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Delta 9 Cannabis Inc. (VRNDF)

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Previous Close0.4313
Open0.4394
Bid0.0000 x 0
Ask0.0000 x 0
Day's Range0.4216 - 0.4449
52 Week Range0.2220 - 0.6210
Volume16,252
Avg. Volume18,375
Market Cap39.771M
Beta (5Y Monthly)0.91
PE Ratio (TTM)N/A
EPS (TTM)-0.1180
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
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  • Delta 9 Announces Normal Course Issuer Bid for Common Shares and Convertible Debentures
    GlobeNewswire

    Delta 9 Announces Normal Course Issuer Bid for Common Shares and Convertible Debentures

    WINNIPEG, Manitoba, Oct. 20, 2020 (GLOBE NEWSWIRE) -- DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: VRNDF) (“Delta 9” or the “Company”) today announced that the Toronto Stock Exchange (“TSX”) has approved the Company’s normal course issuer bid (the “NCIB”). Under the NCIB, the Company can purchase: (i) up to an aggregate of 2,802,503 common shares of the Company (“Common Shares”), representing 5% of the public float of Common Shares as at October 20 2020; and (ii) up to an aggregate of $1,180,000 principal amount of 8.5% unsecured convertible debentures of the Company (“Debentures”), representing 10% of the public float of Debentures as at October 20, 2020. Purchases of Common Shares and Debentures pursuant to the NCIB may be made through the facilities of the TSX and alternative Canadian trading systems commencing on October 26, 2020 and ending on October 25, 2021, or an earlier date in the event that the Company purchases the maximum number of the Common Shares and Debentures available under the NCIB. The Company will pay the market price at the time of acquisition for any Common Shares and Debentures purchased through the facilities of the TSX. All Common Shares and Debentures acquired directly by the Company under the NCIB will be cancelled.As at October 20, 2020: (i) there were 90,203,534 Common Shares and $11,800,000 principal amount of Debentures issued and outstanding; (ii) 34,152,993 Common Shares and no Debentures were held by the senior officer and directors of the Company; and (iii) the public float of the Company was 56,050,054 Common Shares and $11,800,000 principal amount of Debentures.The average daily trading volume of the Common Shares and Debentures for the six-month period ended September 30, 2020 was 111,829 Common Shares and 43,000 principal amount of Debentures. Daily purchases will be limited to 27,957 Common Shares and $1,000 principal amount of Debentures, other than block purchase exceptions.The Company sought approval of the NCIB because it believes that, from time to time, the market price of the Common Shares and Debentures may not fully reflect the value of the Common Shares and Debentures. The Company believes that, in such circumstances, the purchase of Common Shares and Debentures represents an accretive use of capital.For more information contact:Investor & Media Contact: Ian Chadsey VP Corporate Affairs Mobile: 204-898-7722 E-mail: ian.chadsey@delta9.caAbout Delta 9 Cannabis Inc.Delta 9 Cannabis Inc. is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. The company sells cannabis products through its wholesale and retail sales channels and sells its cannabis grow pods to other businesses. Delta 9's wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 80,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9's shares trade on the Toronto Stock Exchange under the symbol "DN" and on the OTCQX under the symbol "VRNDF". For more information, please visit www.delta9.ca.Disclaimer for Forward-Looking InformationCertain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to the Company’s intention to purchase Common Shares and Debentures under the NCIB. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including all risk factors set forth in the annual information form of Delta 9 dated March 19, 2020 which has been filed on SEDAR. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

