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Cannabis Summary for Nov. 7, 2019

2019-11-07 21:05 ET - Market Summary

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by Stockwatch Business Reporter

The Canadian Securities Exchange Composite Index inched up 0.99 point to 399.10 Thursday. United States-based Vireo Health International Inc. (VREO) climbed 20 cents to $1.55 on 6.16 million shares after naming Bruce Linton as its executive chairman. Probably the most well-known figure in cannabis, Mr. Linton co-founded Canopy Growth Corp. (WEED: $25.13) in 2013. He was co-chief executive officer until July, 2019, when he was abruptly ousted by alcohol producer Constellation Brands Inc., which owns 38 per cent of Canopy. Constellation did not approve of the direction that Canopy was going in; the company had reported significant losses and had warned investors that profitability would not be achieved in the near term. It has been four months since Mr. Linton was shown the door, and Canopy has yet to name its (supposedly) long-term CEO.

Vireo Health says Mr. Linton will "be actively involved" in Vireo's business and he will work closely with the company's CEO and founder, Kyle Kingsley. If Vireo does well, Mr. Linton stands to be rewarded handsomely. Vireo has granted 10 million warrants to Mr. Linton to acquire Vireo shares at an exercise price of $1.02 (U.S.) a share (which is what Vireo shares closed at on Nov. 6). Mr. Linton will also receive 2.5 million warrants exercisable at $3.81 (U.S.) a share and 2.5 million warrants exercisable at $5.86 (U.S.) a share. All of the warrants are exercisable for five years.

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