MJBizMag April 2023 - 14

COMPANY NEWS U.S. & International
INTERNATIONAL DEVELOPMENTS
Canopy Growth Raising
$95M in Debt Offering
Canadian
cannabis
producer
Canopy
Growth Corp. entered into an
agreement with an institutional
investor for a convertible debt
issuance worth up to CA$203 million
($150 million) in two tranches.
Per the terms of the deal, the
investor is purchasing $100 million
of the convertible debentures in
an initial tranche, the Smiths Falls,
Ontario-based company said in a
news release. An additional
$50 million could be purchased in a
second tranche if certain conditions
are satisfied.
The convertible debentures,
which mature Feb. 28, 2028, will
bear interest at a rate of 5% per
year from the date of issuance,
payable in common shares.
Canopy said it intends to use
proceeds for working capital and
general corporate purposes.
SNDL Closes
Superette Purchase
Calgary, Alberta-based SNDL closed
its purchase of five Superette
cannabis stores in Ontario as part
of a deal arranged through Canada's
insolvency law.
SNDL did not disclose the value of
its acquisitions in Ottawa and Toronto.
SNDL had put in a stalkinghorse
bid on Superette's assets in
August 2022 as part of proceedings
under the Companies' Creditors
Arrangement Act.
In addition to the five stores,
SNDL gained " intellectual property
rights related to the Superette
brand, " according to a news release.
The Superette locations are
among 26 marijuana stores that
14 April 2023 | MJBizMagazine
will be transferred to Nova
Cannabis as part of a deal
between SNDL and Nova that is
expected to close in May.
Canadian Cannabis Market
Sees Layoffs Continue
Several Canadian cannabis
producers continued to reduce
staff this year, as the industry sees
reduced profit margins. Among
the recent announcements of staff
reductions:
* Canopy Growth announced
it would close its flagship
cultivation facility in Smiths
Falls, Ontario, and cut more
than a third of its workforce
as part of a shift to an " assetlight
model. " The staff reduction
of approximately 35%
includes 800 positions.
*
Ontario-headquartered
Aleafia Health said it cut
its full-time equivalent staff
head count by 20% as part of
a push to reduce expenses.
Forty full-time equivalent
positions were cut, according
to information that Aleafia
provided to MJBizDaily.
* SNDL cut 85 jobs as a part of
a plan to deliver roughly
CA$9 million ($6.7 million) in
cost savings.
Atlas Global Brands
to Buy Israeli Pharmacies
Canadian marijuana producer Atlas
Global Brands
entered into
binding letters
of intent to buy
majority positions in two cannabis
pharmacies in Israel. The Chatham,
Ontario-based cannabis firm would
control seven pharmacies when the
proposed acquisitions close.
Under the terms of the deal, Atlas
said it would indirectly acquire
a 70% interest in Tel Aviv-based
" Pharmacy 1 " for 1.3 million new
Israeli shekels ($352,738), payable at
closing.
The company said it also plans to
indirectly acquire a 51% interest in
Jerusalem-based " Pharmacy 2 " for
1.132 million Atlas shares valued at a
deemed price of CA$1 (73 cents) per
share, also payable at closing.
The announcements came one
week after Atlas entered an " exclusive
international licensing agreement "
with hip-hop artist Calvin
Broadus Jr., aka Snoop Dogg.
InterCure Files Lawsuit
Over Nixed Acquisition
Israeli medical
cannabis producer
InterCure said it
is suing Cann Pharmaceuticals,
which does business as Better, over
a failed merger.
The company's $35 million allstock
acquisition of Better was
terminated this year, and InterCure
said it filed the lawsuit " to recover
funds loaned and invested ...
in connection with the merger
agreement. "
InterCure said that it lent money
and cultivation services to Better
during negotiations, but Tel Aviv,
Israel-headquartered Better has
" refused to repay the company. "
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 product-related
announcements.)
https://mjbizdaily.com/canadas-sndl-shifts-retail-strategy-in-deal-with-nova-cannabis/ https://www.sec.gov/Archives/edgar/data/1737927/000119312523042754/d455692ds3asr.htm https://www.sec.gov/Archives/edgar/data/1737927/000119312523042754/d455692ds3asr.htm https://www.globenewswire.com/news-release/2023/02/14/2607637/0/en/InterCure-Files-Lawsuit-Against-Cann-Pharmaceuticals-to-Recover-Funds-Following-Failed-Merger.html https://www.globenewswire.com/news-release/2023/02/13/2606529/0/en/Aleafia-Health-Announces-Q3-FY2023-Results-International-Expansion-and-Second-Quarter-of-Profitability.html https://www.globenewswire.com/news-release/2023/02/13/2606529/0/en/Aleafia-Health-Announces-Q3-FY2023-Results-International-Expansion-and-Second-Quarter-of-Profitability.html https://mjbizdaily.com/intercures-35m-purchase-of-israeli-marijuana-producer-better-scrapped/ https://www.newswire.ca/news-releases/sndl-announces-cost-saving-measures-and-rightsizing-of-cannabis-operations-at-alberta-facility-892485810.html https://www.newswire.ca/news-releases/sndl-inc-enters-into-a-bid-agreement-to-acquire-superette-assets-806711645.html https://www.newswire.ca/news-releases/sndl-inc-enters-into-a-bid-agreement-to-acquire-superette-assets-806711645.html

MJBizMag April 2023

Table of Contents for the Digital Edition of MJBizMag April 2023

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