MJBizMag April 2021 - 17

MariMed Secures $46 Million to Expand Footprint
Multistate marijuana operator
MariMed of Massachusetts
said it has raised $46 million to
support acquisitions and repay
most of its long-term debt.
Hadron Healthcare Fund is providing the capital,
including an initial $23 million in exchange for MariMed
stock and warrants. The fund is managed by Hadron
Capital, which is incorporated in the Cayman Islands.
If all the warrants are exercised for cash, MariMed
will receive additional proceeds of approximately
$34 million on top of the $46 million, according to a
news release.
SPAC to Acquire Four Marijuana Operations in Deal
New York-based Greenrose Acquisition Corp., a
special purpose acquisition company, entered into
definitive agreements to acquire four marijuana
businesses in a deal initially valued at $210 million.
The companies to be acquired are Futureworks (doing
business as The Health Center), Shango Holdings,
Theraplant and True Harvest.
Greenrose said the acquisitions will establish a footprint
in high-growth, limited-license markets that include
new and potential recreational marijuana states.
The $210 million deal will include about $170 million
in cash, $15 million in stock and $25 million in debt,
according to Greenrose, which will be renamed
The Greenrose Holding Co.
Ascend Acquires Most
of MedMen's NY Cannabis
Operation for $63 Million
Massachusetts-based Ascend
Wellness Holdings is acquiring
an 86.7% interest in financially strapped MedMen
Enterprises' cannabis operation in New York for
$63 million.
Ascend Wellness has an option to acquire the remaining
equity in the New York operation for $10 million, contingent
on the launch of an adult-use marijuana market in
the state. Under terms of the agreement, AWH will invest
$35 million of cash into the MedMen New York subsidiary
and issue a guaranteed $28 million loan to reduce the
debt owed to the subsidiary's senior secured lender.
April 2021 | mjbizdaily.com 17

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MJBizMag April 2021

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