The Canadian Press OTTAWA — Canadian cannabis branding company Origin House has entered into an agreement to be acquired by U.S. company Cresco Labs Inc. for approximately $1.1 billion.As part of the all-stock deal, Origin House common shareholders will receive 0.8428 subordinate voting shares of Cresco, a cannabis cultivator, processor and retailer headquartered in Chicago, for each share of the Ottawa-based pot firm.The two companies say in a joint release that the deal amounts to approximately $1.1 billion on a fully-diluted basis, or $12.68 per Origin House share based on Cresco’s closing price on March 29.Origin House, previously known as CannaRoyalty, has a portfolio of more than 50 brands in its portfolio including Chong’s Choice and Cheech’s Favourite Stash by cannabis comic Tommy Chong.Origin House’s brands and 130 branded products are distributed to more than 500 dispensaries across California, where recreational cannabis is legal and a key market for U.S. operators.The companies say the resulting combined entity will be one of the largest, vertically integrated multi-state operators south of the border.
United Nations Special Adviser Lakhdar Brahimi announced today that Sheikh Ghazi Al-Yawar, the current head of Iraq’s Governing Council, will be President of the interim government that will take over from the United States-led Coalition Provisional Authority (CPA) at the end of the month.That position had been offered to former Foreign Minister Adnan Pachachi but he declined for personal reasons, said Mr. Brahimi, who has been in the country since early May meeting with a broad spectrum of Iraqis to help them agree on the administration that will inherit sovereignty on 30 June and guide the country until elections are held in January 2005.He also announced the appointment of Ibrahim Jaafari and Rowsch Shaways as deputy presidents. Mr. Brahimi said he had given his recommendations for the composition of the Cabinet to Prime Minister Designate Ayad Allawi, who was named on Friday. Mr. Allawi is expected to announce those later today.The envoy noted that his month-long consultations have involved the Governing Council, the CPA and “a very large number of representatives of the public, including political parties, professional associations, trade unions, tribal and religious leaders, academics and intellectuals, women’s and youth organizations, and others.”At a ceremony this morning in Baghdad unveiling the new interim government, Mr. Brahimi called the event “the first step of this road which will be, no doubt, long and difficult.”I believe that those who were chosen to perform this mission will be qualified and effective and capable for it,” he added.The envoy also told those present that he did not come to Iraq to work as an international civil servant. “I tried to work as one of you – a brother who believes in this country, a brother who loves this country, a brother who considers this country his, and looks forward to several visits in the future, not for work, but for meeting the brothers and the friends.”A UN spokesman reported that Mr. Brahimi is now working towards the establishment of a Preparatory Committee for a national conference. read more