MJBizMag April 2022 - 18

COMPANY NEWS U.S., Canada & International
INTERNATIONAL DEVELOPMENTS
Tilray Throws Lifeline to
Hexo Via Debt Purchase
New York-based Tilray Brands
plans to acquire up to $211 million
(CA$267.5 million) in outstanding
senior secured notes issued by
Hexo Corp., effectively throwing
its troubled rival a lifeline and
striking an alliance with the Quebec
cannabis producer.
as part of a move to develop
cannabis-infused products.
The shell company, Pinestar
Gold, was previously a mineral
exploration firm. Jones said it plans
to list on the Canadian Securities
Exchange, subject to approvals.
Under terms of the proposed deal,
the notes would be amended to
permit Tilray to exercise conversion
rights at a price of 71 cents per Hexo
share and acquire approximately
40% of the troubled company.
Tilray CEO Irwin Simon said the
proposed deal would be good
for both companies, as it would
effectively initiate a strategic
alliance between two of the top
marijuana producers in Canada
" with complementary brand
portfolios. "
Canopy Growth Dropped
From S&P/TSX 60 Index
Smiths Falls, Ontario-based
cannabis producer Canopy Growth
Corp. was deleted from the S&P/
TSX 60 Index effective March 21.
Companies need to maintain a
minimum capitalization weight
of at least 0.04% of the index.
Canopy stock had fallen almost
90% since it was added to the
index in April 2019.
Jones Soda Buys Canadian
Firm, Raises $11M
Seattle craft
beverage maker
Jones Soda
acquired a
Canadian shell company and raised
$11 million in concurrent financing
18 April 2022 | MJBizMagazine
CannTrust Secures
Overseas Financing
Canadian cannabis producer
CannTrust
secured a new
investment
from a
Netherlands-based private equity
investment company and said it will
soon outline plans to exit creditor
protection and change its name.
The multimillion-dollar investment
is led by Marshall Fields
International B.V., a subsidiary
of Kenzoll B.V., a private equity
investment company based in
the Netherlands. The transaction
involves:
* A debtor-in-possession loan of
$3.9 million (CA$5.5 million) to
CannTrust Equity.
* A $7.9 million investment to
acquire an approximately 90%
interest in CannTrust Equity,
with CannTrust Holdings retaining
the balance.
Israeli Cannabis Producer
InterCure Buys Better
Herzliya, Israel-based cannabis
producer InterCure is buying
rival medical marijuana company
Cann Pharmaceutical, also
known as Better, for $35 million
(CA$44.4 million) in stock. The
acquisition is expected to close
in mid-2022.
InterCure described Better as
an Israeli medical cannabis operator.
The deal includes Better's
unique cultivars, cultivation site,
intellectual property and multinational
commercial operations.
British American Tobacco
Ups Stake in Organigram
British American Tobacco is
investing another $5.1 million
(CA$6.4 million) in Organigram,
increasing its
stake in the
Atlantic Canadabased
cannabis
producer to
19.5%, the
companies
announced.
BAT increased its investment
by purchasing nearly 2.7 million
Organigram common shares.
Canadian Tribe Partners
With Startup for Contest
FFES Environmental, an
Indigenous-owned company in
Alberta, Canada, is collaborating
with The Hemp Blockchain in Utah
to use hemp to remove carbon from
the atmosphere and compete for a
$100 million prize.
The proposal calls for FFES
Environmental to grow hemp on
land owned by the Sucker Creek
First Nation, with The Hemp
Blockchain measuring and verifying
the crop's carbon footprint. The
partners hope to win funding from
the XPrize Carbon Removal fund,
a $100 million purse set up by Tesla
CEO Elon Musk.
Have a company announcement you
want us to consider? Send a news
release or general information to
omar.sacirbey@mjbizdaily.com.
(Note: We're looking for news
about expansions, financing,
deals, partnerships and similar
developments, not product
announcements.)

MJBizMag April 2022

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