MJBizMag August 2022 - 14

COMPANY NEWS U.S., Canada & International by MJBizDaily & Hemp Industry Daily Staff
U.S. DEVELOPMENTS
Shryne Group Gets
$170 Million Loan
Silver Spike Investment Corp.
co-led a loan worth up to
$170 million to Shryne Group,
a privately held California
marijuana grower, manufacturer
and retailer.
The senior secured term loan is
" among the largest ever debt facilities
provided to a private cannabis
company, " Frank Kotesen, head of
credit for Silver Spike Capital, said
in a news release. New York-based
Silver Spike Capital manages Silver
Spike Investment Corp.
Other loan participants were
not disclosed, nor were terms of
the loan.
Bright Green Stock
Tumbles After Initial Surge
Bright Green Corp. made history
as the first
plant-touching
marijuana
business
to trade on a major U.S. stock
exchange.
The company's initial market value
on the Nasdaq soared to
$9 billion at one point, but the Florida-based
company's shares plunged
from nearly $60 per share to the low
single digits at press time.
Bright Green hopes to sell
cannabis products on the
commercial markets, provided
the federal government legalizes
marijuana.
IIP Buys Texas Site
for $22 Million
San Diego-based Innovative
Industrial
Properties
(IIP) will pay
$22 million to acquire 25 acres
of land and a facility from
14 August 2022 | MJBizMagazine
Texas Original, a medical
cannabis company in Austin, Texas.
IIP, a publicly traded real estate
investment trust, said that it is
spending an initial $12 million to
acquire the land and will pay an
additional $10 million when Texas
Original finishes building out a
cultivation and production facility.
Texas Original is one of three
vertically integrated license holders
in the state's limited MMJ market.
Dutchie Lays Off
8% of Workers
Oregon-based
marijuana
tech company
Dutchie laid
off 67 employees, or about 8% of
its 700 workers.
Dutchie CEO and co-founder Ross
Lipson said that a " dramatic market
shift " led management to cut costs
in the face of economic uncertainty.
Dutchie provides e-commerce
solutions and payment processing
services to roughly 5,000 marijuana
retail shops in the United States.
The company was valued at
$3.75 billion in October after a
$350 million funding round.
More North American
MJ Workers Unionize
Employees at marijuana companies
in three states and one Canadian
province are the latest cannabis
industry workers to join labor
unions and ratify contracts.
Cultivation and retail workers at
Denver-based Green Dragon voted
14-11 to unionize with United Food
and Commercial Workers (UFCW)
Local 7. Earlier this year, employees
picketed the business, which operates
in Colorado and Florida, alleging
unsafe working conditions.
Employees at the Rise marijuana
store in Joliet, Illinois, joined Teamsters
Local 777. Rise is operated by
Green Thumb Industries.
Employees from Oakland, California-based
marijuana distributor
Nabis ratified their first union
contract after a December vote. The
contract, negotiated by Teamsters
Local 630, includes guaranteed
raises, paid vacation, sick days and
holidays.
And Quebec's government-owned
Société québécoise du cannabis
(SQDC) cannabis retail monopoly
ratified an agreement in principle
with a group of workers represented
by the Confédération des syndicats
nationaux (CSN). The agreement was
adopted by workers at 15 out of 16
CSN-represented stores.
Colorado Companies
Face Tough Decisions
Veritas Fine Cannabis, one of
Colorado's largest marijuana brands,
laid off 33 employees-almost a
quarter of its staff-and shuttered
one of three cultivation sites.
Meanwhile, Buddy Boy, a chain
of Denver marijuana stores that
initially said it would be shutting
down because of economic
conditions, was closed early by
the city for alleged nonpayment
of taxes.
According to local news reports,
Buddy Boy Brands owed roughly
$500,000 in back taxes at the
time the company's seven stores
were shut down by the Denver
Department of Finance.
Major League Baseball
clears CBD sponsorships
Major League Baseball will allow
teams to accept CBD sponsorships,
a watershed advance for cannabis
acceptance in professional athletics.
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