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Alberta

Police seize more than $1.3 million in drugs and cash following an organized crime investigation

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News Release from the Edmonton Police Service

The Edmonton Police Service has charged four Edmonton men and seized more than $1.3 million in drugs and cash following a 14-month organized crime investigation.

In February 2021, EPS Drug and Gang Enforcement (EDGE) Section initiated an investigation into the suspected trafficking of drugs by a group of four men.  Over the course of the investigation, search warrants were executed on three vehicles and at five residences in south and southwest Edmonton. During the searches, police seized a large quantity of cash, a variety of controlled substances, a weapon, ammunition and vehicles, including:

  • $540,000 cash
  • 6.6 kgs cocaine (approximate street value of $327,000)
  • 74 kgs benzocaine (approximate street value of $222,000)
  • 47 kgs acetaminophen (approximate street value of $142,000)
  • #$36 kgs of phenacetin (approximate street value of $109,000)
  • 429 g boric acid (approximate street value of $1,500)
  • 170 ml of GHB
  • A Kia Sorento and Dodge Journey with hidden compartments
  • A 2021 Mercedes Benz GLE
  • 50 rounds of 9 mm ammunition
  • .22 caliber firearm magazine
  • Box of .22 caliber ammunition
  • Brass knuckles
  • A large variety of items consistent with the trafficking of drugs

All four men have since been arrested and are facing numerous charges:

Nadeem Abdulgany, 38, and Mohamed Cherkaoui, 34, are each charged with commission of an offence for a criminal organization, conspiracy and possession of the proceeds of crime over $5,000.

Mahmoud Taliani, 34, and Robert Haberstock, 30, are each charged with commission of an offence for a criminal organization, conspiracy, possession for the purpose of trafficking and possession of the proceeds of crime over $5,000. Haberstock is also facing an additional charge for possession of a prohibited weapon.

“As this investigation reveals, drug trafficking can unfortunately be a lucrative business that comes at the expense of our communities and those most vulnerable to the impacts of illicit drug use,” says Staff Sergeant David Paton with the EPS Drug & Gang Enforcement Section.

“By targeting organized crime groups operating in this city, we are making our communities safer, holding these groups accountable, and preventing them from preying on the vulnerable.”

Alberta

Calgary Stampede receives $10M from federal government to aid recovery from pandemic

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Calgary – The Calgary Stampede has received more than $10 million from the federal government to help it bounce back after last year’s event was scaled down due to the COVID-19 pandemic.

A report to the city this week showed the Stampede had an operating loss of $8.3 million in 2021.

Last year’s Stampede ran at half capacity because of COVID-19 public health measures and was cancelled all-together the year before.

Daniel Vandal, the federal minister for Prairies Economic Development Canada, says the money aims to support a full-scale Stampede to deliver the “authentic western experience” this year.

He says it would also help to reignite Alberta’s visitor economy.

The 2022 Stampede is set to run from July 8 to 17.

“Festivals large and small were hard hit during the pandemic,” Vandal said in a news release. “They are events where families and friends come together and take in the exciting atmosphere.

“The tourism industry is facing a strong comeback providing quality jobs across the country, showcasing stunning landscapes and offering exciting experiences right here in Alberta.”

The federal government also provided about $1.8 million for four other tourism projects in southern Alberta: Charmed Resorts, Cochrane Tourism Association, Heritage Park and Tourism Calgary.

This report by The Canadian Press was first published June 30, 2022.

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Alberta

Canopy Growth to exchange C$255.4M in notes for shares and a bit of cash

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SMITHS FALLS, Ont. — Canopy Growth Corp. has signed a deal to exchange C$255.4 million of its debt for shares and a little bit of cash.

Under the agreement with a limited number of noteholders, the cannabis company will acquire the 4.25 per cent unsecured convertible senior notes due in 2023 for about C$252.8 million in shares plus approximately C$3 million in cash for accrued and unpaid interest.

The price used to value the shares will be the volume-weighted average trading price on the Nasdaq Global Select Market for the 10 consecutive trading days beginning Thursday, subject to a floor price of US$2.50 and a maximum of US$3.50 per share.

Constellation Brands Inc., through its wholly-owned subsidiary Greenstar Canada Investment Limited Partnership, has agreed to swap half of the C$200 million in notes it holds under the deal.

The company, which is already Canopy’s largest shareholder, will receive a minimum of 21.9 million Canopy shares based on the floor price and a maximum of 30.7 million shares.

Constellation currently holds nearly 142.3 million Canopy shares, representing a 35.3 per cent stake in the company.,

This report by The Canadian Press was first published June 30, 2022.

Companies in this story: (TSX:WEED)

The Canadian Press

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