Alberta
Cannabis company Canopy Growth signs deals with lenders to reduce debt
SMITHS FALLS, Ont. — Canopy Growth Corp. says it has signed deals with its secured and unsecured lenders that it expects will help the cannabis company reduce its total debt by about $437 million over the next six months.
The company says the moves are also expected to help lower annual interest costs by approximately $20 million to $30 million.
Canopy chief financial officer Judy Hong says the agreements will enable the company to preserve cash and further improve its balance sheet through accretive and meaningful reductions in its overall debt.
The company says it will repay about $193 million in existing notes with a mix of cash, shares and new unsecured non-interest bearing convertible debentures.
Canopy will also reduce $100 million debt provided under a credit agreement for a cash payment of $93 million, with the expectation of further principal reductions at 95 cents on the dollar upon completion of certain asset sales.
The company has been selling some of its facilities as part of an organizational transformation announced last year to help reduce spending.
This report by The Canadian Press was first published July 14, 2023.
Companies in this story: (TSX:WEED)
The Canadian Press
Alberta
Fortis et Liber: Alberta’s Future in the Canadian Federation
From the C2C Journal
By Barry Cooper, professor of political science, University of Calgary
Canada’s western lands, wrote one prominent academic, became provinces “in the Roman sense” – acquired possessions that, once vanquished, were there to be exploited. Laurentian Canada regarded the hinterlands as existing primarily to serve the interests of the heartland. And the current holders of office in Ottawa often behave as if the Constitution’s federal-provincial distribution of powers is at best advisory, if it needs to be acknowledged at all. Reviewing this history, Barry Cooper places Alberta’s widely criticized Sovereignty Act in the context of the Prairie provinces’ long struggle for due constitutional recognition and the political equality of their citizens. Canada is a federation, notes Cooper. Provinces do have rights. Constitutions do mean something. And when they are no longer working, they can be changed.
Alberta
30 million contraband cigarettes valued at $25 million dollars seized in Alberta
New release from Alberta Gaming Liquor and Cannabis (AGLC)
Record setting contraband tobacco seizures result from AGLC investigations
Alberta Gaming Liquor and Cannabis (AGLC) recently concluded several investigations which netted two of the largest contraband tobacco seizures in Alberta history. The combined total of the contraband tobacco seized was 154,800 cartons of contraband cigarettes (30.7 million individual cigarettes). These seizures are a result of the work conducted by AGLC’s Tobacco Enforcement Unit with the assistance of provincial law enforcement agencies.
- In a January 2024 investigation, approximately 43,500 cartons (8.7 million individual cigarettes) were seized. This equates to $7 million in retail value with a provincial tax avoidance of $2.4 million. This included the seizure of 15,000 grams of contraband shisha.
- In April of 2024, 60 wrapped pallets were seized from a warehouse setting netting a total of 111,300 cartons of contraband cigarettes (22 million individual cigarettes) which equates to over $18 million in retail value with a provincial tax avoidance of $6.6 million.
- Criminal Charges are pending in both cases.
“These are significant contraband tobacco investigations involving individuals that are part of organized networks whose proceeds defraud Albertans millions of dollars in tax revenue. AGLC will continue to work with our partners to investigate and disrupt the individuals and organizations involved in these illegal activities as part our commitment to a strong contraband tobacco enforcement program in Alberta.”
- Gary Peck, Vice President, Regulatory Services, AGLC
“Contraband tobacco hurts law abiding businesses that follow the rules, and it costs Albertans millions each year from lost tax revenue. Our government is committed to keeping illegal tobacco off the streets and ensuring that the sale of tobacco products comply with the law.”
- Dale Nally, Minister of Service Alberta and Red Tape Reduction
Over the last nine months, AGLC’s Tobacco Enforcement unit has seized an estimated 35 million contraband cigarettes and 115,000 grams of contraband shisha from across the province. The total potential lost tax revenue is estimated to be more than $10.1 million.
Contraband tobacco:
- is any tobacco product that does not comply with federal and provincial laws related to importation, marking, manufacturing, stamping and payment of duties and taxes;
- comes from four main sources: illegal manufacturers, counterfeits, tax-exempt diversions and resale of stolen legal tobacco; and
- can be recognized by the absence of a red (Alberta) or peach/light tan (Canada) stamp bearing the “DUTY PAID CANADA DROIT ACQUITTÉ” on packages of cigarettes and cigars or pouches of tobacco.
In addition to lost revenues that may otherwise benefit Albertans, illegally manufactured products also pose public health and safety risks as they lack regulatory controls and inspections oversight.
Albertans who suspect illegal tobacco production, packaging and/or trafficking are encouraged to contact AGLC’s Tobacco Enforcement Unit at 1-800-577-2522 or Crime Stoppers at 1-800-222-TIPS (8477).
Under a Memorandum of Understanding with Alberta Treasury Board and Finance, AGLC enforces the Tobacco Tax Act and conducts criminal investigations related to the possession, distribution and trafficking of contraband tobacco products. In 2022-23, provincial revenue from tobacco taxes was approximately $522 million.
-
COVID-192 days ago
COVID Lab Leak: Over four later, EcoHealth Alliance funding is finally suspended
-
Business2 days ago
ESG Puppeteers
-
COVID-192 days ago
NIH Quietly Altered Definition For Gain-Of-Function Research On Its Website, Former Fauci Aide Confirms
-
Crime2 days ago
The US Canadian border: Greatest number of terrorist watch list individuals being apprehended at northern border
-
illegal immigration1 day ago
Suspected Terrorists Illegally Entering US Up Over 2,500% Under Biden From Trump Era
-
Business1 day ago
Ottawa should end war on plastics for sake of the environment
-
Opinion19 hours ago
Ordinary working Canadians are not buying into transgender identity politics
-
Energy19 hours ago
New Report Reveals Just How Energy Rich America Really Is