MJBizMag April 2023 - 12

COMPANY NEWS U.S. & International by MJBizDaily Staff
U.S. DEVELOPMENTS
Cresco Labs' Acquisiton
of Columbia Care Delayed
Marijuana multistate operators
Columbia Care and Cresco Labs
" mutually agreed " to extend the
companies' acquisition closing date
from March 31 to June 30 of this year.
It's the second such extension,
underscoring the complexities
of closing a large deal at a time
when other acquisitions have been
called off amid widespread layoffs
and tight funding in the cannabis
industry.
According to a news release,
the extension will give Chicagobased
Cresco and Columbia Care
time to finalize asset divestiture
agreements necessary to close the
merger and obtain approvals from
regulatory bodies.
Cresco Labs' acquisition of New
York-based Columbia Care, valued
at approximately $2 billion last
March, is contingent on both
companies selling off a number of
assets.
1606 Corp. Raises $20M
for Acquisitions
Phoenix-based hemp and
CBD retail and distribution
company 1606 Corp. raised up
to $20 million through an equity
financing agreement with GHS
Investments.
" This $20 million financing is
going to allow us to buy profitable
CBD companies, " 1606 CEO and
Chair Greg Lambrecht said in a
statement.
Forian Sells BioTrack
for $30 Million
Technology company Forian said it
is selling cannabis software provider
BioTrack for $30 million in cash to
Alleaves and exiting the marijuana
industry to focus on health care.
12 April 2023 | MJBizMagazine
BioTrack recently was chosen by
New York regulators to provide
seed-to-sale tracking software for
its new adult-use marijuana market.
The company's cannabis software
is used in more than three dozen
states and 13 countries.
Forian, which trades as FORA on
the Nasdaq, will retain a license
for certain " cannabinoid-based
data " to enhance its health care
information offerings, according to
the Newtown, Pennsylvania-based
company.
The sale comes after Alleaves-a
cannabis software provider based
in Deerfield Beach, Florida-closed
a $40 million Series A funding round
last year to accelerate a multistate
commercial rollout.
TPCO to Merge
With Gold Flora
TPCO Holdings, which operates as
The Parent Co., and Gold Flora are
merging in an all-stock deal. The
combined company will be called
New Parent and will operate as
Gold Flora Corp.
Gold Flora shareholders will own
51% of the combined business, and
shareholders of The Parent Co. will
own the remaining 49%, according
to a news release.
Subject to the deal's approval,
New Parent is expected to trade on
the Neo Exchange in Canada and
over-the-counter markets.
Once the deal is completed, New
Parent's California footprint will
include:
* 20 stores.
* 12 house brands.
* Three distribution centers.
* One manufacturing facility.
* Six cultivation facilities.
TPCO's Troy Datcher will serve as
New Parent's board chair and Gold
Flora's Laurie Holcomb as CEO.
Alleaves Inks Partnership
With Leafly
Alleaves also
announced a deal
with Seattle-based
marijuana commerce
platform Leafly to offer a new
integration tool for retailers.
Under the partnership, operators
will receive real-time inventory
updates from Florida-based
Alleaves with automatic menu
syncs between point-of-sale and
Leafly software.
Jason Tartaglia, senior vice president
of product for Leafly, said
the partnership will allow stores to
provide consumers with a better
shopping experience.
Ayr Wellness to Sell
Newly Acquired Assets
Miami-based multistate marijuana
operator Ayr Wellness is divesting
assets in Arizona and growing its
presence in the Ohio market.
According to a news release, Ayr
agreed to sell the Arizona assets it
acquired in 2021 back to the original
owner for $20 million in cash plus
additional proceeds from net working
capital within six months of the
transaction closing.
In 2021, Ayr said it was buying the
assets for $10 million in cash,
$41 million in stock and $30 million
in seller notes.
The sale to AZ Goat includes:
* Three Oasis-branded stores.
* A cultivation facility in Phoenix.
* A cultivation and processing
facility in Chandler.
* An interest in a joint venture to
create an outdoor cultivation
facility.
Ayr also announced plans to
acquire two entities with provisional
medical dispensary licenses
in Ohio.
https://www.businesswire.com/news/home/20230227005513/en/Columbia-Care-and-Cresco-Labs-Mutually-Extend-Acquisition-Closing-Timeline https://www.businesswire.com/news/home/20230227005513/en/Columbia-Care-and-Cresco-Labs-Mutually-Extend-Acquisition-Closing-Timeline https://www.businesswire.com/news/home/20230227005513/en/Columbia-Care-and-Cresco-Labs-Mutually-Extend-Acquisition-Closing-Timeline https://www.nasdaq.com/market-activity/stocks/fora https://mjbizdaily.com/goodness-growth-starts-court-process-after-verano-ends-marijuana-acquisition/ https://mjbizdaily.com/goodness-growth-starts-court-process-after-verano-ends-marijuana-acquisition/ https://mjbizdaily.com/cannabis-tech-platform-alleaves-finalizes-40-million-funding/ https://mjbizdaily.com/cresco-labs-to-buy-rival-cannabis-mso-columbia-care-in-2-billion-deal/ https://mjbizdaily.com/cresco-labs-to-buy-rival-cannabis-mso-columbia-care-in-2-billion-deal/ https://www.globenewswire.com/news-release/2023/02/09/2605539/0/en/Ayr-Wellness-Announces-Agreement-to-Sell-Arizona-Assets-and-Option-to-Acquire-Ohio-Dispensary-Licenses.html https://mjbizdaily.com/cresco-labs-to-buy-rival-cannabis-mso-columbia-care-in-2-billion-deal/ https://www.globenewswire.com/news-release/2023/02/09/2605539/0/en/Ayr-Wellness-Announces-Agreement-to-Sell-Arizona-Assets-and-Option-to-Acquire-Ohio-Dispensary-Licenses.html https://mjbizdaily.com/cresco-labs-marijuana-asset-sales-could-total-500-million-after-columbia-care-deal/ https://www.prnewswire.com/news-releases/the-parent-company-and-gold-flora-to-combine-to-create-a-leading-vertically-integrated-operator-in-the-worlds-largest-cannabis-market-301752951.html https://mjbizdaily.com/cresco-labs-marijuana-asset-sales-could-total-500-million-after-columbia-care-deal/ https://www.prnewswire.com/news-releases/1606-corp-secures-20-000-000-in-financing-for-the-purpose-of-acquiring-cbd-businesses-301749112.html https://www.prnewswire.com/news-releases/1606-corp-secures-20-000-000-in-financing-for-the-purpose-of-acquiring-cbd-businesses-301749112.html https://mjbizdaily.com/ayr-strategies-buys-arizona-medical-cannabis-firm-for-81-million/ https://mjbizdaily.com/ayr-strategies-buys-arizona-medical-cannabis-firm-for-81-million/ https://www.globenewswire.com/news-release/2023/02/13/2606712/0/en/Forian-Announces-the-Sale-of-BioTrack-to-Alleaves.html

MJBizMag April 2023

Table of Contents for the Digital Edition of MJBizMag April 2023

MJBizMag April 2023 - 1
MJBizMag April 2023 - 2
MJBizMag April 2023 - 3
MJBizMag April 2023 - 4
MJBizMag April 2023 - 5
MJBizMag April 2023 - 6
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