  • GlobeNewswire

    Delta 9 Enters Into Agreement to Acquire Saskatchewan Retail Cannabis Store

    WINNIPEG, Manitoba, Oct. 19, 2020 (GLOBE NEWSWIRE) -- DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: VRNDF) (“Delta 9” or the “Company”) is pleased to announce that it has entered into an asset purchase agreement (the “Purchase Agreement”) to acquire from Auxly Cannabis Group Inc. and Kolab Project Inc. (collectively the “Vendors”) all or substantially all of the Vendors’ assets relating to the operation of a retail cannabis store in Lloydminster, Saskatchewan (the “Proposed Transaction”). The acquisition is anticipated to be completed through the Company’s wholly-owned subsidiary, Delta 9 Cannabis Store Inc. “We are pleased to be again working with Auxly on another mutually beneficial arrangement, this time directly in the retail cannabis sector,” said John Arbuthnot, founder and CEO of Delta 9. “The proposed acquisition will represent Delta 9’s entry into the Saskatchewan retail market, allowing Delta 9 to further grow its brand for retail cannabis products across the country.”Hugo Alves, CEO of Auxly, added: “The sale of our Lloydminster cannabis store enables us to further prioritize and reinforce our efforts in our core business of developing and manufacturing high-quality, branded cannabis products. As one of our long-standing partners, we couldn’t be more confident that Delta 9 is the perfect fit to support and continue to supply consumers in the Saskatchewan community.”  The purchase price for the Proposed Transaction is $875,000, subject to customary adjustments and other adjustments that may be determined necessary in the course of the Company’s due diligence investigation with respect to the Proposed Transaction (the “Purchase Price”). $750,000 of the Purchase Price will be satisfied through the issuance of common shares in the capital stock of the Company (each a “Common Share”) at a price per Common Share based on the 15-day volume weighted average price per Common Share on the Toronto Stock Exchange (“TSX”) as at the closing date for the Proposed Transaction. The $125,000 balance of the Purchase Price will be satisfied in cash on the closing date of the Proposed Transaction.The Purchase Agreement and the Proposed Transaction are subject to, among other conditions: (i) the completion by the Company of a satisfactory due diligence investigation regarding the assets to be purchased; (ii) obtaining all required third party and governmental consents, authorizations and licenses required in connection with the Proposed Transaction and the operation of the proposed Saskatchewan cannabis store following the completion of the Proposed Transaction, including, without limitation, all consents, authorizations and licenses required to be issued by the Saskatchewan Liquor and Gaming Authority (SLGA); and (iii) the approval of the TSX.Subject to a satisfactory due diligence investigation, management of the Company anticipates the closing of the Proposed Transaction to occur within 5 days of satisfaction of all conditions of closing to be set out in the definitive agreements pertaining to the Proposed Transaction, and is currently anticipated to occur in November 2020.For more information contact:Investor & Media Contact: Ian Chadsey VP Corporate Affairs Mobile: 204-898-7722 E-mail: ian.chadsey@delta9.ca About Delta 9 Cannabis Inc.Delta 9 Cannabis Inc. is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. The company sells cannabis products through its wholesale and retail sales channels and sells its cannabis grow pods to other businesses. Delta 9's wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 80,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9's shares trade on the Toronto Stock Exchange under the symbol "DN" and on the OTCQX under the symbol "VRNDF". For more information, please visit www.delta9.ca.Disclaimer for Forward-Looking InformationCertain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to: (i) the Company's completion of a satisfactory due diligence investigation regarding the Proposed Transaction; (ii) all necessary regulatory approvals for the Transaction being obtained; and (iii) the Company closing the Proposed Transaction. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including the risk that the necessary regulatory approvals are not obtained and the Proposed Transaction does not close as well as all risk factors set forth in the annual information form of Delta 9 dated March 19, 2020 which has been filed on SEDAR. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.

