $2.45 per unit for gross proceeds of approximately $150 million. Each unit will be comprised of one common share of the company and one common share purchase warrant of the company.
Each warrant will be exercisable to acquire one common share of the company for a period of 36 months following the closing date of the offering at an exercise price of $3.20 per warrant share, subject to adjustment in certain events.
The company has granted the underwriters an option, exercisable at the offering price for a period of 30 days following the closing of the offering, to purchase up to an additional 15% of the offering to cover over-allotments, if any. This option may be exercised by the underwriters for additional units, common shares, warrants or any combination of such securities.
The net proceeds of the offering will be used for general corporate purposes.
The closing of the offering is expected to take place on or about June 1, 2022 and will be subject to customary conditions, including approvals of the Toronto Stock Exchange and the Nasdaq Global Select Market.
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Aurora Cannabis Upsizes Bought Deal Financing

Zynerba Pharmaceuticals, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/zyne#NASDAQ">ZYNE</a>), reported financial results for the first quarter ended March 31, 2022, revealing net loss of $8.5 million.
Research and development expenses were $5.1 million for the first quarter of 2022, including stock-based compensation of $0.5 million. General and administrative expenses were $3.8 million in the first quarter of 2022, including stock-based compensation expense of $0.6 million.
&ldquo;We are excited by the opportunities ahead for Zygel in FXS and other rare and near-rare neuropsychiatric indications, and have made meaningful progress since the beginning of this year,&rdquo; stated Armando Anido, chairman and CEO of Zynerba. &ldquo;Specifically, during the first quarter of 2022, we continued to enroll patients in our phase 3 pivotal trial in patients with FXS, completed enrollment in our Phase 2 trial in patients with 22q11.2 deletion syndrome and advanced toward submission of an investigational new drug application for a phase 3 trial in patients with ASD that we expect to initiate in the second half of 2022.&rdquo;
<h3 class="western">Financial Outlook</h3>
As of March 31, 2022, cash and cash equivalents were $69.7 million, compared to $67.8 million as of December 31, 2021. On May 11, 2021, the company entered into a controlled equity offering sales agreement, or the 2021 sales agreement&rdquo;, with Cantor Fitzgerald &amp; Co., Canaccord Genuity, LLC,&nbsp;(OTCPK:CCORF) H.C.&nbsp;Wainwright &amp; Co. LLC and Ladenburg Thalmann &amp; Co. Inc., as sales agents, pursuant to which the company may sell, from time to time, up to $75.0 million of its common stock. In the first quarter of 2022, the company sold and issued 857,060 shares of its common stock under the 2021 sales agreement in the open market resulting in gross proceeds of $1.8 million and net proceeds of $1.6 million, after deducting commissions and offering expenses.
From April 1, 2022 through May 13, 2022, the company sold and issued 297,362 shares of its common stock under the 2021 sales agreement in the open market resulting in gross proceeds and net proceeds of $0.6 million, after deducting commissions and offering expenses.
During the three months ended March 31, 2022, the company received a payment of $8.0 million from the Australian Tax Office for research and development incentives for the years ended December 31, 2018, 2019 and 2020.
Management believes that the company&rsquo;s cash and cash equivalents are sufficient to fund operations and capital requirements into the second half of 2023.
Photo: Courtesy of <a href="https://unsplash.com/@kenziem?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Mackenzie Marco</a> on <a href="http://localhost:3000/s/photos/dollars?utm_source=unsplash&amp;utm_medium=referral&amp;utm_content=creditCopyText">Unsplash</a>
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Earnings

ZYNE

Zynerba Pharmaceuticals R&D Expenses Reach $5.1M For Q1 2022, Here Are The Details

HEXO Corp. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/hexo#NASDAQ">HEXO</a>) (TSX:HEXO) has established an at-the-market equity program that allows the company to issue and sell up to $40 million of common shares in company&nbsp;capital from the treasury to the public, from time to time, at the company&rsquo;s discretion.
All common shares sold under the ATM Program will be made through &ldquo;at-the-market distributions&rdquo; as defined in the Canadian Securities Administrators&rsquo; National Instrument 44-102 - Shelf Distributions, including sales made through the Toronto Stock Exchange, NASDAQ Capital Markets&nbsp;or any other recognized marketplace on which the common shares are listed, quoted or otherwise traded in Canada and the United States.
Distributions of the common shares under the ATM Program will be made pursuant to the terms of an equity distribution agreement dated May 2, 2022 entered into among the company and Canaccord Genuity (OTCPK: CCORF).
The ATM program replaces the &ldquo;at-the-market&rdquo; offering of common shares in Canada and the U.S&nbsp;having an aggregate sale price of up to CA$150 million ($116.92 million) pursuant to the equity distribution agreement dated May 11, 2021 between the company and BMO Nesbitt Burns Inc. as Canadian agent and A.G.P./Alliance Global Partners and BMO Capital Markets Corp. as United States agents, which was terminated effective April 11, 2022. The company terminated the previous ATM offering and&nbsp;ATM agreement with previous ATM agents in order to proceed with the offering with the agents.
The volume and timing of distributions under the ATM program, if any, will be determined in the company&rsquo;s sole discretion. The common shares will be distributed at the market prices prevailing at the time of each sale and, as a result, prices may vary as between purchasers and during the period of the ATM program. The ATM program will be effective until the earlier of the issuance and sale of all of the common shares issuable pursuant to the ATM program and June 10, 2023, unless terminated prior to such date by the company or the agents in accordance with the terms of the distribution agreement.
The company intends to use the net proceeds from the ATM program for working capital and funding its operating activities, provided that any proceeds received by the company that are in excess of $30 million shall be applied to cover the company&rsquo;s obligation under the transaction agreement entered into on April 11, 2022 between the company, HT Investments MA LLC and Tilray Brands, Inc. (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/tlry#NASDAQ">TLRY</a>) to pay the fees of Tilray&#39;s financial advisor or other direct or indirect costs and expenses.
The offering of common shares under the ATM Program is qualified by a prospectus supplement dated May 2, 2022 to the company&rsquo;s Canadian amended and restated short form base shelf prospectus dated May 25, 2021 amending and restating the short form base shelf prospectus dated May 7, 2021, each filed with the securities commissions in each of the provinces and territories of Canada, and a prospectus supplement dated April 25, 2022 to the company&rsquo;s U.S. base shelf prospectus included in its registration statement on Form F-10/A filed with the United States Securities and Exchange Commission on May 21, 2021 amending the registration statement on Form F-10 filed with the United States Securities and Exchange Commission on May 10, 2021. The distribution agreement, the prospectus supplement and the base shelf prospectus are available on the SEDAR.
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&nbsp;

