Canada

Tilray Inc. has signed its first agreement to supply a European Union country with cannabis from its recently opened facility in Portugal, the company announced early Wednesday morning.

Shares of Kinder Morgan Inc. rallied 2.9% in premarket trading Wednesday, after the energy transportation and storage company announced a deal to sell the U.S. portion of the Cochin Pipeline for $1.55 billion to Pembina Pipeline Corp. . As part of the deal, Pembina has agreed to buy all of the outstanding common stock of Kinder Morgan Canada Ltd. , of which Kinder Morgan owns a 70% stake. Kinder Morgan will receive 0.3068 shares of Pembina for each Kinder Morgan Canada share it owns, which will result in Kinder Morgan receiving 25 million shares of Pembina stock, or just under 5% of the shares outstanding. Based on Tuesday's closing price of the U.S.-listed Pembina stock, that would be worth about $923.8 million. The deals are expected to close late in the fourth quarter or in the first quarter of 2020. Kinder Morgan initially expects to use the proceeds to pay down debt. Kinder Morgan's stock has soared 31% year to date through Tuesday, while the SPDR Energy Select Sector ETF has edged up 0.8% and the S&P 500 has gained 16%.

Scansource Inc. said Tuesday it has started plans to sell certain businesses outside of the U.S., Canada and Brazil, as part of its efforts to align investments with higher growth and margin businesses. The company, provides point-of-sale, data capture and electronic physical security technologies, said the planned divestitures includes its non-digital distribution businesses in Europe, the U.K., Mexico, Columbia, Chile, Peru and the Miami-based export operations, with a combined net sales of $623 million for fiscal 2019. That represents 16% of the FactSet consensus of $3.91 billion. Scansource said it currently has 490 employees in the regions in which divestitures were planned. The stock, which is still inactive in premarket trading, has shed 7.4% year to date while the Dow Jones Industrial Average has advanced 12.0%

Sundial Growers Inc. on Monday said that an issue with customer was an “isolated, immaterial matter” and that it didn’t affect Sundial’s second-quarter earnings, which were released last week.

Canopy Growth Corp. said Tuesday that Health Canada has awarded it an extraction license for its KeyLeaf Life Sciences facility in Saskatoon, Saskatchewan. The Canadian company, which is a market leader in the cannabis space thanks to a $4 billion investment from Constellation Brands Inc. , said the facility along with its Smiths Falls, Ontario site and recently licensed BC Tweed extraction site means it has three significant extraction assets to support development of new products. The Saskatchewan facility is expected to be online by fall of 2019 and to have the capacity to extract up to 5,000 kg of hemp or cannabis biomass a day. "This licence will ensure we have the supply of extraction inputs for the medical, CBD, and recreational markets, especially the next generation of value-add, high margin cannabis products here in Canada," Chief Executive Mark Zekulin said in a statement. Canada is gearing up to start offering edibles and other derivatives products in December. Canopy's U.S.-listed shares rose 2.9% premarket, but are down 0.6% in 2019, while the ETFMG Alternative Harvest ETF has gained 4% and the S&P 500 has gained 16.6%.