MJBiz - November/December 2023 - 20

COMPANY NEWS U.S. & International
Precision Pharmaceuticals Pty.
The latter deal covers 12 months
but will be reviewed annually.
ECS will start shipping medical
cannabis for the two deals in the
first quarter of 2024.
Organigram Files
$370M Shelf Prospectus
Moncton, New Brunswick-based
marijuana producer Organigram
Holdings filed a preliminary shortform
base shelf prospectus to raise
up to $370 million (CA$500 million)
by issuing securities over a 25-month
period.
The base shelf prospectus, when
finalized, " will provide flexibility
for financing options to pursue the
company's objectives, " Organigram
said in a news release. Once
finalized, the prospectus will allow
Organigram to sell securities such
as common shares, debt securities,
warrants and subscription receipts
over the 25-month period.
The company's shares trade on
the Nasdaq and Toronto Stock
Exchange.
Aurora Cannabis Closes
Bought-deal Financing
Edmonton, Alberta-based Aurora
Cannabis received gross proceeds
of $28.3 million from a bought deal
offering after the underwriters'
over-allotment option was fully
exercised.
Aurora said in a news release that
it intends to use most of the net
proceeds to repay the remaining
balance of the company's convertible
notes at or before maturity,
which amounts to roughly
$25 million, saving almost $1.5 million
in annual interest payments.
Aurora said the gross proceeds
include the exercise of the overallotment
option by Canaccord
Genuity, an investment bank and
research firm, to purchase 6,937,500
additional common shares.
Tilray Settles MediPharm
Supply Dispute
Canadian cannabis producer Tilray
Brands has agreed to pay rival
producer MediPharm Labs a
settlement package worth
$6.6 million. The settlement is
related to MediPharm's dispute
with Hexo Corp., which Tilray
acquired earlier this year.
Under the settlement, MediPharm
will receive a total value consideration
of $6.6 million, consisting of:
* $2.2 million immediate cash
payment.
* $3.3 million in common shares
of Tilray.
* $750,000 million in Tilray
cannabis products, including
flower and biomass.
A supply agreement valued
around $368,000 will provide Tilray
with MediPharm products and
services over four years.
MediPharm said the four-year
supply agreement will allow it
to establish a " positive ongoing
business relationship " with a global
leader in the cannabis industry.
Canopy Growth
Raising $25 Million
Canadian cannabis producer
Canopy Growth Corp. entered
into subscription agreements with
institutional investors in a private
placement offering for gross
proceeds of approximately
$25 million.
Capital from the offering of
roughly 22.9 million units, which
occurred at a price per unit of $1.09,
is expected to be used for working
capital and other general corporate
purposes, the company said. The
units comprise one common share
and one purchase warrant entitling
investors to acquire another share
for $1.35 for a period of five years
from the date of issuance.
Smiths Falls, Ontario-based
Canopy said the investors hold an
20 November-December 2023 | MJBizMagazine
over-allotment option allowing
them to acquire up to about
22.9 more units. The gross proceeds
from the over-allotment option
would be another $25 million.
Separately, Canopy announced it
would cease funding its BioSteel
Canada subsidiary and plans to
conduct a court-supervised sale of
the business.
BZAM Cuts 90 Jobs
After TGOD merger
Canadian cannabis producer BZAM
slashed another 90 employees as
part of its merger with The Green
Organic Dutchman Holdings
(TGOD), which closed earlier this
year. The integration plan has
resulted in the loss of 275 total
positions.
In its latest update, BZAM said
the plan since its October 2022
merger with TGOD has focused on:
* Eliminating redundant facilities.
* Realigning the company's
production activities across
remaining sites.
* Reducing selling, general
and administrative (SG&A)
expenses to achieve the
broader goal of positive earnings
before interest, taxes,
depreciation and amortization
(EBITDA).
BZAM said it has reduced fixed
operating overhead expenses by
approximately $5.9 million annually
since the merger and cut SG&A
costs by roughly 40% on an annual
run rate basis.
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 - November/December 2023

Table of Contents for the Digital Edition of MJBiz - November/December 2023

MJBiz - November/December 2023 - CT1
MJBiz - November/December 2023 - CT2
MJBiz - November/December 2023 - Cover1
MJBiz - November/December 2023 - Cover2
MJBiz - November/December 2023 - 3
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MJBiz - November/December 2023 - Cover3
MJBiz - November/December 2023 - Cover4
MJBiz - November/December 2023 - CT3
MJBiz - November/December 2023 - CT4
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