MJBiz - March/April 2024 - 12

COMPANY NEWS U.S. & International by MJBizDaily Staff
U.S. DEVELOPMENTS
Ayr Wellness Issues
Notes, Extends Others
Marijuana multistate operator
Ayr Wellness completed a
previously announced plan to
manage its significant debt by
extending the maturity date of its
senior notes from 2024 to 2026.
Miami-based Ayr retired or
extended the maturity of nearly
$400 million in debt over the
past year, according to a news
release.
The MSO also raised
$40 million of new capital by
issuing $50 million in additional
senior notes, which mature
in 2026. As a result of the
arrangement, as of Feb. 5, Ayr
issued:
* Roughly 29 million
subordinate voting shares to
2024 senior noteholders.
* Approximately 5 million
subordinate voting shares to
the backstop provider.
* Around 23 million antidilutive
warrants to its
shareholders.
Ayr will report its fourthquarter
and full-year earnings for
2023 on March 13.
Stash Ventures Buys
11 Stores in Michigan
Stash Ventures,
a vertically
integrated
marijuana company in Mount
Pleasant, Michigan, acquired 11
stores from Cloud Cannabis Co.
in Troy. Financial terms of the
deal were not disclosed.
Under the deal, which closed
in January, Stash takes over
stores in Ann Arbor, Cedar
Springs, Detroit, Gaylord, Grand
Rapids, Kalamazoo, Muskegon,
New Baltimore, Traverse City
and Utica.
12 March-April 2024 | MJBizMagazine
The stores will continue
to operate under the Cloud
Cannabis name to preserve the
brand's " already well-established
market position, " Stash Ventures
said in a statement.
Stash already operates three
Timber Cannabis Co. outlets in
the Michigan towns of Mount
Pleasant, Owosso and Sturgis as
well as a grow and processing
operation in Sturgis.
Cloud Cannabis will retain
ownership of its cultivation and
processing operations.
California Cultivation
Facility Closes
California
marijuana
company Blüm
Holdings closed
the last grow
owned by its
Unrivaled
Brands subsidiary as it shifts
focus to cannabis retail and
brands after a corporate
reorganization.
In a news release, Blüm said it
was concentrating " on operating
and expanding profitable
cannabis assets and developing
brands. "
Blüm did not offer financial
details related to the closure.
The Santa Ana-based company,
which operates four retail locations
and a delivery operation in
California, also announced plans
to acquire three Sacramento
cannabis stores from Operators
Only Corp.
The proposed purchase price is
$9.7 million, including " a
$1.9 million secured promissory
note over 34 to 42 months " and
issuance of more than 1.8 million
common shares of Blüm, according
to a news release.
Vape Maker Tilt
Gets Credit Extension
Arizona-based
marijuana
and vaporizer
company Tilt Holdings entered
a debt and security agreement
that extends its credit line with
Smoore Technology.
Under the agreement, Smoore
will sell and ship CCell vape
hardware products on credit
to Tilt's subsidiary, Jupiter
Research, according to a news
release.
Jupiter will guarantee the
payment of any amount owed to
Smoore in excess of the amounts
Smoore receives through
insurance for unpaid invoices
older than 120 days.
The insurance will be provided
by Sinosure, a Chinese export
and credit insurance corporation.
The guarantee allows Tilt to
increase and secure its credit line
to support customer demand.
Smoore will have a first lien
security interest in Tilt's assets.
Tilt also agreed to reduce to
$25 million its outstanding balance
owed to Smoore by the end
of 2024.
Top New Mexico Operator
Shutters Santa Fe Store
New Mexico's largest medical
and adult-use marijuana
operator, Ultra Health, said it
planned to close one of its two
Santa Fe stores at the end of
February.
The Cerrillos Road store was
more expensive to operate than
Ultra's other stores, President
and CEO Duke Rodriguez told
the Santa Fe New Mexican.
Rodriguez told the newspaper
that the store generated the
least revenue but paid the

MJBiz - March/April 2024

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