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by Stockwatch Business Reporter
The S&P/TSX Cannabis Index lost 0.72 point to 189.94 Tuesday, while the Canadian Securities Exchange Composite Index gained 0.81 point to 397.23. Westleaf Inc. (WL) gained 2.5 cents to 15.5 cents on 145,800 shares after announcing plans to reduce expenses and rebrand the company. Westleaf has implemented cost-reduction measures, including the elimination of 11 jobs. The company expects this to save $1.4-million a year. (Between Westleaf and its recently acquired We Grow B.C. Ltd., its annualized operating expenses were nearly $25-million.) On top of that, Westleaf slashed its number of operating retail stores from 22 to 11. As of March 2, the company also plans to operate under the name Decibel Cannabis Company Inc. with the symbol "DB."
The changes come two months after the closing of the aforementioned Westleaf-We Grow B.C. merger. Under that merger, We Grow shareholders received 58-per-cent ownership of Westleaf shares. We Grow's CEO, Benjamin Sze, became CEO of Westleaf, while Westleaf's president and co-founder, Scott Hurd, resigned a little under a month after the deal closed.
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