Cannabis seedlings are seen at the new Aurora Cannabis facility Friday, November 24, 2017 in Montreal.THE CANADIAN PRESS/Ryan RemiorzThe Canadian Press
Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.
Slate Office REIT (SOT.UN-T) says it's buying an office property in downtown Chicago for $85.6-million (U.S.).
"The acquisition of 20 South Clark is a first step in our U.S. expansion strategy," stated Scott Antoniak, the REIT's CEO. "We believe the Chicago market provides ample opportunity for future expansion."
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Aurora Cannabis Inc. (ACB-T) said after markets closed on Tuesday that it purchased another 116,000 common shares of CanniMed Therapeutics Inc. (CMED-T). "The purchases were made in connection with Aurora's previously announced offer to purchase all of the common shares of CanniMed," the company stated. The highest price paid for the CanniMed shares on Dec. 29, was $24, the company said.
Last Friday, Vancouver-headquartered Aurora announced it had purchased 450,000 common shares of CanniMed, equivalent to about 1.8 per cent of the company. The company now owns about 2.3 per cent of CanniMed.
Aurora has said it's allowed to buy up to about five per cent of the Saskatoon-headquartered CanniMed's stock on the open market. This is its second purchase.
In a separate release issued Wednesday, Aurora called for additional disclosure on CanniMed's announcement Tuesday of a supply agreement with Up Cannabis Inc., a subsidiary of Newstrike Resources Ltd. (HIP-X), CanniMed's proposed acquisition candidate.
"The timing of the supply agreement suggests no strategic rationale and raises serious questions about the apparent ongoing failure of CanniMed's management and board to meet their fiduciary responsibilities to their shareholders, in view of the superior offer from Aurora to CanniMed shareholders," Aurora stated.
--with a file from The Canadian Press
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CannaRoyalty Corp. (CRZ-CN) says takeover target Alta Supply Inc. received a temporary Cannabis distribution license (Type 11 – Medical). Vista Distribution Inc., an Oakland, Calif. distribution company that is 49-per-cent owned by Alta Supply, received the same class of distribution license the date prior.
"These licenses enable Alta Supply and Vista to engage in commercial cannabis distribution in the state of California," the company stated.
CannaRoyalty has a binding term sheet to acquire Alta Supply.
"Distribution is going to be an increasingly important part of the value chain moving through 2018 as California transitions to a full recreational adult-use market," said Marc Lustig, CEO of CannaRoyalty, in a release.
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Stingray Digital Group Inc. (RAY.A-T; RAY.B-T) says it has acquired the assets of New-York based Qello Concerts, an over-the-top (OTT) streaming service for full-length, on-demand concerts and music documentaries.
"Through Qello Concerts, Stingray will benefit from deep operational expertise and instantly elevate its status as a global leader in the fast-growing OTT business-to-consumer (B2C) category," the company stated. "Stingray is uniquely positioned to accelerate the growth of Qello Concerts by leveraging their respective global distribution agreements with major cable/satellite operators and telecommunication companies."
The price wasn't' disclosed.
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Beleave Inc. (BE-CN) says it has signed a letter of intent with Seven Oaks Cannabis Inc. for Seven Oaks to carry Beleave products — if awarded a cannabis retail license by the Manitoba government.
"Seven Oaks is interested in exploring a purchase and supply arrangement in which Beleave would supply a minimum of 1.25 million grams, per annum, of dry flower equivalent of Beleave Inc. branded cannabis products," the company stated. "Seven Oaks is seeking to establish a competitive retail distribution chain for recreational cannabis in the province of Manitoba."
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