HEXO

TLRY

HEXO Launches New At-the-Market Offering, Here Are The Details

Kiaro Holdings Corp. (TSXV: KO) (OTC: <a class="ticker" href="https://www.benzinga.com/stock/kiarf#OTC">KIARF</a>), a Canadian cannabis retailer and distributor, announced on Wednesday that it has completed a previously announced private placement of 3,759 convertible debenture units at a price of $1,000 per Unit, for gross proceeds of $3.759 million.
Research Capital Corporation acted as the lead agent and sole bookrunner, on behalf of a syndicate, including Canaccord Genuity Corp. (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ccorf#OTC">CCORF</a>).
Net proceeds from the offering will be used for working capital and general corporate purposes.
&ldquo;It&rsquo;s exciting to see the overwhelming shareholder appreciation of Kiaro&rsquo;s business plan and how quickly investor participation flowed in, enabling us to close this financing in short order. The funding will support the operationalization of the newly acquired Ontario, US and Australian assets, including bringing them to the Kiaro brand standard. As a result, we are now more confident than ever in delivering the forecasted $42.7M in revenue and beyond,&rdquo; said Daniel Petrov, CEO&nbsp;of Kiaro.
The Details
Each convertible debenture unit consists of:
<ul>
<li>One 8% senior unsecured convertible debenture having a face value of $1,000, maturing October 28, 2024, and convertible into common shares of the company at a conversion price of $0.13 per Common Share.</li>
<li>3,846 Common Share purchase warrants.</li>
</ul>
The Convertible Debentures are also subject to an accelerator option. Kiaro has granted the financiers an option to purchase up to an additional 15% of the units sold pursuant to the initial closing of the offering at the issue price, exercisable in whole or in part of any time up to 30 days after the date hereof.
M&aacute;s contenido sobre <a href="https://elplanteo.com/cannabis/">cannabis</a> en Espa&ntilde;ol en El Planteo.

KIARF

Cannabis Co. Kiaro Closes $3.75M Brokered Private Placement

One of the largest private cannabis companies in the world could soon go public on the OTC Markets with a valuation of more than $1 billion.
According to a report from <a href="https://www.reuters.com/business/healthcare-pharmaceuticals/us-cannabis-firm-pharmacann-plans-ipo-new-york-weed-legalization-lifts-demand-2021-08-16/">Reuters</a>, PharmaCann, a&nbsp;Chicago-based, vertically integrated company with operations in six states including the highly-coveted New York state, could IPO as soon as next fall, as it looks to raise funds ahead of New York&rsquo;s adult-use cannabis program&rsquo;s debut. Some of the sources indicated other options are still being considered, though.
Sources also mentioned PharmaCann would likely seek to list in Canada, following the steps of its competitor Ascend Wellness Holdings Inc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/aawh#OTC">AAWH</a>), which made its public debut in May and is already valued at almost $2 billion, after a surge of more than 35% in its stock price since opening.
<h3>The Details</h3>
According to sources familiar with the issue &ndash; who asked for their identities to be kept private, Canaccord Genuity Group Inc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/ccorf#OTC">CCORF</a>) will act as the lead underwriter for PharmaCann&rsquo;s offering.
The IPO would follow a recent investment of $110.4 million. In June, Canadian giant Cronos Group Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/cron#NASDAQ">CRON</a>) acquired a 10.5% stake in PharmaCann at a valuation of $1.1 billion. This suggests the floor for the IPO valuation should be at $1.1 billion.
Back in 2018, Medmen Enterprises Inc (OTC: <a class="ticker" href="https://www.benzinga.com/stock/mmnff#OTC">MMNFF</a>) got close to purchasing PharmaCann for roughly $700 million, in a deal that ultimately fell apart in 2019.
M&aacute;s contenido sobre <a href="https://elplanteo.com/cannabis/">cannabis</a> en Espa&ntilde;ol en El Planteo.
&nbsp;

AAWH

CRON

MMNFF

Cannabis Unicorn PharmaCann Could IPO Soon, Valued At $1.1B+

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