MJBizMag April 2023 - 13

COMPANY NEWS
Synthetic Cannabinoid
Firm Nalu Bio Nets $12M
Nalu Bio, a
San Franciscobased
producer
of synthetic
cannabinoids, said it raised $12
million in a Series A funding
round led by Intrinsic Capital
Partners, a Pennsylvania-based
investment firm focused on science
and technology businesses in the
cannabis industry.
Nalu Bio plans to use the funds
to accelerate growth and scale
production of cannabinoids
for consumer products and
therapeutics after its " costeffective "
synthesis of THCV,
a nonpsychoactive minor
cannabinoid.
Metrc Threatens to Close
Overdue Accounts
Track-and-trace
software provider
Metrc threatened
to shutter the accounts of more
than 100 Michigan cannabis
companies over missed monthly
payments, creating turmoil in the
roughly $2 billion market.
A widespread shuttering of
accounts would jeopardize the
operations of many plant-touching
companies that rely on Metrc
software to comply with state
regulations.
The state's top marijuana
regulator convinced Metrc to agree
to a 30-day moratorium, MJBizDaily
confirmed.
California Budtenders
Join Teamsters
Budtenders at
Captain Jack's
Dispensary in
San Bernardino,
California, joined Teamsters Local
1932, which represents more than
14,000 workers in the state's
Inland Empire, according to a news
release.
The chapter is part of the
1.2 million-member International
Brotherhood of Teamsters, which
has been steadily picking up new
members as the marijuana industry
expands. The United Food and
Commercial Workers Union also
has been successful organizing
workers in the cannabis industry.
Arkansas Lawsuit Alleges
Inflated THC Levels
A medical cannabis patient in
Arkansas is suing three MMJ
cultivators and a lab in the state,
alleging products made and tested
by the companies had less THC
potency than what was advertised.
Growers Bold Team and Osage
Creek Cultivation as well as the
Steep Hill testing lab were all
named in the lawsuit filed in Pulaski
County Circuit Court.
The suit alleges there are
discrepancies between Steep Hill's
cannabis test results and those
from a third-party lab. The suit
also accuses Steep Hill of inflating
THC potency results to incentivize
companies to hire them.
Skymint in Receivership
After Being Sued
Michigan-based cannabis
cultivator and retailer Skymint is
in receivership after a Canadian
investment firm filed a lawsuit
claiming the company owes more
than $127 million.
Calgary, Alberta-based Tropics
LP alleges that Green Peak
Innovations, which operates as
Skymint, generated $153 million less
than what it forecast in 2022.
The lawsuit, filed March 3, alleges
that subsidiaries have borrowed
more than $81 million from
Tropics since 2021 and have been
" chronically in default of their loan
obligations. "
In a concurrent lawsuit, New
York investment firm Merida
Capital Holdings filed a
complaint in Oakland County
Circuit Court alleging that Green
Peak misrepresented its financial
standing and was mismanaged.
Both Tropics and Merida were
involved in a $78 million funding
that allowed Skymint to acquire
Michigan retailer 3Fifteen
Cannabis in September 2021.
Ingham Circuit Court in Lansing
placed the company under control
of receiver Gene Kohut of Trust
Street Advisors in Detroit.
Skymint said in a statement
that the receivership would give
the company an opportunity to
reorganize its debt and meet its
financial obligations.
Because marijuana is federally
illegal, cannabis companies cannot
turn to bankruptcy to escape
financial entanglements but do
have options such as receiverships.
Chicago Atlantic Extends
Credit Facility
Cannabis real estate financing
company Chicago Atlantic Real
Estate Finance extended its
$92.5 million secured revolving
credit facility by an additional year.
The revolving loan to Chicago
Atlantic's financing subsidiary,
Chicago Atlantic Lincoln, will now
mature in December 2024 with a oneyear
extension option, the parent
company said in a news release.
Green Check Verified
Raises $6 Million
Florida-based marijuana fintech
provider Green Check Verified
raised $6 million in a Series A
funding round led by venture
capital investment firm Mendon
Venture Partners.
Green Check Verified did not
specify what the money would be
used for.
mjbizdaily.com | April 2023 13
https://www.prnewswire.com/news-releases/nalu-bio-announces-a-12m-series-a-to-set-a-higher-standard-for-cannabinoid-production-301757177.html https://www.prnewswire.com/news-releases/nalu-bio-announces-a-12m-series-a-to-set-a-higher-standard-for-cannabinoid-production-301757177.html https://mjbizdaily.com/michigans-skymint-secures-78-million-in-financing-acquires-cannabis-retailer/ https://arkansasadvocate.com/2023/02/27/patient-sues-arkansas-medical-marijuana-growers-lab-over-alleged-thc-inflation/ https://mjbizdaily.com/receiverships-or-restructuring-for-cannabis-firms-over-federal-bankruptcy/ https://www.globenewswire.com/news-release/2023/02/28/2616876/0/en/Chicago-Atlantic-Real-Estate-Finance-Amends-its-Revolving-Credit-Facility-to-Extend-Maturity-to-December-2024.html https://www.crainsdetroit.com/cannabis/skymint-receivership-after-creditors-allege-mismanagement https://www.businesswire.com/news/home/20230222006024/en/Cannabis-Banking-Technology-Leader-Green-Check-Verified-Raises-6-Million-in-a-Series-A-Led-By-Mendon-Venture-Partners https://www.lansingstatejournal.com/story/news/local/2023/03/08/lawsuit-dimondale-cannabis-company-owes-more-than-127m-skymint-in-receivership/69984512007/ https://www.lansingstatejournal.com/story/news/local/2023/03/08/lawsuit-dimondale-cannabis-company-owes-more-than-127m-skymint-in-receivership/69984512007/ http://www.mjbizdaily.com

MJBizMag April 2023

Table of Contents for the Digital Edition of MJBizMag April 2023

MJBizMag April 2023 - 1
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