Snack food maker Neal Brothers strikes edible deal with Newstrike Brands
TORONTO — Cannabis company Newstrike Brands Ltd. has struck a deal to create co-branded edibles with specialty foods company Neal Brothers Inc., best known for its chips and salsa. Newstrike will own 60 per cent and Neal Brothers will own 40 per cent of a joint venture that will manufacture, distribute, market and sell cannabis-infused products.
It will also acquire a minority interest in Neal Brothers and receive advisory services from Peter and Chris Neal under the conditional deal, which subject to regulatory and other approvals.
The joint venture partners will develop edible cannabis products at Newstrike’s licensed operation in the Niagara community of Lincoln, Ont.
Porsche shows off new edition of mainstay 911 sports car
FRANKFURT — Porsche says its future is in electric cars but for now it is rolling out a more powerful version of its internal combustion mainstay, the sleek 911 sports car. Stuttgart-based Porsche, part of Volkswagen, is to show off the eighth version of its brand-defining model at the Los Angeles Auto Show.
The new 911 doesn’t look much different than earlier editions of the car. The new one has bigger wheel housings and a slightly wider body but the same long hood, sloping roof and prominent headlights that have marked successive versions since 1963.
U.S. new-home sales plunged 8.9 per cent in October
WASHINGTON — Sales of new U.S. homes plummeted 8.9 per cent in October, as the number of newly built, unsold homes sitting on the market climbed to its highest level since 2009.
The Commerce Department said Wednesday that new homes sold at a seasonally adjusted annual rate of 544,000 last month. New-home sales have declined in four of the past five months. Over the past year, sales of new homes have dropped 12 per cent as higher mortgage rates have caused would-be buyers to back away.
The report adds to the evidence that the U.S housing market has stalled after years of prices climbing faster than incomes.
CP/AP