MJBizMag August 2022 - 16

COMPANY NEWS U.S., Canada & International
2023, provided the products
don't contain THC and have
been certified by the NSF, an
independent food-safety group.
The MLB sponsorship
announcement opens the doors
for brand patches on uniforms and
televised commercials.
The office of MLB Commissioner
Rob Manfred notified teams that
hemp-derived CBD manufacturers
can sponsor teams starting in
Safe Harbor Makes
First Out-of-State Loan
Safe Harbor Financial, a
CANADIAN DEVELOPMENTS
Sundial Targets Zenabis
Through Stalking Horse Bid
One week after Hexo Corp.
subsidiary Zenabis Global filed
for creditor protection, Canadian
cannabis company Sundial
Growers said it signed a deal to
put in a stalking horse bid to buy
Zenabis' assets.
Calgary, Alberta-based Sundial did
not disclose the value of the bid.
Sundial, which invested in Zenabis
in December 2020 via a senior loan
worth $45.6 million (CA$58.9 million),
said Zenabis still owed $40.2 million
as of June 16.
Zenabis previously characterized
Sundial's actions related to that
debt as " an attempt to coerce
Zenabis into being acquired by
Sundial " and subsequently
agreed to be acquired by Hexo
for $185 million in stock.
Sundial's bid is subject to Quebec
Superior Court approval.
Canopy Swaps Shares
for Debt, Settles Lawsuit
Canadian marijuana producer
Canopy Growth reached a deal
with noteholders to swap $198
million of debt for shares and cash,
thereby reducing a substantial
portion of its convertible debt set
to mature next year.
16 August 2022 | MJBizMagazine
According to an arrangement with
a limited number of noteholders,
including parent company
Constellation Brands, Canopy
will acquire the outstanding 4.25%
unsecured convertible senior
notes due in 2023 in exchange for
common shares and approximately
$2.3 million in cash.
Separately, Canopy Growth
settled a trademark dispute with
French orange liqueur producer
Rémy Cointreau, which argued
that the cannabis producer's line of
" Quatreau " beverages infringed on
the Cointreau trademark. Details of
the settlement were not made public.
Flowr Cuts 40% of Staff,
Sells Assets to Save Cash
The Flowr Corp., a cannabis
producer based in Toronto,
eliminated 40% of its workforce and
sold a large parcel of land in a bid to
save more than $3 million in cash.
The company sold a 17-acre parcel
of land for $2.6 million in a deal
expected to close in mid-August.
Settlement Near
in Contamination Suit
Canadian cannabis producer
Organigram said it reached a
" proposed settlement " worth about
$1.8 million in a class-action lawsuit
regarding pesticide-contaminated
medical marijuana that the company
recalled in late 2016 and early 2017.
The Supreme Court of Nova
Scotia will hold an Aug. 31 hearing
to consider the proposal.
Aurora Cuts 12% of Staff,
Buys Back $20M in Debt
Edmonton, Alberta-based
Aurora Cannabis is cutting 12%
of its global workforce as part
of a corporate restructuring.
The company said it identified
additional cost savings worth up to
$69 million.
Aurora had 1,643 employees
as of Sept. 27, 2021, although the
company has since restructured and
closed facilities.
Separately, Aurora Cannabis
bought back roughly $20 million
worth of convertible senior notes
to " reduce the company's debt and
annual cash interest costs. "
Have a company announcement
you want us to consider? Send a
news release or general information
to magazine@mjbizdaily.com.
(Note: We're looking for news
about expansions, financing,
deals, partnerships and similar
developments, not product-related
announcements.)
Colorado-based marijuana industry
finance company, recently inked its
first out-of-state loan. The firm lent
$5 million to Massachusetts-based
Solar Cannabis, which plans to use
the money for expansion.
Safe Harbor has an agreement to
combine with and be taken public
by special purpose acquisition
company Northern Lights
Acquisition, although that deal has
not yet closed.
MJBizMag

Table of Contents for the Digital Edition of MJBizMag
