Two US-based multi-state operators (MSOs) added fuel to the ongoing merger and acquisition (M&A) train currently making its way across the cannabis sector.

On the flip side, one of Canada’s biggest cannabis producers told the market this week that it has no interest in further acquisitions in the Canadian market.

Keep reading to find out more cannabis highlights from the past five days.

Big-name cannabis M&A makes its way to US sector

The cannabis sector received a bombshell development as Trulieve Cannabis (CSE:

TRUL

,OTCQX:TCNNF) confirmed its

planned acquisition

of fellow MSO Harvest Health & Recreation (CSE:

HARV

,OTCQX:HRVSF).

The transaction is set to cost approximately US$2.1 billion, and each Harvest shareholder will get 0.117 of a Trulieve subordinate voting share. Once the two companies are joined together, the resulting entity will hold operations across 11 states.

Kim Rivers

, CEO of Trulieve, said this acquisition will give her company direct access to the coveted adult market in Arizona. “This combination offers us the opportunity to leverage our respective strong foundations and propel us forward with an unparalleled platform for future growth,” she said.

This past week, both Trulieve and Harvest also shared their financial results, highlighting the current momentum for US cannabis.

Their union marks another significant deal in the cannabis space, and follows expert projections that 2021 will be a

critical year of accumulative M&A

in the sector.

Aurora not looking to join cannabis M&A party

While seemingly everyone in the cannabis space is looking to make purchases, Aurora Cannabis (NYSE:

ACB

,TSX:ACB) told analysts this past week that it will continue to stay pat in an effort to reduce spending when it comes to Canadian targets.

“We don’t see anything in Canada that we have got to have,” Aurora CEO Miguel Martin said, according to a

Canadian Press report

.

The news came as the company

shared its financial results

for its third fiscal quarter of 2021.

Martin told investors the company has found additional cost savings of between C

$60 million

and C

$80 million

per year. Aurora also reported an adjusted EBITDA loss of C

$24 million, while overall its net loss amounted to C$164.7 million.

“We are determined to continue pulling the levers that we can to reduce our cost structure and extract further efficiencies from our operations,” Martin told analysts.

Cannabis company news

• 
  Village Farms International (NASDAQ:
  
  VFF
  
  ,TSX:VFF)
  
  
  issued its financial results
  
  for the Q1 period. While the firm reported a US$2.8 million net loss, it celebrated a 10th consecutive quarter of positive adjusted EBITDA.

• 
  Curaleaf Holdings (CSE:
  
  CURA
  
  ,OTCQX:CURLF)
  
  
  announced the launch
  
  of medical cannabis products in the German market. The company said it is excited to meet the growing demand for quality medical products from the German consumer base.

• 
  Sundial Growers (NASDAQ:
  
  SNDL
  
  )
  
  
  reported a net loss
  
  of C
  
  $134.4 million for Q1. While cannabis sales have struggled for the company, Sundial CEO
  
  Zach George credited the firm’s investment output for new strains of cannabis; the company hopes to bring them to market by Q4 of this year.
  
  

• 
  
  
  Charlotte’s Web Holdings (TSX:
  
  CWEB
  
  ,OTCQX:CWBHF)
  
  confirmed its Q1
  
  financial and operational results
  
  to investors. The CBD manufacturer reported a net loss valued at C$0.10 per common share. Its total net loss for the quarter was C$13.9 million, an increase from the C$11.5 reported last year in the same period.
  
  

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for real-time updates!

Securities Disclosure: I, Bryan Mc Govern, hold no direct investment interest in any company mentioned in this article.