Delta 9 Cannabis Inc.
The graduation is dependent on meeting standard exchange requirements by Nov. 5, 2019, and the Winnipeg-based firm is confident that it can satisfy them. It will soon issue a bulletin detailing the date of its TSX launch, which will see it retain the DN ticker. The symbol changed from NINE to DN last month.
“This eventual listing on the TSX will help to increase trading liquidity, provide access a growing investor base interested in the cannabis industry, and raise capital for further investments,” said chief executive John Arbuthnot.
Delta 9 recently began trading 8.5% unsecured convertible debentures and common share purchase warrants, maturing on Jul. 17, 2022.
The firm also closed an $11.8 million public offering of convertible debentures two weeks ago. The capital raised will go towards capital expenditures at its facility, the launch of new retail stores and general working purposes.
Delta 9 last announced financial results on May 30, when it revealed that operating revenue increased to $5.6 million in Q1 2019. That was its best-ever quarter for revenue, but it made a loss of almost $1 million from operations.
The firm ended up with an $11.1 million profit that quarter after realizing $12.2 million from the sales of 50% interest in the Delta West Limited Partnership to Westleaf Cannabis Inc.
It has since tied up a one-year white label agreement with Westleaf
There is the option to increase the agreement to $16 million per year if demand proves high among consumers.
Delta 9 has three stores – two in Winnipeg and one in Brandon – and it also wholesales from its 80,000 sq. ft. production facility.
The opinions provided in this article are those of the author and do not constitute investment advice. Readers should assume that the author and/or employees of Capital 10X hold positions in the company or companies mentioned in the article. For more information, please see our Content Disclaimer.