MJBiz - September 2023 - 13

COMPANY NEWS
Terphogz agreed to stop using
names, websites and advertising
slogans that too closely resemble
what Wrigley uses to sell its Skittles
candy. The proposed settlement
and permanent injunction require
court approval.
Cannabis Brand Cookies
Sued by Investor Group
More investors in multistate
operator Cookies have sued the
company, claiming the Californiabased
marijuana brand mismanaged
their $15.5 million, according to
court documents.
The latest claims-filed along with
a request for a judge's intervention
in company business-mirror
separate allegations against Cookies
made in two other legal matters
filed earlier this year.
The investors, Wilder Ramsey and
Tom Linovitz of Red Tech Holdings
and Gron Ventures Fund, claim
Cookies " burned through cash and
ran out of money " after " wildly
missing its numbers " last summer
and failing to support a $275 million
valuation.
In a response filed in court,
Cookies President Parker Berling
said that " many " of the investors'
claims " are demonstrably false. "
Suit Accuses Eaze of Fraud
The former owners of Green
Dragon, a cannabis company
operating in Colorado and Florida,
allege in a lawsuit that Californiabased
Eaze defrauded investors,
is " close to insolvency " and is
operating unlawfully.
Eaze, a privately held online
marijuana marketplace and
delivery service with operations in
California and Michigan, acquired
Green Dragon in 2021 for an
undisclosed sum.
The former Green Dragon owners'
lawsuit alleges that Eaze's board
intentionally hid its financial
condition before the companies'
merger. The plaintiffs also claim
that Eaze is " essentially 'renting'
multiple cannabis licenses " to
operate the business in violation of
California law.
Cannabis Workers Join
Unions, Ratify Contracts
The International Brotherhood
of Teamsters Local 1932 in San
Bernardino, California, added
81 workers at Growpacker, a Desert
Hot Springs-based cannabis bottling
facility, according to a news release.
Meanwhile, patient-care advocates
and supervisors at Valley Park,
Missouri-based Bloc Dispensary, a
subsidiary of Justice Cannabis Co.,
voted to join Teamsters Local 618.
In Illinois, workers at Zen Leaf
dispensaries in Chicago and
Schaumburg reached a tentative
contract agreement with parent
company Verano Holdings,
according to the Teamsters Local 777.
In New Jersey, workers at the
Cannabist store in Deptford voted
unanimously to approve
a contract, according to the
United Food and Commercial
Workers Local 360. Cannabist is
owned by New York-based MSO
Columbia Care.
Pelorus Prices MJ
Real Estate Securitization
California-based
commercial real
estate lender
Pelorus Capital Group priced a
securitization for cannabis-related
real estate assets, calling it a first
for the industry.
Institutional investors and hedge
funds bought $45 million in bonds
and Pelorus retained $70 million of
the offering, according to a news
release.
The one-tranche securitization
was priced at 600 basis points over
a one-month Secured Overnight
Financing Rate, which was 5.07%
when the deal closed July 28.
In a commercial real estate
securitization, loans are pooled and
packaged together as a collateralized
loan obligation, then sold to
investors on the secondary market.
Pelorus Managing Partner Travis
Goad said the company plans to
issue more securitizations this year.
INTERNATIONAL DEVELOPMENTS
Philip Morris Inks
$650M MJ Deal in Israel
Multinational tobacco
giant Philip Morris
International is
buying the Israeli
cannabis tech firm Syqe Medical
in a deal worth up to $650 million,
according to Israeli business
newspaper Calcalist. The agreement
would make Syqe one of the most
valuable cannabis firms in the world.
Syqe's chief product is a metereddose
pharmaceutical-grade inhaler
that allows patients to measure an
exact dose of medical cannabis.
According to Calcalist, the
pending deal consists of
milestones. Philip Morris is
investing $120 million upfront in
Syqe. If the Israeli company obtains
approval from the U.S. Food and
Drug Administration for its inhaler
after clinical trials, Philip Morris
mjbizdaily.com | September 2023 13
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MJBiz - September 2023

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

MJBiz - September 2023 - CT1
MJBiz - September 2023 - CT2
MJBiz - September 2023 - Cover1
MJBiz - September 2023 - Cover2
MJBiz - September 2023 - 3
MJBiz - September 2023 - 4
MJBiz - September 2023 - 5
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MJBiz - September 2023 - Cover3
MJBiz - September 2023 - Cover4
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