Walmart warns that higher tariffs will mean higher prices

Walmart warns that higher tariffs will mean higher prices
NEW YORK — Walmart warned on Thursday that higher tariffs on imports from China will mean higher prices. The comments came after the nation’s largest retailer reported its best sale performance at its established U.S. namesake stores for the fiscal first quarter in nine years. It marked 19 straight quarters of same-store sales gains. “We’re monitoring the tariff discussions and... Read More

Supreme Cannabis Company acquires Blissco in all-stock deal valued at $48M

Supreme Cannabis Company acquires Blissco in all-stock deal valued at $48M
TORONTO — The Supreme Cannabis Company Inc. has signed a deal to acquire Blissco Cannabis Corp. in an all-stock deal it valued at $48 million. Under the agreement, each Blissco Share will be exchanged for 0.24 of a common share of Supreme Cannabis. Based in Langley, B.C., Blissco operates a 18,000-square-foot production facility and has been producing cannabis oils since... Read More

Aurora Cannabis growing storage to prepare for derivatives launch next fall

Aurora Cannabis growing storage to prepare for derivatives launch next fall
Aurora Cannabis Inc. is building up inventory in anticipation of the legalization of edibles and vaping products next fall, but insists that won’t interrupt its sales growth and march to profitability. Production is expected to grow to 25,000 kilograms in the current quarter ended June 30, but an unspecified portion will be held out of the market, said chief financial officer Glen Ibbott... Read More

Amazon offers to help employees start delivery business

Amazon offers to help employees start delivery business
NEW YORK — Amazon, which is racing to deliver packages faster, is turning to its employees with a proposition: Quit your job and we’ll help you start a business delivering Amazon packages. The offer, announced Monday, comes as Amazon seeks to speed up its shipping time from two days to one for its Prime members. The company sees the new... Read More

Vancouver expected to headline long Canadian summer of high gasoline prices

Vancouver expected to headline long Canadian summer of high gasoline prices
CALGARY — Gasoline prices are expected to remain just below record highs all across Canada this summer except in Vancouver — where a perfect storm of factors will likely ensure motorists continue to set new all-time records at the pumps. Fuel market analysts say average retail prices in Canada are within a penny or two of their year-ago levels, which were some of the... Read More

Freshii net income plummets in first quarter despite higher revenues

Freshii net income plummets in first quarter despite higher revenues
TORONTO — Freshii Inc. says its net income plummeted to US$103,000 in the first quarter despite higher sales and revenues. The Toronto-based eatery says its net income for the period ended March 31 decreased from US$431,000 or one cent per share a year earlier. Excluding one-time items, adjusted earnings were cut in half to US$517,000 from about US$1 million in the prior... Read More

HBC to pay $4.5M to close deceptive pricing probe: Competition Bureau

HBC to pay $4.5M to close deceptive pricing probe: Competition Bureau
OTTAWA — Canada’s competition watchdog says the Hudson’s Bay Co. will pay $4.5 million to resolve a deceptive pricing probe. The Competition Bureau says HBC agreed to pay a $4 million penalty and $500,000 towards costs in the proceedings over whether the retailer misled customers over sleep set prices since at least March 2013. The bureau took legal action against... Read More

Health Canada changes cannabis licensing process in bid to cut wait times

Health Canada changes cannabis licensing process in bid to cut wait times
OTTAWA — Health Canada says it is changing its process for issuing cannabis licenses in a bid to reduce wait times and better use the agency’s resources. The Ottawa-based agency says new applicants for licences to cultivate, process or sell cannabis must now have a fully built site that meets the regulations when they submit their application. Prior to this, cannabis license applicants could submit an application with... Read More

CMHC reports annual pace of housing starts in Canada picked up in April

CMHC reports annual pace of housing starts in Canada picked up in April
OTTAWA — The pace of housing starts in Canada beat expectations in April as they rose more than 20 per cent compared with March. Canada Mortgage and Housing Corp. says the seasonally adjusted annual rate of housing starts increased to 235,460 units in April, up 22.6 per cent from 191,981 in March. Economists had expected an annual pace of 196,400, according... Read More

Roots Corp. searching for new CFO with August departure of Jim Rudyk

Roots Corp. searching for new CFO with August departure of Jim Rudyk
TORONTO — Clothing retailer Roots Corp. says its chief financial officer is resigning to pursue an opportunity at an unnamed family owned food services company. Jim Rudyk, who has worked to transition Roots to a public company, will be leaving Aug. 9 after three years of service. Toronto-based Roots has hired an executive search firm to start efforts to find a replacement.... Read More