Flowr Corp extends international push with Terrace deal valued at $63M
Toronto-based Flowr Corp. said Tuesday it has acquired Terrace Global in an all-stock deal valued at about $63 million. The deal, which is expected to close by the end of the year, requires a two-thirds vote by Terrance shareholders, Flowr said. More than one-third of Terrace's directors and senior executives - who own about 38 per cent of the company's voting shares - have already pledged their support for the deal. The combined company would provide an additional $27 million in new financing, while advancing Flowr's international efforts in the European Union. Flowr’s TSX Venture-listed shares were relatively flat during Tuesday's trading session.
Vivo Cannabis slumps, eyes asset sale after laying off 45
Shares of Vivo Cannabis fell about seven per cent on Tuesday after the company announced it would conduct a series of layoffs as well as look to sell non-core assets to help cut costs and reach positive EBITDA next year. Vivo said it laid off 45 people, or about 18 per cent of its workforce. The layoffs primarily came from its Napanee, Ont. facility, which is now being repurposed to focus on low-cost cultivation and concentrate products. The company also said it will look to sell some assets and ramp down capital spending as its facility build-outs have already been finished. Vivo also said Dan Laflamme has stepped down from the company's board and his role as president of its Canna Farms subsidiary.
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