Pot company calls off merger
Marijuana stocks have come down hard from their highs a year ago, and the skid isn’t just spooking investors.
On Tuesday, MedMen Enterprises Inc., which sells legal cannabis in California and 11 other states, backed out of a blockbuster deal to buy PharmaCann, a Chicago-based marijuana company with operations in eight states.
In its announcement, Los Angeles-based MedMen cited the steep pullback in U.S. and Canadian cannabis stocks this year, noting the Horizons Marijuana Life Sciences Index, a Canadian exchange-traded fund that tracks cannabis stocks, is down 47% since March.
Target to profit from Toys ‘R’ Us
The small-scale return of Toys ‘R’ Us this holiday season will add more jingle into the pockets of Target Corp.
In an unusual partnership, the toy retailer — which is trying to make a comeback under new owners after going bankrupt and closing all of its stores last year — has partnered with its once-rival Target to source most of its toys as well as to place and fulfill online orders.
“This is great for Target,” said Neil Saunders, an analyst with GlobalData Retail. “Essentially, it’s almost like Target acquired some of the assets of the Toys ‘R’ Us brand without having to spend a penny. It’s inevitably going to send some business Target’s way. This is extra traffic and sales being pushed to them.”
The new Toyrus.com website, which launched Tuesday morning, features toy reviews and trends as well as product pages. But when it comes time to buy an item, it has a “buy now at Target.com” button that directs customers to a page on Target’s website to make the purchase.