Tilray, the world’s most valuable pot company, envisions $100 billion future
- Tilray Inc., the cannabis company that has seen its valuation double since the beginning of the month, could become a US$100 billion company, according to its chief executive officer, as the regulations surrounding marijuana continue to ease across the globe.
- Tilray is interested in the burgeoning market for consumer products that use ingredients from marijuana, CEO Brendan Kennedy said in an interview in New York Tuesday.
- But Kennedy said he’s not interested in getting taken over by a large consumer company.
- The stock spiked again on Tuesday, rising as much as 28 per cent to a record US$153.88 per share after the company announced it had received U.S. approval to import medical cannabis to California for a research project.
- Kennedy noted that Tilray’s IPO was just two months ago, although he added that he’s always looking for ways to raise capital.
You’ll be paying more at the grocery store soon, supermarket CEOs warn
- The CEOs of three of Canada’s major grocery chains doubled down on their expectation that food prices will soon rise at their stores.
- Recent cost pressures on the industry, including rising minimum wages in some provinces, increased fuel and transportation costs and an ongoing trade war with the U.S., will soon result in some price inflation, said the chief executives of Metro Inc., Loblaw Companies Ltd. and Empire Co. Tuesday at Scotiabank’s back-to-school conference in Toronto.
- Empire offers home delivery in Quebec and learned that their solution there is not scalable, Medline said, adding the company is excited that Ocado’s solution eliminates some logistical issues and is profitable.
- Loblaw also partnered with another company to offer home delivery, opting for California-based Instacart, but chose to do so in a quicker fashion.
Indefinite needs mean indefinite support for disabled adult child, court finds
- 4, Justice Sullivan of the Ontario Court of Justice ordered a father to pay indefinite child support to the mother of the parties’ child, Joshua, a 24-year-old disabled individual who continued to reside with the mother.
- 4 decision, Justice Sullivan considered whether Joshua continues to be an individual for whom child support is payable and, if so, the amount of support that ought to be paid.
- The underpinning to Justice Sullivan’s analysis is found in his remarks that support for Joshua should be premised upon the parents sharing financial responsibility for Joshua equitably, after considering the Joshua’s contribution, including his receipt of ODSP.
- While Justice Sullivan’s analysis offers helpful guidance in determining the amount of support payable for individuals similar to Joshua, the most important part of his decision is unquestionably the indefinite nature of child support payable for Joshua.
Time running out to reach NAFTA deal, U.S. congressman warns Canada in stern statement
- In a statement, Scalise says Canada is running out of time to get on board with the bilateral agreement in principle negotiated last month — without Canada’s involvement — between the U.S. and Mexico.
- That appeared to be a response to recent indications from the federal Liberal government in Ottawa that it won’t be held to an artificial deadline, nor will it rush the talks to settle for an agreement that it doesn’t consider fair or good for Canadian industries and workers.
- Foreign Affairs Minister Chrystia Freeland, who is scheduled to return to Washington and resume talks Wednesday with U.S. Trade Representative Robert Lighthizer, had not seen the statement when asked about it prior to question period.
- But she said Canada has been negotiating in good faith throughout the 13-month process, and took issue with any suggestion to the contrary.
Tesla faces Department of Justice probe over Elon Musk’s public statements, Bloomberg reports
- Tesla Inc. is under investigation by the Justice Department over public statements made by the company and Chief Executive Officer Elon Musk, according to two people familiar with the matter.
- Federal prosecutors opened a fraud investigation after Musk tweeted last month that he was contemplating taking Tesla private and had “funding secured” for the deal, said the people, who were granted anonymity to discuss a confidential criminal probe.
- SEC enforcement attorneys in the San Francisco office were already investigating Tesla before Musk sent his tweet on taking the company private, Bloomberg reported Aug. 9.
- Now that Musk’s tweet has attracted the Justice Department’s attention, investigators there could extend their review to other public statements made by the chief executive about the company’s health, one of the people familiar with the matter said.
