Connect with us

Anglais

Race on to partner with Ontario’s cannabis retail licence winners

Published

on

[ad_1]

Businesses and investors are rushing to partner with the 25 winners of the Ontario cannabis retail licence lottery, with offers apparently worth millions of dollars, to be involved in the province’s first recreational weed stores set to open this spring.

Olivia Brown, the founder of Hamilton, Ont.-based Professional Cannabis Consulting, says one of her clients was among the 25 entities selected by the province via lottery, and has fielded three « big offers » on Monday alone.

« There’s a couple of large investors, one from the United States, one of them from Amsterdam… a very established Hamilton family looking to invest, » said Brown, who said her client did not want to be named.

The Alcohol and Gaming Commission of Ontario announced late Friday the 25 entities who can now apply for a cannabis retail licence in Canada’s most populous province, out of the 17,320 expressions of interest the government agency received. There were also 100 applicants on the wait list.

Big industry players shut out

The biggest industry players, however, were kept at bay as the province’s regulations stipulate applicants cannot qualify for a retail licence if it is more than 9.9 per cent owned or controlled by one or more licensed producer.

The vast majority of those lottery entries were from sole proprietorships, at 64 per cent, followed by corporations at 33 per cent, and partnerships and limited partnerships at three and one per cent, respectively.

Everybody is trying to find one of the winners and trying to cut some sort of a deal with them– Mark Goliger, National Access Cannabis

There were no big cannabis industry names among the 25 winners, who now have five business days to turn in their applications to the AGCO along with a $6,000 non-refundable fee and a $50,000 letter of credit.

They included Toronto-based travel agency Tripsetter Inc., who declined to comment when reached by phone.

If their applications are successful, they will have the opportunity to open the first 25 recreational pot stores on April 1 in Ontario, where cannabis consumers now can only legally purchase weed from a government-run website.

Scramble to find partners

However, these retail operator licences are not transferable under provincial regulations, which has companies and investors scrambling to find ways to partner with the lottery winners as allowed under the rules and cash in on the first-mover advantage.

« Everybody is trying to find one of the winners and trying to cut some sort of a deal with them, » said Mark Goliger, chief executive officer of National Access Cannabis Corp.

NAC, which has signed an agreement with coffee chain Second Cup to convert some of its coffee shops into weed dispensaries, has been in touch with a handful of lottery winners and is seeking a partnership, such as a services agreement or revenue-sharing arrangement.

« We’re not going to do a crazy deal that doesn’t make sense long-term… I know that there are players out there that are doing crazy deals. »

Brendan Kennedy, chief executive of licensed producer Tilray Inc., said their Nanaimo-based company has been in touch with provincial lottery winners as well.

« Stay tuned… They’re looking for potential partners as they build out their entities, » he said.

Offers north of $5M

Abi Roach, the owner of Toronto-based Hot Box Cafe, says her lottery entry did not win, but she has been in touch with winners on potential partnerships, and has been told other offers are north of $5 million.

It’s a big risk she says she is not willing to take, given that most of the winners are sole proprietors and there are restrictions on changing the structure of the company after entering the lottery, she added.

« The risk of putting in a large sum of money into a sole proprietorship without ownership is crazy, » she said.

Although the types of deals that can be made are limited, there was a « flurry of negotiations » over the weekend, said Ottawa-based lawyer Trina Fraser, who is representing clients looking to enter partnerships.

The deals Fraser’s clients are seeking include licensing or services agreements, which allow the license holder to retain sufficient control as required under provincial regulations.

Many of the 25 entities selected do not have industry experience, and will likely face difficulties satisfying requirements such as a letter of credit from the bank, she said.

Retail licence operators who are not ready to open their doors by April 1 will face hefty late fines that could total as much as $50,000.

« They need money and they need help, » said Fraser. « They don’t necessarily have the expertise or the resources to be able to execute on this on their own. They’re going to need partners. »

[ad_2]

Source link

قالب وردپرس

Anglais

‘Business as usual’ for Dorel Industries after terminating go-private deal

Published

on

By

MONTREAL — Dorel Industries Inc. says it will continue to pursue its business strategy going forward after terminating an agreement to go private after discussions with shareholders.

« Moving ahead. Business as usual, » a spokesman for the company said in an email on Monday.

A group led by Cerberus Capital Management had previously agreed to buy outstanding shares of Dorel for $16 apiece, except for shares owned by the family that controls the company’s multiple-voting shares.

