Marijuana Facility confirms Financing

Hits: 646 Two days ago, FV Pharma, the Cannabis company who bought the Kraft plant, announced that they had closed their financing agreement with Cannabis Wheaton Income Corp.  They had previously announced a letter of intent to do this (see link below).  They are saying that the deal has “the potential to build out the largest indoor cannabis cultivation facility in the world” and that they will produce 400 million grams of Cannabis a year of which half will be “paid” to Cannabis Wheaton. Chuck Rifici, Chairman and Chief Executive Officer of Cannabis Wheaton commented that “it has the potential to create hundreds of jobs for the City of Cobourg.” What they don’t say is that there are a whole lot… Read complete articleMarijuana Facility confirms Financing

Celebration of 10 years in Business

Hits: 820 Adam Bureau is the Chair of the DBIA but also the owner of one of Cobourg’s successful businesses – Buy and Sell.  Today he celebrated 10 years of operation complete with presentations, speeches, food and entertainment. But as well as operating his own business he is working in tandem with three other businesses who share his premises in a prime location on King Street.  The three startups don’t need and can’t afford to rent a full store so they are located in his store.  Video Games City, WD Cyber Solutions and Classic Coins and Bank Notes get cheaper rent, they can back each other up when they need to leave their position unattended and they generate traffic for… Read complete articleCelebration of 10 years in Business

Horizon Plastics sold

Hits: 433 Horizon Plastics International (HPI) is one of Cobourg’s major employers and they have been sold to Core Molding Technologies, Inc (Core) based out of Ohio for approximately US $63 million in cash.   HPI has 250 employees operating within two manufacturing facilities located in Cobourg, and Nuevo Leon, Mexico.  Of these, 210 are in Cobourg.  The announcement says that the new owner “plans to continue all HPI operations and does not expect any significant restructuring, shut-down or employee severance costs.” That means no layoffs. The announcement by Core says that they have “acquired substantially all of the assets” of HPI. Kevin L. Barnett, President and Chief Executive Officer of Core Molding Technologies said: “Continuing to expand our technology offerings… Read complete articleHorizon Plastics sold

Labour Action at Tim Hortons on Division Street

Hits: 1,130 Union representatives from Kingston to Toronto were out in force tonight supporting workers at the Tim Hortons on Division Street.  The media was also well represented.   There were perhaps 150 people all told in the parking lot and spilling out onto the street.  The action started at around 4:30 but got into full swing around 5:00 p.m. when both NDP leader Andrea Horwath and a light rain arrived!  As well as Union reps, the organization known as “Fight for $15 & Fairness” was there as well as the Durham Labour Council and more (details below).  Passing cars honked in support.  A police car arrived but took no action – they were probably coming for a coffee.  There was… Read complete articleLabour Action at Tim Hortons on Division Street

Minimum Wage Prompts Cost Cutting at Local Tim Hortons

Hits: 1,041 The Tim Hortons on Division Street has issued a letter to employees advising of a cutback in benefits that effectively reduces their wages.  The move is blamed on the change in the minimum wage – most employees were getting $13 an hour but will now get $14.  The franchise is owned by Ron Joyce Jr. and his wife Jeri-Lynn Horton-Joyce who are the son and daughter of the chain’s founders. The issue got into the National Press (see links below) and now Kathleen Wynn is blasting the owners calling them bullies and said: “if the owners want to challenge Ontario’s new minimum-wage policy, they should come directly to me and not take it out on workers”. Employees have… Read complete articleMinimum Wage Prompts Cost Cutting at Local Tim Hortons

Update on Cobourg’s Marijuana Facility

Hits: 1,967 FV Pharma Inc., the new owner of the Kraft property who plans to build the “the largest indoor cannabis cultivation facility in the world”, now has financial backing from Cannabis Wheaton Income Corp.  This is a group of “entrepreneurs with a passion for the cannabis industry — past, present and future”.  They provide financial support and share their collective industry experience. Wheaton has announced they have signed a letter of intent and although they will get “a 49.9% stream of all cannabis”, they did not announce how much money was involved. The agreement is subject to “FV Pharma receiving the necessary licenses”.  Also announced were some additional details. Details of Project Existing building is 620,000 square feet Upon… Read complete articleUpdate on Cobourg’s Marijuana Facility