Trump vows retaliation after accusing China of targeting tariffs on U.S. farmers to sway election
- WASHINGTON — President Donald Trump on Tuesday threatened further retaliation against China if Beijing targets U.S. agricultural or industrial workers amid a trade dispute, and accused China of trying to sway the U.S. election by targeting farmers.
- Beijing said it would retaliate with tariffs against US$60-billion worth of American products after Trump on Monday imposed 10 per cent tariffs on about US$200-billion worth of imports from China.
- Trump said China was trying to use trade to undermine him with his supporters before the Nov. 6 congressional election.
- China has openly stated that they are actively trying to impact and change our election by attacking our farmers, ranchers and industrial workers because of their loyalty to me.
- In July, Beijing launched a short video in English featuring a talking cartoon soybean vouching for the importance of trade.
Marijuana producer Aurora Cannabis says there is no beverage deal to announce
- EDMONTON — Aurora Cannabis Inc. says it has not signed a deal with respect to any partnership with a drink company.
- In a report based on anonymous sources, BNN Bloomberg reported Monday that Aurora was in serious talks with the Coca-Cola Company.
- The marijuana company says it does engage in exploratory talks with industry participants from time to time, but there is no agreement or arrangement to announce.
- Trading in Aurora shares was halted pending the comments by the company.
- Aurora says it was responding to a request for comment by the Investment Industry Regulatory Organization of Canada.
- Sources told BNN Bloomberg that the world’s largest beverage company is interested in developing drinks that are infused with cannabidiol, the non-psychoactive element in cannabis also known as CBD.
Bruce Linton eyes the long game taking Canopy Rivers public in crowded cannabis field
- Linton credits former portfolio manager Sean McNulty with having sparked the idea of setting up a dedicated venture capital firm that would play the role of a sieve of sorts to identify promising targets among the numerous cannabis startups that had emerged in Canada in the past three years.
- To date, Canopy Rivers’ portfolio includes investments in 11 companies that range from craft cannabis producers such as AgriPharm; to Civilized, a lifestyle cannabis brand that has operations in both New Brunswick and California; and Vert, a large-scale greenhouse operator in Quebec that is the largest grower of pink tomatoes in Canada.
- With just a month to go before recreational cannabis becomes legal in Canada, Rivers is about to begin trading amid soaring valuations in the sector.
- Canopy itself has a market cap of more than $14 billion, although Linton insists that he’s much less focused on market value than long-term growth.
TREB gives go ahead for realtors to post GTA home sales data on their websites starting today
- TORONTO — The Toronto Real Estate Board says real estate companies can post Greater Toronto Area home sales data on their password-protected websites today at noon.
- TREB chief executive John DiMichele says the data can only be posted on such sites to provide residential real estate brokerage services.
- The board will not allow the data to be scraped, mined, sold, resold, licensed, reorganized or monetized in any way.
- The move comes weeks after the Supreme Court of Canada refused to hear an application from TREB that aimed to keep the numbers off password-protected sites.
- TREB fought the Competition Bureau’s push to have the data released for seven years.
- When the Supreme Court refused to hear the case, some companies immediately published the data and soon after received cease-and-desist letters from the board.
Enbridge to buy out Enbridge Income Fund Holdings for $4.7 billion
- Enbridge Inc. agreed to acquire the rest of the its publicly traded Canadian energy, transportation and power generation business for $4.7 billion in a push to simplify its corporate structure.
- The deal would see Enbridge buy out all of the outstanding shares for Enbridge Income Fund Holdings Inc., which includes the largest oil pipeline crossing into the U.S. from Canada and more than 1,400 megawatts of renewable and alternative power generating capacity, the company said Tuesday in a statement.
- The deal is part of a broader industry trend for pipeline companies to buy out their master limited partnership units after tax changes and as the investment vehicles become less popular.
- Each common share of Enbridge Income Fund will be exchanged for 0.7350 common shares of Enbridge and $0.45 cash per Enbridge Income Fund share.