MJBiz - July 2023 - 16

COMPANY NEWS U.S. & International
INTERNATIONAL DEVELOPMENTS
Canopy Buying
20% of Indiva
Canadian cannabis producer
Canopy Growth Corp. reached a
deal to acquire a 19.99% stake in
edibles maker Indiva, while also
gaining control of all distribution
and sales of Wana Brands-branded
products in Canada. (Wana is one of
the top cannabis edibles brands in
North America.)
The two companies have entered
into a contract manufacturing
agreement under which Canopy is
granting Indiva the exclusive right
to manufacture and supply Wanabranded
products in Canada for
five years.
Canopy said that is consistent
with its " asset light " strategy.
To finance the transaction,
Canopy will subscribe for
37.23 million Indiva common shares,
leading to gross proceeds of
2.16 million Canadian dollars
($1.7 million).
MediPharm Slashes
30% of Workforce
Barrie, Ontario-based cannabinoid
company MediPharm Labs said
it is cutting its workforce by
approximately 30%.
The move comes after the
company reported negative firstquarter
adjusted earnings before
interest, taxes, depreciation and
amortization (EBITDA) of 3.1 million
Canadian dollars ($2.3 million).
In addition to MediPharm
itself, the job cuts also cover
Vivo Cannabis, a Toronto-based
cannabis producer that MediPharm
acquired in April.
In a news release, MediPharm
said the workforce reduction
is expected to save more than
CA$4 million ($2.9 million) on an
annualized basis.
16 July 2023 | MJBizMagazine
JMCC Makes Malta Purchase
Jamaican Medical Cannabis
Corp. (JMCC), a Toronto- and
Jamaica-based business,
acquired a European Union Good
Manufacturing Practice-certified
medical cannabis production facility
and other assets in Malta from
Materia Ventures, an EU-focused
supply and distribution company
for cannabis and CBD products.
No acquisition price was disclosed
by the privately owned businesses.
The Malta unit will be renamed
JMCC Life Sciences, Europe.
The deal includes Materia's
32,000-square-foot processing and
manufacturing facility in Malta.
JMCC said the Malta assets will
complement its warehousing and
distribution facility, JMCC European
Distribution, located on the
island of Jersey, between Britain
and France.
In Malta, the Production of Cannabis
for Medicinal and Research
Purposes Act provides the legal
framework for cannabis production,
following the amendment of Malta's
Drug Dependence Act, which
allows prescriptions for medical
cannabis preparations.
BZAM Chair Invests $3.7M
Bassam Alghanim, chair of Canadian
cannabis license holder BZAM, is
investing 5 million Canadian dollars
($3.7 million) in the company.
The non-brokered private placement
will include 22,222,223 units of
the Vancouver, British Columbia-based
company for 0.225 Canadian cents,
according to a news release.
Alghanim was appointed chair of
the board on Jan. 24. In a regulatory
filing in April, BZAM said the
71-year-old resident of Kuwait held
79,151,586 common shares, representing
50.3% of company.
BZAM and Mississauga, Ontariobased
The Green Organic
Dutchman Holdings completed a
merger in November.
Naturecan Acquires
U.S. Production Facility
United Kingdom-based CBD and
wellness brand Naturecan acquired
the IAH Oregon cannabidiol
production facility in the United
States for 8 million pounds (roughly
$10 million).
Naturecan did not specify how it
would fund the acquisition.
IAH Oregon, headquartered in
Medford, previously produced the
CBD used in Naturecan products,
according to a news release.
Organigram Makes
Investment in Phylos
Canadian producer Organigram
Holdings is investing as much as
$8 million in Portland, Oregonbased
cannabis genetics and seeds
company Phylos Bioscience.
Under the deal, Organigram will
produce cannabis from seed and
create new products containing the
minor cannabinoid THCV, which is
believed to suppress appetite.
Organigram also will become the
first license holder to release wholeplant-derived
THCV in Canada based
on Phylos' genetics platform, the
Moncton, New Brunswick, company
said in a news release.
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.)
MJBiz - July 2023

Table of Contents for the Digital Edition of MJBiz - July 2023