But Dorel chief executive Martin Schwartz said the Montreal-based maker of car seats, strollers, bicycles and home furniture pulled the plug on a deal on the eve of Tuesday’s special meeting after reviewing votes from shareholders.

“Independent shareholders have clearly expressed their confidence in Dorel’s future and the greater potential for Dorel as a public entity, » he said in a news release.

Dorel’s board of directors, with Martin Schwartz, Alan Schwartz, Jeffrey Schwartz and Jeff Segel recused, unanimously approved the deal’s termination upon the recommendation of a special committee.

The transaction required approval by two-thirds of the votes cast, and more than 50 per cent of the votes cast by non-family shareholders.

Schwartz said enhancing shareholder value remains a top priority while it stays focused on growing its brands, which include Schwinn and Mongoose bikes, Safety 1st-brand car seats and DHP Furniture.

Dorel said the move to end the go-private deal was mutual, despite the funds’ increased purchase price offer earlier this year.

It said there is no break fee applicable in this case.

Montreal-based investment firm Letko, Brosseau & Associates Inc. and San Diego’s Brandes Investment Partners LP, which together control more than 19 per cent of Dorel’s outstanding class B subordinate shares voiced their opposition to the amended offer, which was increased from the initial Nov. 2 offer of $14.50 per share.

« We believe that several minority shareholders shared our opinion, » said Letko vice-president Stephane Lebrun, during a phone interview.

« We are confident of the long-term potential of the company and we have confidence in the managers in place.”

Continue Reading

Anglais

Pandemic funds helping Montreal businesses build for a better tomorrow

Published

on

By

Many entrepreneurs have had to tap into government loans during the pandemic, at first just to survive, but now some are using the money to better prepare their businesses for the post-COVID future.

One of those businesses is Del Friscos, a popular family restaurant in Dollard-des-Ormeaux that, like many Montreal-area restaurants, has had to adapt from a sit-down establishment to one that takes orders online for takeout or delivery.

“It was hard going from totally in-house seating,” said Del Friscos co-owner Terry Konstas. “We didn’t have an in-house delivery system, which we quickly added. There were so many of our employees that were laid off that wanted to work so we adapted to a delivery system and added platforms like Uber and DoorDash.”

Helping them through the transition were emergency grants and low-interest loans from the federal and provincial governments, some of which are directly administered by PME MTL, a non-profit business-development organization established to assist the island’s small and medium-sized businesses.

Konstas said he had never even heard of PME MTL until a customer told him about them and when he got in touch, he discovered there were many government programs available to help his business get through the downturn and build for the future. “They’ve been very helpful right from day one,” said Konstas.

“We used some of the funds to catch up on our suppliers and our rents, the part that wasn’t covered from the federal side, and we used some of it for our new virtual concepts,” he said, referring to a virtual kitchen model which the restaurant has since adopted.

The virtual kitchen lets them create completely different menu items from the casual American Italian dishes that Del Friscos is known for and market them under different restaurant brand names. Under the Prasinó Soup & Salad banner, they sell healthy Greek options and their Stallone’s Sub Shop brand offers hearty sandwiches, yet the food from both is created in the same Del Friscos kitchen.

Continue Reading

Anglais

Downtown Montreal office, retail vacancies continue to rise

Published

on

By

Some of downtown Montreal’s key economic indicators are heading in the wrong direction.

Office and retail vacancies in the city’s central core continued to climb in the fourth quarter of 2020, according to a quarterly report released Thursday by the Urban Development Institute of Quebec and the Montréal Centre-Ville merchants association. The report, whose first edition was published in October, aims to paint a socio-economic picture of the downtown area.

The survey also found office space available for sublet had increased during the fourth quarter, which may foreshadow even more vacancies when leases expire. On the residential front, condo sales fell as new listings soared — a sign that the downtown area may be losing some of its appeal to homeowners.

“It’s impossible not to be preoccupied by the rapid increase in office vacancies,” Jean-Marc Fournier, the former Quebec politician who now heads the UDI, said Thursday in an interview.

Still, with COVID-19 vaccinations set to accelerate in the coming months, “the economic picture is bound to improve,” he said. “People will start returning downtown. It’s much too early to say the office market is going to disappear.”

Public health measures implemented since the start of the pandemic almost a year ago — such as caps on office capacity — have deprived downtown Montreal of more than 500,000 workers and students. A mere 4,163 university and CEGEP students attended in-person classes in the second quarter, the most recent period for which figures are available. Border closures and travel restrictions have also brought tourism to a standstill, hurting hotels and thousands of local businesses.

