Here are the top reads on deals and financial services over the last 24 hours,
Major U.S. cannabis companies Acreage, Harvest list shares on CSE: Two of the largest U.S. cannabis companies went public in Canada on Thursday, joining dozens of other American marijuana firms that have come north to raise capital. Story (Christina Pellegrini, for subscribers)
CIBC becomes the last of the major banks to launch its own ETFs: Canadian Imperial Bank of Commerce is the last of the major Canadian banks to enter the exchange-traded funds industry with plans to launch four new offerings. CIBC Asset Management filed with regulators on Wednesday for two actively-managed fixed-income funds and two smart-beta equity funds. Story (Clare O’Hara)
Callidus loss widens as new leaders take the helm at distressed lender: Callidus Capital Corp. continues to lose money and set aside provisions for bad loans as new management take the wheel at the distressed lender, which is controlled by financier Newton Glassman. Toronto-based Callidus lost $20.4-million in the most recent quarter, the company announced late Wednesday, up from a loss of $17.6-million in the same period a year ago and its eighth consecutive quarterly loss. Story (Andrew Willis, for subscribers)
Quebec weighs McInnis Cement refinancing: Quebec is weighing a request by the shareholders of McInnis Cement to swap the debt the province holds in the venture for equity, raising questions about the financial health of the controversial Gaspé Peninsula project as it increases production. Story (Nicolas Van Praet, for subscribers)
MORE FINANCIAL SERVICES NEWS
Regulators: Quebec’s financial market regulator is reviewing Bombardier Inc.’s executive compensation plan, calling on the plane-and-train maker to suspend all related trades just hours after Quebec’s premier expressed lukewarm hopes about the future of the beleaguered company’s commercial aerospace operations. The Autorite des marches financiers is reviewing how Bombardier implemented its Automatic Stock Disposition Plan, rolled out last August. Story (for subscribers)
MORE DEALS NEWS
Cannabis sector: U.S. cannabis companies raised $1.5-billion on the Canadian Securities Exchange (CSE) during the first 10 months of this year, surpassing their Canadian counterparts for the first time as investor interest shifts south of the border. Story (for subscribers)
Tech sector: Dell Technologies on Thursday raised its offer to buy back shares tied to its interest in software maker VMware to $120 per share, sweetening the deal for shareholders with an additional $5 billion in cash. Story (for subscribers)
IN CASE YOU MISSED IT
Amid low oil prices, energy firms blame pipeline delays for lack of capital: The chief executives of several Canadian energy companies are blaming pipeline delays for their inability to access capital for acquisitions or to fund growth, at a time when the sector has already been hit with low energy prices. Jonathan Wright, president and CEO of NuVista Energy Ltd., said recent delays affecting the Trans Mountain expansion and the Keystone XL projects have amplified the growing investor sentiment that Canada is unable to develop its infrastructure. Story (Alexandra Posadzki, for subscribers)
How much money do you need to get the attention of a financial advisor?: If you are seeking the services of a high-income financial planner, you need money – or “investable assets," as the industry calls it. Most high-net-worth wealth management firms deal with customers with at least $1-million to $5-million, says Charlie Sims, CEO and president at Cumberland Wealth, a firm with offices in Toronto, Calgary and Kingston. Story
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