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Saks Fifth Avenue parent Hudson's Bay Co. to be taken private for C$10.30 per share

Hudson's Bay Co. said Monday that it will be taken private by a group of shareholders for C$10.30, about a 62% premium to the department store company's closing share price on the Toronto Stock Exchange on June 7, 2019. That was the last day before the initial proposal to go private. The price is a 9% increase over the initial proposal of C$9.45 per share. Hudson's Bay's portfolio includes Saks Fifth Avenue. In August, the company announced that it was selling its Lord & Taylor brand to a clothing rental subscription company, Le Tote, for $100 million. That came after the company shuttered or sold some of the store's locations, including the iconic Fifth Avenue Lord & Taylor shop. The company reported a sales miss in its most recent earnings. Hudson's Bay expects to hold a special meeting in December 2019. Shares are up 29.6% for the year to date while the S&P 500 index has gained 19.1% for the period.

8:06 a.m. Today
Canopy Growth to provide medical cannabis to Luxembourg and UK

Canadian cannabis company Canopy Growth Corp. said MOnday it has become the exclusive supplier of medical cannabis to Luxembourg in a deal that extends through Dec. 31, 2021. Luxembourg launched a medical cannabis program by decriminalizing it for patients with severe unmet needs in 2018. The Duchy is also expected to fully legalize the production and consumption of recreational cannabis in the near term and may be the first European country to do so. Canopy will provide cannabis to the Duchy via its Spectrum Therapeutics subsidiary. Spectrum has also been granted a license to store and distribute medical cannabis-based products in the UK. The UK has had a medical program for less than a year. "We are actively working with regulators to find the best way to ensure we can deliver continuous treatment to patients within the framework," Cosmo Feilding Mellen, managing director of Spectrum in the UK said in a statement. Canopy's U.S.-listed shares rose 1.9% in premarket trade, but are down 25% in 2019, while the ETFMG Alternative Harvest ETF has fallen 21% and the S&P 500 has gained 19%.

7:28 a.m. Today
Canopy Growth to provide medical cannabis to Luxembourg and UK

Canadian cannabis company Canopy Growth Corp. said MOnday it has become the exclusive supplier of medical cannabis to Luxembourg in a deal that extends through Dec. 31, 2021. Luxembourg launched a medical cannabis program by decriminalizing it for patients with severe unmet needs in 2018. The Duchy is also expected to fully legalize the production and consumption of recreational cannabis in the near term and may be the first European country to do so. Canopy will provide cannabis to the Duchy via its Spectrum Therapeutics subsidiary. Spectrum has also been granted a license to store and distribute medical cannabis-based products in the UK. The UK has had a medical program for less than a year. "We are actively working with regulators to find the best way to ensure we can deliver continuous treatment to patients within the framework," Cosmo Feilding Mellen, managing director of Spectrum in the UK said in a statement. Canopy's U.S.-listed shares rose 1.9% in premarket trade, but are down 25% in 2019, while the ETFMG Alternative Harvest ETF has fallen 21% and the S&P 500 has gained 19%.

7:28 a.m. Today
One year on, Canada’s legal cannabis market is down but not out

Canadian cannabis companies should be celebrating the first anniversary of legalized weed on Thursday, but the party atmosphere has been tainted by a sharp three-month selloff that has seen many companies surrender half their value or more.

7:08 a.m. Today
Cannabis stocks a sea of red as Green Organic’s financing woes weigh

Cannabis stocks were a sea of red on Friday, weighed down by Green Organic Dutchman’s 14% decline after it said it would cut costs and adopt a plan to reduce its financing needs as it grapples with a smaller-than-expected Canadian market

9:50 a.m. Oct. 19, 2019
10/21/2019 9:38am
Royal Bank of Canada
/zigman2/quotes/200638870/delayed
107.28
+0.33 +0.31%
10/21/2019 9:38am
Suncor Energy Inc.
/zigman2/quotes/204570600/delayed
39.69
+0.11 +0.28%
10/21/2019 9:38am
Barrick Gold Corp.
/zigman2/quotes/209252292/delayed
22.42
-0.16 -0.71%
10/21/2019 9:30am
Weekend Unlimited Inc.
/zigman2/quotes/203481721/delayed
0.055
0.00 0.00%
10/21/2019 9:38am
Bank of Montreal
/zigman2/quotes/203180563/delayed
97.22
+0.36 +0.37%
10/21/2019 9:38am
Canadian Imperial Bank of Commerce
/zigman2/quotes/206423838/delayed
111.4
+0.35 +0.32%
10/21/2019 9:38am
Encana Corp.
/zigman2/quotes/208947330/delayed
5.28
-0.07 -1.31%
10/21/2019 9:38am
Bombardier Inc. Cl B SV
/zigman2/quotes/208994866/delayed
1.605
-0.0050 -0.31%

Sectors

Oil prices set for second skid in a row as investors fret about crude demand

Oil futures head lower early Monday as investors fail to shake worries that growing signs of weakness will eventually hurt demand for crude oil.

25 min ago
Silver prices rally 1.6% — leaving gold in the dust

Silver rallies Monday, taking advantage of a rise in appetite for riskier assets while gold sits near unchanged.

31 min ago
Pound, FTSE 100 steady after Brexit-vote delay

U.K. stocks moved modestly higher on Monday, while the pound pulls back as Prime Minister Boris Johnson fights to get his Brexit deal passed ahead of an Oct. 31 deadline.

5:07 a.m. Today
Asian markets mixed amid uncertainties on Brexit, U.S.-China trade

Asian shares were mixed Monday amid uncertainties about Britain’s exit from the European Union and the ongoing trade conflict between the U.S. and China.

12:00 a.m. Today
Oil retreats, contributing to a weekly loss as China data revive worries about demand

Oil futures finish lower on Friday, giving up earlier gains to build a loss for the week, as data showing slower Chinese economic growth fed worries about weaker demand for oil.

3:12 p.m. Oct. 18, 2019
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