Connect with us

Business

Tilray stock surges for second day after UK cannabis deal

Published

on

Tilray stock surges for second day after UK cannabis deal

Tilray stock headed for its second straight day of explosive gains Tuesday after the pot grower announced a deal to ship medical marijuana to Britain.

The Canadian company’s shares surged about 20 percent in premarket trading to $36.25 as of 8:02 a.m. on news of its partnership with London-based Grow Pharma, which will import and distribute Tilray’s medical cannabis products in the UK.

The early gain put Tilray’s shares on track to build on Monday’s 17 percent jump that drove the stock to its highest closing price since September 2019.

The UK announcement marked another step toward international expansion for Tilray, which announced plans two months ago to merge with fellow pot producer Aphria in a deal that will create the world’s largest cannabis company.

Tilray said it expects to have a range of cannabis products available by March for UK patients, who will be able to get prescriptions for them from their private doctors or through Britain’s National Health Service.

“As demand continues to ramp up in the UK, Tilray is well-positioned to be a leading supplier of medical cannabis products,” Tilray Europe managing director Sascha Mielcarek said in a statement. “Regulations are progressing as more and more countries across Europe are recognizing the benefits of medical cannabis and its potential to improve patients’ quality of life.”

The Grow Pharma deal was the latest in a string of international wins for Tilray. It got a market authorization to sell medical cannabis in Portugal last week, and French authorities selected the company in late January to supply medical pot products for experimentation there.

Tilray’s share price has more than tripled since it announced its merger deal with Aphria in December. The gains accelerated in January as President Biden was sworn in and Democrats took control of the Senate, increasing the prospects that marijuana could be more widely legalized in the US.

Senate Majority Leader Chuck Schumer added to the momentum last week by releasing a joint statement with Sens. Cory Booker and Ron Wyden pledging to “put forward and advance comprehensive cannabis reform legislation.”

Continue Reading
Advertisement
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Business

Sweetgreen salad chain files for IPO

Published

on

Sweetgreen salad chain files for IPO

Salad chain sweetgreen said on Monday it had confidentially filed for an initial public offering in the US, hopeful of strong investor interest as demand for plant-based food products surges globally.

The company, which counts tennis star Naomi Osaka as its youngest investor, was valued at $1.8 billion after a funding round earlier this year, according to media reports. T.Rowe Price, Lone Pine Capital and D1 Capital Partners are among sweetgreen’s other investors.

California-based sweetgreen, which was founded in 2007 and has more than 100 stores in the US, did not reveal more details about the size of the proposed IPO.

Plant-based food companies have attracted investor attention over the past few years, particularly as more people gravitate to healthy and environment-friendly food.

Much of the demand is being led by millennials and generation Z consumers, who are more than willing to spend on sustainable products that are also healthy.

About 65 percent of Gen Z consumers are in favor of plant-based foods, sweetgreen says on its website.

Last year, plant-based retail sales in the US hit $7 billion, up 27 percent year-on-year, according to a report by the Good Food Institute and the Plant-Based Foods Association.

Swedish oatmilk maker Oatly Group AB, which went public last month, closed nearly 53 percent above its IPO price on Friday. Plant-based burger maker Beyond Meat was also up 16 percent this year.

Sweetgreen is home to such options as the Kale Caasar, Peach Burrata, and Harvest Bowl Houson, and Cashew Pesto Sweet Potato. The chain is the brainchild of three college students looking for healthier diet options.

Continue Reading

Business

Victoria’s Secret will change its name amid rebrand

Published

on

Victoria’s Secret is tweaking its name as it revamps its business

Victoria’s Secret — which has been aggressively overhauling its brand during the past year to appeal to a more diverse range of customers — likewise plans to tweak its name.

The lingerie giant said Monday it will be renamed Victoria’s Secret & Co. when it splits off from L Brands in August and becomes an independent, publicly-traded company.

The change comes amid a flurry of news around the quickly transforming business, which last week unveiled a new marketing campaign and collection — VS Collective — featuring seven women including soccer star, Megan Rapinoe, 17 year-old American skier, Eileen Gu and tech investor and actress Priyanka Chopra Jonas.

Its famous “Angels,” which over the years have included supermodels Heidi Klum, Tyra Banks and Gisele Bundchen, will be phased out of the company’s marketing after years of complaints that it excluded women with more natural looks and normal body types.

(L-R) Models Lily Aldridge, Karlie Kloss, Adriana Lima, Doutzen Kroes, Candice Swanepoel, and Behati Prinsloo walk the runway at the 2013 Victoria's Secret Fashion Show at Lexington Avenue Armory on November 13, 2013 in New York City.
(L-R) Models Lily Aldridge, Karlie Kloss, Adriana Lima, Doutzen Kroes, Candice Swanepoel, and Behati Prinsloo walk the runway at the 2013 Victoria’s Secret Fashion Show at Lexington Avenue Armory on Nov. 13, 2013 in New York City.
Getty Images

The company also announced last week a new board of directors, of which six of the seven directors are women.

“This is an exciting time for all of us at Victoria’s Secret,” chief executive Martin Waters said in a statement. “The progress we have made over the last year underscores our commitment to driving profitable growth, creating new opportunities for our talented associates and evolving our brand and product to reflect the diverse experiences, passions and perspectives of our our customers.”

Victoria’s Secret & Co. also will encompass the company’s Pink brand — which is focused on teens and women in their twenties.

Victoria's secret logo
Victoria’s Secret stores in recent months have been improving their profitability by slashing costs and scaling back discounts on lingerie.
Getty Images

L Brands also owns Bath & Body Works, which will become an independent company in August as well. Its name will remain the same.

The Ohio-based company founded by billionaire Les Wexner, which has also been boosting profits at Victoria’s Secret by slashing costs and scaling back discounts, has seen its stock surge 69 percent year to date versus an 11-percent increase in the S&P 500.

Continue Reading

Business

EEOC files lawsuit over worker fired for refusing to be fingerprinted

Published

on

EEOC files lawsuit over worker fired for refusing to be fingerprinted

A Minnesota man refused to leave fingerprints — and got fired for it.

As a result, the U.S. Equal Employment Opportunity Commission is suing a Minnesota firm on behalf of Henry Harrington, of Mound, who was sacked for refusing the company’s requirement to be fingerprinted on religious grounds, the Star Tribune reported Friday.

The EEOC suit against AscensionPoint Recovery Services, a debt recovery company, was filed this week.

AscensionPoint had requested that workers be fingerprinted as a result of a background check requirement of one of its clients, according to the EEOC.

Harrington, 37, however, told AscensionPoint in July 2017 that having his fingerprints captured was contrary to his Christian beliefs. He was fired the same day.

The suit seeks back pay for Harrington from the time he was fired, and other financial compensation for “emotional pain, suffering, inconvenience, loss of enjoyment of life and humiliation.”

“An employee should not have to choose between his faith and his livelihood,” Gregory Gochanour, the EEOC’s regional attorney in the Chicago District Office, said in a statement.

Continue Reading

Trending