MJBiz - March/April 2024 - 14

COMPANY NEWS U.S. & International
of MedReleaf Australia, giving
the Canadian marijuana producer
a bigger foothold in one of
the world's largest federally
regulated medical markets.
Edmonton, Alberta-based
Aurora paid 50 million Australian
dollars ($43.7 million), including
$8.3 million in cash and the rest
via the issuance of common
shares, the company announced
in February.
The move gives Aurora a
meaningful foothold in the two
biggest nationally regulated
medical marijuana markets in
the world-the only cannabis
company with such a footprint.
Also, for the quarter ended
Dec. 31, 2023, Aurora reported a
net loss of $18.7 million, which
is a 60% improvement from the
comparable period a year earlier.
Aurora's medical cannabis
sales stood out, growing 16%
year-over-year to $33.5 million
in the third quarter, pushing
total net revenue to $47.7 million
in the quarter.
privately owned company said
the funding will accelerate clinical
trials for certain medical cannabis
treatments and help to expand its
European distribution channels.
Existing shareholders, new
institutional investors and other
strategic partners contributed to
the raise, which Avextra
CEO Bernhard Babel called " a
testament to the differentiation
of Avextra's asset base, IP portfolio
and operating strategy. "
Avextra said it controls the
entire supply chain, starting
from cultivation in Portugal
to a European Union Good
Manufacturing Practice-certified
extraction and manufacturing
plant in Germany.
Curaleaf Subsidiary Enters
Poland Medical Market
Curaleaf International acquired
Polish medical cannabis operator
Can4Med, giving the Londonbased
company a foothold in
one of Europe's most promising
medical marijuana markets.
The financial terms of the deal
German MMJ Company
Raises $22 Million
German medical marijuana
company Avextra closed a
funding round totaling more than
20 million euros ($21.5 million).
The Bensheim, Germany-based
business said in a news release
that the funding round was
comprised of equity instruments
and convertible loan notes, all of
which were converted into common
shares, giving the company a
valuation of $107.9 million.
Avextra is a vertically integrated
manufacturer and developer
of pharmaceutical-grade,
cannabis-based medicines. The
14 March-April 2024 | MJBizMagazine
were not disclosed.
Can4Med, based in Wroclaw,
specializes in the acquisition,
registration and distribution of
medical cannabis, according to a
news release.
Curaleaf International, a subsidiary
of New York-headquartered
multistate operator Curaleaf
Holdings, said the strategic
acquisition underscores its
commitment to growing patient
access to medical cannabis products
across Europe.
" Poland's medical cannabis
market is expanding rapidly,
and our partnership with
Can4Med allows us to better
serve patients while driving
growth across Europe, " Curaleaf
Holdings CEO Matt Darin said in
a statement.
Christina Lake Cannabis
Plans Outdoor Cultivation
Christina Lake Cannabis Corp.
acquired ownership of outdoor
cultivation facilities in Midway,
British Columbia, from an
unidentified privately owned
corporation for CA$3 million
($2.2 million).
The acquisition expands the
company's licensed outdoor
cultivation footprint by approximately
100 acres, Christina Lake
Cannabis (CLC) announced.
The company financed the
acquisition through the issuance
of a secured convertible promissory
note, which bears interest at
a rate of 10% for Year One, 15%
for Year Two and 20% per year
for the remaining three years.
Separately, the company said it
plans to complete a non-brokered
financing with gross proceeds of
up to $1.8 million. Christina Lake
said it will issue notes on essentially
the same terms as those
issued to finance the acquisition.
Christina Lake said the first
80-acre crop will be planted this
spring, and it plans to expand to
the full 100 acres in 2025.
The company will produce
extracts and distillate for its business-to-business
client base with
strains specifically developed for
outdoor cultivation.
Shares of Christina Lake
are traded on the Canadian
Securities Exchange as CLC.
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 productrelated
announcements.)

MJBiz - March/April 2024

Table of Contents for the Digital Edition of MJBiz - March/April 2024

MJBiz - March/April 2024 - Cover1
MJBiz - March/April 2024 - Cover2
MJBiz - March/April 2024 - 3
MJBiz - March/April 2024 - 4
MJBiz - March/April 2024 - 5
MJBiz - March/April 2024 - 6
MJBiz - March/April 2024 - 7
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MJBiz - March/April 2024 - Cover3
MJBiz - March/April 2024 - Cover4
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