DLTNF - Shares of Cannabis Company Surge On Strategic Announcement
2024-07-08 13:15:32 ET
Shares of this high-quality %Cannabis producer were on a tear in heavy trading after a strategic announcement. %Delta9Cannabis Inc. (TSX: ) (OTC: ), a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market, announced that its debt has been acquired. Delta 9 sells cannabis products through its wholesale and retail sales channels and sells its cannabis grow pods to other businesses.
On July 5, 2024, SNDL Inc. purchased the outstanding debt that Delta 9 Cannabis owed to Connect First and Servus Credit Union Ltd. for $28,138,284. Delta 9 says they plan to talk to SNDL about the status of the debt.
Through its wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates a 95,000-square-foot production facility in Winnipeg, Manitoba, Canada.
In heavy trading, Canadian shares were 50 percent higher late Monday morning, and U.S. shares were also moving higher.