Business Briefs News

MBI Business Brief – May 20, 2022

NFI announces closure of manufacturing facility

NFI Group Inc. announced May 19 that it will close its Pembina, N.D. Motor Coach Industries manufacturing facility as part of a series of new projects known as “NFI Forward 2.0”  to optimize its business and reduce costs.

“Over the past two years, we have been on a journey to lower our fixed cost base and optimize operations as we navigate through the COVID-19 pandemic and associated supply chain disruptions. The closure of our Pembina facility follows a detailed review of our manufacturing footprint, combined with the planned cessation of a legacy motorcoach vehicle product, and prior investments in expanded production and workforce development at our Minnesota facilities,” said Brian Dewsnup, acting president and CEO at NFI. “It is never easy to close locations and impact the lives and careers of our people, and we will do our best to redeploy or assist them in finding alternative employment where possible. These decisions, while difficult, best position NFI to serve our coach customers, better match production capacity with labor availability, and improve the flexibility of our overall North American footprint on our path to achieving our 2025 financial targets.”

The facility is expected to close by the end of 2022. Projects in the NFI Forward 2.0 plan include combining New Flyer and MCI into one operating business in North America and closing Alexander Dennis manufacturing facilities in Nappanee and Peru, Ind., and Vaughan, Ont., among others.

Wellington-Altus ranked #1 Investment Advisory Firm – again

Wellington-Altus Private Wealth Inc. was again named the number one investment advisory firm by Investment Executive’s 2022 Brokerage Report Card. This marks the third year in a row that the company has ranked first.

“Maintaining our top spot in the Canadian investment industry demonstrates the value of what we are trying to accomplish, which is to build a firm of entrepreneurial advisors who simply want to do best by their clients, every time,” said Shaun Hauser, Wellington-Altus CEO. “Each and every one of our partners is in this together, collectively propelling our shared success and explosive growth.”

The Brokerage Report Card ranks investment firms on several criteria, and Wellington-Altus saw number one rankings in 20 out of 30 categories with an overall rating of 9.5.

Delta 9 Cannabis reports Q1 2022 results

On May 16, Winnipeg-based cannabis firm Delta 9 reported its Q1 2022 results, seeing net revenue of $12.5 million with gross profit of $3.0 million. The company also reported net income (loss) from operations of $(2.9) million in the quarter, compared to $(3.2) million for the same quarter in 2021.

Q1 2022 highlights for Delta 9 also included the acquisition of 17 cannabis retail stores in Edmonton from Uncle Sam’s Cannabis Ltd., strategic financing of $10 million with Sundial Growers Inc., and closing of a $32 million Credit Facility with connect First Credit Union.

“Delta 9 recorded a transformative first quarter of 2022, closing on our 17-store acquisition of Uncle Sam’s Cannabis as well as a $42 million balance sheet re-structuring through a $10 million strategic investment and $32 million credit facility,” said John Arbuthnot, CEO of Delta 9. “In the first quarter of 2022 we saw a degree of seasonality and industry headwinds relating to supply chain issues and overall weakness in the Canadian cannabis market affecting our business and impacting sequential revenue growth; however, we remain bullish that the remainder of 2022 looks to be a promising year for Delta 9.”

Money for Honey from PrairiesCan

Hon. Daniel Vandal, Minister for PrairiesCan, announced $2,240,000 in funding for the Manitoba Cooperative Honey Producers Limited on May 20. The funding will assist the organization to expand and modernize its operations to support the beekeeping sector in Manitoba and Saskatchewan.

“Our government is working to help the agri-food sector and value-added agriculture thrive, and be competitive in the global marketplace. This investment in the Manitoba Cooperative Honey Producers Limited will create jobs in the Prairies, provide member beekeepers in Manitoba and Saskatchewan with a more stable income, and increase market output here in Canada and abroad,” said Hon. Daniel Vandal, Minister for PrairiesCan.

The repayable investment will fund new equipment and market development activities to grow sales in Canada, the United States and Asia.

“Honey packed here at our processing facility can be found across the globe. As Canada’s largest honey packer, our growth will benefit beekeepers, not only in Manitoba, but across the Prairies. We would like to thank the Government of Canada for their support which will help us increase production, create jobs and continue sharing just how sweet Canadian honey is,” said Guy Chartier, CEO at Manitoba Cooperative Honey Producers Ltd.

Pollard Banknote adds electric vehicles to its game portfolio

Winnipeg-based lottery supplier Pollard Banknote announced on May 17 that it has added the all-electric Chevrolet® truck—Silverado® EV— to its licensed property portfolio, for use on printed tickets. The vehicle joins Chevrolet brands Silverado® and Corvette® Stingray™ in the Pollard game collection.

“Chevrolet Silverado® is one of the most dependable, longest-lasting full-size trucks on the road, and is the best-selling full-size pickup truck among U.S. buyers ages 18 to 34,” said Brad Thompson, vice president, sales & marketing for Pollard Banknote. “The vehicle category is entrenched in the lottery industry, and we are excited to expand our licensed games portfolio to include the Silverado® EV as automakers shift to produce more electric vehicle options for consumers.”

Next week: Kane Biotech releases Q1 results on May 26.

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