  • GlobeNewswire

    Delta 9 Achieves Milestone in Agreement with Micro Cultivation Partner

    WINNIPEG, Manitoba, Oct. 13, 2020 (GLOBE NEWSWIRE) -- DELTA 9 CANNABIS INC. (TSX: DN) (OTCQX: VRNDF) ("Delta 9" or the "Company"), is pleased to announce that it has completed its final services milestone under an agreement with Saskatchewan based Micro Cultivation partner, VIGR Life Cannabis Inc. (“VIGR”). VIGR is an arm’s length third party in which the Company has no ownership control or interest. As one of Delta 9’s Micro Cultivation partners, VIGR entered into a Strategic Cooperation Agreement (“SCA”) with the company whereby Delta 9 provides services relating to the cannabis production facility design and construction, development of standard operating procedures and sanitation programs, consulting on Health Canada licensing, marketing services to develop the VIGR brand and other services supporting the acquisition of the Health Canada license.On October 2, 2020, VIGR confirmed it had reached its final milestone under the SCA and has been granted its cannabis micro cultivation licenses from Health Canada (the “Health Canada License”).“We are delighted that VIGR has received a Health Canada Licence for twenty-four of our proprietary and turn key "Grow Pod" systems and will now begin cultivation of craft quality cannabis,” said John Arbuthnot, Founder and CEO of Delta 9. “Our turn key platform for Grow Pods and services continues to prove one of the best options for cannabis industry entrepreneurs seeking licensing and support services.”The Company's cannabis production methodology is based around a modular, scalable, and stackable production unit called a "Grow Pod", which is based on retrofitted 40-foot shipping containers. VIGR’S facility has been designed and built using this turn key and state-of-the-art Grow Pod system. Once cultivation begins, Delta 9 plans to purchase premium quality cannabis products from VIGR for distribution through the Company's established distribution network, and through Delta 9's branded retail stores. Delta 9 has now successfully licensed over 60 Grow Pods in third party facilities across Canada.“We are pleased to be receiving our Health Canada licences and expect to be growing unique strains of premium craft cannabis product by the end of October, 2020,” said Rick Turchet, President and CEO of VIGR. “The entire VIGR Team is extremely grateful for Delta 9's support and encouragement and I commend their attention to detail in helping us establish our first micro cultivation facility in record time. We look forward to bringing our premium craft cannabis flower to customers across the Delta 9 network of retail locations very soon.”VIGR has developed a state-of-the-art micro cultivation facility, located in Regina, Saskatchewan. This new facility houses two adjacent micro cultivation licenses, including twenty-four new Grow Pod systems, and a proprietary craft growing approach developed by VIGR. VIGR expects this first facility to be the first step in a more significant growth plan, as it builds Saskatchewan’s leading craft cannabis company.The well rounded VIGR Team has a strong entrepreneurial background, with an executive team that also has experience financing and growing start-up companies. With VIGR’s additional experience in natural health products it is well positioned to bring new innovations to the Canadian cannabis market. The VIGR Team is committed and passionate about growing premium craft cannabis and looks forward to sharing more details on what customers can expect from its new offerings.For more information contact:Investor & Media Contact: Ian Chadsey VP Corporate Affairs Mobile: 204-898-7722 E-mail: ian.chadsey@delta9.caAbout Delta 9 Cannabis Inc.Delta 9 Cannabis Inc. is a vertically integrated cannabis company focused on bringing the highest quality cannabis products to market. Delta 9's wholly-owned subsidiary, Delta 9 Bio-Tech Inc., is a licensed producer of medical and recreational cannabis and operates an 80,000 square foot production facility in Winnipeg, Manitoba, Canada. Delta 9 owns and operates a chain of retail stores under the Delta 9 Cannabis Store brand. Delta 9's shares trade on the Toronto Stock Exchange under the symbol "DN" and on the OTCQX under the symbol "VRNDF". For more information, please visit www.delta9.ca.Disclaimer for Forward-Looking InformationCertain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's future business plans and other matters. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward looking statements in this news release include statements relating to: (i) VIGR's proposed micro cultivation operations; (ii) Delta 9's intention to sell VIGR's premium cannabis products; and (iii) Delta 9's development of micro cultivation services. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements, including VIGR’s cannabis production not being as anticipated, as well as all risk factors set forth in the annual information form of Delta 9 dated March 19, 2020 which has been filed on SEDAR. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. Readers are urged to consider these factors carefully in evaluating the forward-looking statements contained in this news release and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by these cautionary statements. These forward-looking statements are made as of the date hereof and the Company disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, except as required by applicable securities laws.