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Our roundup of Canadian small-caps of between $100-million and $2.5-billion in market capitalization making news and on the move today.

Both the chairman and the chief executive officer of CannTrust Holdings Inc. (TRST-T) were informed that the company was growing cannabis in unlicensed rooms about seven months before Health Canada uncovered the regulatory breach, internal e-mails show.

The company communications, seen by The Globe and Mail, show chairman Eric Paul and CEO Peter Aceto were made aware that cannabis was being cultivated in rooms at a growing facility in Southern Ontario that had yet to be licensed by the federal regulator, and that Mr. Paul counselled staff on how to respond.

In an e-mail dated Nov. 16, 2018, Graham Lee, CannTrust’s director of quality and compliance, informed Mr. Aceto and other top executives about a Health Canada inspection that had just been completed. It had revealed several compliance breaches but missed the plants growing in unlicensed rooms.

- Mark Rendell and Jeffrey Jones

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Green Growth Brands Inc. (GGB-C) announced a $50-million bought-deal financing. The company said it has an agreement with a group of investment dealers, led by Canaccord Genuity Corp., to purchase 20.5 million units at $2.45 each. ‎Each unit will be comprised of one common share of the company ‎‎and one half of one common share ‎purchase warrant. Each warrant will ‎‎entitle the holder to acquire one common ‎share of the company at a price of $3.50 per common share, ‎subject to adjustment in ‎certain events, for three years. The company said it intends to apply to list the warrants on the Canadian Securities Exchange.

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Tidewater Midstream and Infrastructure Ltd. (TWM-T) announced an agreement to acquire from Pipestone Energy Corp. (PIPE-X) a 100-per-cent working interest in a strategic 30 MMcf/d raw gas compression, 5,400 bbls/d condensate handling and associated water disposal battery, known as East Battery, for about $30-million in cash. The company also plans to invest $25-million in additional liquids handling infrastructure at its Pipestone Gas Plant and extended a take or pay agreement with Pipestone Energy. Tidewater also announced a $75-million bought deal offering of convertible debentures with a syndicate of underwriters.

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Alimentation Couche-Tard Inc. (ATD.B-T) has agreed to make a strategic investment in Fire & Flower Holdings Corp. (FAF-X), which will use the funds to develop its Hifyre digital retail platform and expand its network of cannabis retail stores.

The companies say Couche-Tard’s initial investment would initially give it rights to 9.9 per cent of Fire & Flower’s equity, with the potential to increase its stake to 50.1 per cent in return for a total of about $380-million in growth capital.

Alimentation Couche-Tard is one of North America’s largest operators of convenience stores and gas bars, primarily under the Circle K global brand and under the Couche-Tard banner in its home province of Quebec.

Couche-Tard chief executive Brian Hannasch says the investment will enable the Laval-based retail chain to accelerate its move into the cannabis sector.

The companies say an indirect subsidiary of Couche-Tard will initially buy about $26-million of convertible debt securities that can be converted to 24.3 million common shares at a price of $1.07 each, representing 9.9 per cent of equity.

Fire & Flower’s stock is currently listed on the TSX Venture Exchange but it has received conditional approval to list its shares on the Toronto Stock Exchange concurrent with the transaction.

-The Canadian Press

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Ballard Power Systems (BLDP-Q; BLDP-T) announced a purchase order from Wrightbus in Northern Ireland, for 15 FCveloCity-HD 85-kilowatt fuel cell modules to power buses for deployment in Aberdeen, Scotland under the Joint Initiative For Hydrogen Vehicles Across Europe funding program.

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Harvest Health & Recreation, Inc. (HARV-C) announced the acquisition of Phoenix operator Urban Greenhouse. “The agreement advances the company’s expansion and market penetration efforts across Arizona, adding operations of the Urban Greenhouse medical cannabis dispensary and cultivation facility,” the company stated.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 28/03/24 11:56am EDT.

SymbolName% changeLast
TWM-T
Tidewater Midstream and Infras Ltd
0%0.82
BLDP-T
Ballard Power Systems Inc
+1.59%3.84
BLDP-Q
Ballard Power Sys
+1.44%2.82

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