MJBizMag October 2022 - 14

COMPANY NEWS U.S., Canada & International
packaging among other ancillary
marijuana products.
California Grower Fined
for Failing to Correct
River Runoff
Northern California water regulators
fined a marijuana grower more
than $300,000 for failing to
clean up runoff into a river and
not responding to government
complaints.
The North Coast Regional Water
Control Board fined Humboldt
County cultivator Szagora for not
cleaning up and abating sediment
discharges into Mad River tributaries,
according to a news release.
Szagora grew cannabis on a
100-acre farm along the border of
Humboldt and Trinity counties.
On top of paying the fine, Szagora
is expected to fix the road and failed
stream crossings.
RIV Capital Signs Lease
for Facility in Buffalo
RIV Capital entered into a lease
agreement for the development
and operation of a planned
flagship marijuana cultivation and
manufacturing facility in Buffalo,
New York.
RIV Capital, which is making the
move with subsidiary RIV Capital
US Real Estate and New Yorkbased
marijuana company Etain
Health, entered into the lease
with California-based developer
Zephyr, the Toronto-headquartered
company announced.
RIV said it plans to sublease
the facility to Etain, a vertically
integrated company, upon receipt
of regulatory approvals.
According to the lease, Zephyr will
develop two buildings and lease
them to RIV Capital. The project is
expected to cost $30 million.
INTERNATIONAL DEVELOPMENTS
SNDL to Buy Canadian
Product Maker Valens
for $106 Million
Alberta-based cannabis producer
and retailer SNDL agreed to buy
the shares it doesn't already own
of British Columbia manufacturer
The Valens Co. in a deal SNDL says
will create " a dominant " vertically
integrated operator in Canada.
The proposed all-stock deal is
worth roughly $106 million
(CA$138 million), the companies said.
SNDL, which changed its name
from Sundial in July, will pay Valens'
shareholders 0.3334 of a common
share of SNDL for each Valens share
they possess.
Curaleaf Takes 55% Stake
in German Company
U.S. marijuana multistate operator
Curaleaf Holdings signed an
14 October 2022 | MJBizMagazine
agreement to acquire a 55% stake
in German cannabis producer and
distributor Four 20 Pharma in a deal
worth $20.4 million (19.7 million euros),
according to a regulatory filing.
Curaleaf's strategic partnership
with Four 20 allows it " to acquire
complete control of Four 20 Pharma
within two years of the commencement
of adult use in Germany, "
according to a news release.
Four 20 has more than 10% market
share in Germany's existing medical
cannabis market, Curaleaf said.
Auxly Sells Outdoor
Cannabis Farm
Canadian
marijuana
operator Auxly
Cannabis
Group sold an outdoor cultivation
site in Hortonville, Nova Scotia,
for proceeds of $3.2 million-or
significantly less than what it
invested in the facility.
The sale to a private buyer comes
shortly after Auxly sold its indoor
cultivation site in Nova Scotia in
July for proceeds of $4.5 million.
High Tide Signs
Downsized Credit Facility
Canadian cannabis retail chain High
Tide secured a credit facility worth
$14.7 million from Alberta credit
union ConnectFirst.
The nondilutive financing was
originally going to be $23 million,
but, Calgary, Alberta-based High
Tide renegotiated the five-year loan.
Proceeds will be used " to fund
continued organic growth, general
working capital requirements, and
potential future (merger and acquisition)
activities, " the company said.
Curaleaf Fined, Oregon
License Suspended
in THC-CBD Mix-up
Cannabis multistate
operator Curaleaf
Holdings was fined
$130,000 and its business license was
suspended for 23 days by Oregon
regulators for mixing up THC and
CBD in infused products last year.
The Oregon Liquor and Cannabis
Commission (OLCC) said the company
sent out 1,500 mislabeled
drops under its Select brand.
The company was hit with federal
lawsuits from 11 customers claiming
they required medical attention
after taking CBD drops that
contained high doses of THC.
The OLCC first proposed in a
meeting that the company be fined
a record $200,000 and handed
a 70-day license suspension, but
Curaleaf fought the punishment.

MJBizMag October 2022

Table of Contents for the Digital Edition of MJBizMag October 2022

MJBizMag October 2022 - 1
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