MJBiz - September 2023 - 14

COMPANY NEWS U.S. & International
would purchase the Syqe shares it
doesn't already own, bringing the
total price to $650 million.
Debenture Maturity Date
Extended 2 Years for Auxly
Auxly Cannabis Group and
British tobacco giant Imperial
Brands agreed to extend by
24 months the maturity date of
a debenture worth $92 million,
to Sept. 25, 2026.
Imperial invested CA$123 million
(then worth $92 million) in Auxly in
2019. At the time, the investment
gave Imperial a 19.9% stake in the
cannabis business.
The debentures are convertible
into common shares at a price of
60 cents per share, the companies
said in a news release. The cannabis
producer's shares are currently
trading at 1.5 cents.
Aurora Cannabis
Sells Sun Facility
Canadian marijuana producer
Aurora Cannabis closed on the sale
of the Aurora Sun greenhouse to
Bevo Farms.
Bevo Farms is a subsidiary
of Bevo Agtech, a flower and
vegetable producer.
The facility sale could result in
Bevo Farms making payments
to Aurora of up to $11.4 million,
" based on Bevo Farms successfully
achieving certain financial
milestones " at the facility, Aurora
said in a news release.
Aleafia Enters
Creditor Protection
Canadian cannabis company
Aleafia Health entered creditor
protection shortly after the failure
of its attempt to merge with
U.S. multistate marijuana operator
Red White & Bloom Brands.
The initial creditor protection
order, granted by an Ontario
court under Canada's Companies'
14 September 2023 | MJBizMagazine
Creditors Arrangement Act (CCAA),
affects Aleafia and " certain of its
Canadian subsidiaries, " including
Emblem Cannabis and Canabo
Medical Corp., according to a news
release.
Aleafia and Red White & Bloom
(RWB) announced July 14 that they
had called off the proposed merger
after some holders of Aleafia debt
declined to accept the terms of a
proposed settlement.
RWB is funding Aleafia's CCAA
proceedings via a debtor-in-possession
loan worth $5 million.
Avicanna Completes
Acquisition from Shoppers
Toronto-headquartered Avicanna
announced the closing of its
acquisition of the Medical
Cannabis by Shoppers business
unit from major Canadian pharmacy
chain Shoppers Drug Mart.
The price tag was $1.9 million plus
earnout payments based on net
revenue for a two-year period.
Separately, Avicanna announced
that it closed a private placement
of 1,455,000 debenture units for
aggregate gross proceeds of
CA$1.1 million. The debentures will
bear interest at a rate of 18% per
year until the maturity date, which
is in one year.
MediPharm Exports
Cannabis Oil to U.S.
Canadian marijuana producer
MediPharm Labs said it completed
a shipment of cannabis oil
containing both CBD and THC
to the United States for use in a
clinical trial.
While shipping cannabis to the
United States for scientific use isn't
unusual, MediPharm said in a news
release that this marks the first
time a cannabis product has been
sourced from a Canadian licensed
producer for a Phase 2 clinical trial
in the U.S.
The release said the trial is
being funded by the U.S. National
Institutes of Health in Bethesda,
Maryland but did not reveal who
was conducting the trial.
Barbados Taps GrowerIQ
for MJ Track-and-trace
The Barbados
Medicinal Cannabis
Licensing Authority
selected Canadian
technology company
GrowerIQ to manage the tracking
and reporting of all marijuana
production on the island nation for
the next five years.
The contract was awarded via a
global request for proposal process.
Terms weren't disclosed.
Nasdaq Issues Warnings
to Canopy, IM Cannabis
Canadian cannabis producer
Canopy Growth plans to seek
approval to consolidate its shares
after the Smiths Falls, Ontariobased
company was notified by the
Nasdaq that it does not meet the
stock exchange's listing standards.
Maintaining a minimum bid price
of at least $1 per share is one of the
Nasdaq's listing requirements.
Glil Yam, Israel-based medical
marijuana operator IM Cannabis
Corp. also received a warning from
the Nasdaq over a share price falling
below the exchange's minimum
bid-price requirement. Shares of
IM Cannabis also trade on the
Canadian Securities Exchange.
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 - 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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