The oil industry has had a shake-up with the sale of a major oil refinery. The business and commercial world recently learned that Husky Energy is selling its west coast based oil refinery to Tidewater Midstream and Infrastructure to the tune of $215 million initially in the hopes it can focus on other assets in Canada and stateside and offshore production. Husky will likely also receive about $60 million in contingency payments regarding the deal over the next two years.
A well-known clothing chain will soon be closing its locations. The business and commercial world was sent reeling recently when Forever 21 announced it would be closing all its stores in Canada and stateside and has filed for bankruptcy. The company has nearly 2,000 employees in Canada at 44 locations. A statement issued by the company stated it would reposition the brand and global business in Canada to adapt to the current retail environment.
Four major food chains are preparing to expand their businesses in the Great White North. The business and commercial world has been talking about four fast food chains operating stateside moving into Canada -- Jollibee, Chik-fil-A, Eataly and In-N-Out Burger. Many Canadians already know these companies from travelling stateside and many have said they are looking forward to outlets opening in Canada.
The world is changing for the well-heeled. In addition to swanky lounges where the upper crust can enjoy a high-priced designer cocktail at the end of the day, they will soon be able to order an expensive strain of marijuana edibles at a posh cannabis lounge set to open in 2020. This lounge will be the first of its kind in Ontario and with its opening, the business and commercial world will likely be bracing for more of the same. The 8,000-square-foot space will be located in downtown Toronto.
Canada is looking for some reassurances regarding its overseas trade deals. Politicians here wants more than optimistic talk from the United Kingdom's new Prime Minister regarding the U.K.'s business and commercial dealings with Canada, which likely will affect Canadian entrepreneurs. Canada's business owners want to see trade continue to grow between the two countries even on the heels of the U.K.'s exit from the European Union.
One of the country's major cannabis producers has stopped production amid allegations by Health Canada officials that the company was producing product illegally. The business and commercial world was sent reeling recently as CannTrust's market shares plummeted and the company voluntarily halted production at its headquarters in Vaughn, Ontario. The company is accused of growing cannabis at its Pelham, Ontario location between Oct. 2018 and this past March -- in rooms that were apparently unlicensed to do so.
According to a leading stateside politician, the relationship between Canada and its nearest neighbour is healthy and vibrant. On his latest trip to Canada, U.S. Vice-president Mike Pence said even though trade problems threatened the friendship of the two countries a year ago, the relationship between Canada and the United States has never been stronger. This assertion bodes well for business and commercial ventures for both countries.
The corporate world is soaring regarding recent rumblings that one of Canada's major airlines is poised to add another under its wing. Recent business and commercial news in Canada has it that Air Canada has made a bid to purchase Transat to the tune of $520 million despite Transat's more than $24 million in losses it suffered last year. Many analysts believe that it's a deal that would benefit both companies.
By this fall edible cannabis products will become legal. Business and commercial transactions will heat up in Canada as business owners and producers vie for their places in what is expected to be a very lucrative second part to the legalization of cannabis in the country come October. Some people who have shied away from smoking cannabis may not be so hesitant to try edible cannabis products which include things like cookies and candies.
A smaller Canadian company took on a larger corporation and has put a dent in its sales. When Heinz decided to pack up its operations in Canada and move its headquarters to the States, French's fought back and won over the hearts of many Canadians. The business and commercial sector was shaken up by Heinz' pullout, which gave French's a great marketing advantage in getting many Canadians to switch their brand of ketchup.