Seventy per cent of downtown workers carried out their professional activities at home more than three days a week during the fourth quarter, the report said, citing an online survey of 1,000 Montreal-area residents conducted last month.

Continue Reading

Chat

Sex2 semaines ago

Dix films avec des scènes de sexe non simulées qui ont fait polémique

Sex2 semaines ago

Sexe et cannabis : mélange miraculeux ou poison pour le couple ?

Sex2 semaines ago

Chantage émotionnel, dénigrement, harcèlement sexuel : Une jeune scientifique écrit aux comités nationaux d’éthique

Sex2 semaines ago

10 films sur le sexe et le plaisir pour oublier la distanciation sociale

Sex2 semaines ago

Les meilleurs sextoys pour le clitoris

Sex2 semaines ago

Dua Lipa, la reine du melting-pop qui allège le quotidien confiné de ses millions de fans

Sex2 semaines ago

Une série d’ici primée à l’étrange

Technologie3 semaines ago

TELUS adopte une nouvelle promesse de marque

Technologie3 semaines ago

La tech agricole Farmers Edge entre en Bourse à 18 fois ses revenus

Technologie3 semaines ago

NEC Canada accueille Combat Networks en tant que revendeur officiel de UNIVERGE® BLUE CLOUD SERVICES

Technologie3 semaines ago

La relance économique sera verte dans le Bas-Saint-Laurent

Technologie3 semaines ago

Ottawa injecte 2,75 milliards $ pour électrifier la flotte d’autobus au pays

Technologie3 semaines ago

L’entreprise montréalaise Native Touch fait l’acquisition du studio Candy Banners

Actualités3 semaines ago

Lionbridge conclut la vente de sa division d’intelligence artificielle (IA) à TELUS International

Actualités3 semaines ago

Le rôle stratégique et essentiel des métaux rares pour la santé

Actualités3 semaines ago

«Crypto-art» : l’œuvre numérique de la chanteuse Grimes vendue 6 millions de dollars

Actualités3 semaines ago

Un rapport révèle des inégalités pour les femmes de couleur dans les postes de direction canadiens qui font écho au secteur de la technologie

Actualités3 semaines ago

La demande de main-d’œuvre des startups canadiennes montre des signes de reprise au quatrième trimestre: rapport

Actualités3 semaines ago

En attendant la fibre optique

Affaires4 semaines ago

L’Alberta demande à Ottawa d’investir des milliards dans la capture du carbone

Anglais2 années ago

Body found after downtown Lethbridge apartment building fire, police investigating – Lethbridge

Styles De Vie2 années ago

Salon du chocolat 2018: les 5 temps forts

Anglais2 années ago

This B.C. woman’s recipe is one of the most popular of all time — and the story behind it is bananas

Santé Et Nutrition2 années ago

Gluten-Free Muffins

Anglais2 années ago

27 CP Rail cars derail near Lake Louise, Alta.

Anglais2 années ago

Man facing eviction from family home on Toronto Islands gets reprieve — for now

Santé Et Nutrition2 années ago

We Try Kin Euphorics and How to REALLY Get the Glow | Healthyish

Anglais2 années ago

Ontario’s Tories hope Ryan Gosling video will keep supporters from breaking up with the party

Anglais2 années ago

A photo taken on Toronto’s Corso Italia 49 years ago became a family legend. No one saw it — until now

Anglais3 années ago

Condo developer Thomas Liu — who collected millions but hasn’t built anything — loses court fight with Town of Ajax

Styles De Vie3 années ago

Renaud Capuçon, rédacteur en chef du Figaroscope

Anglais2 années ago

This couple shares a 335-square-foot micro condo on Queen St. — and loves it

Mode2 années ago

Paris : chez Cécile Roederer co-fondatrice de Smallable

Anglais2 années ago

Ontario Tories argue Trudeau’s carbon plan is ‘unconstitutional’

Styles De Vie2 années ago

Ford Ranger Raptor, le pick-up roule des mécaniques

Affaires2 années ago

Le Forex devient de plus en plus accessible aux débutants

Anglais2 années ago

100 years later, Montreal’s Black Watch regiment returns to Wallers, France

Technologie2 années ago

YouTube recommande de la pornographie juvénile, allègue un internaute

Anglais2 années ago

Trudeau government would reject Jason Kenney, taxpayers group in carbon tax court fight

Anglais2 années ago

Province’s push for private funding, additional stops puts Scarborough subway at risk of delays

Trending