MJBizMag August 2021 - 14

CompanyNews | U.S., Canada & International
By MJBizDaily and Hemp Industry Daily staff
Recent deals, acquisitions
and other announcements
from cannabis companies
Vireo Health Changes Name,
Moves Into Psychedelics
Minneapolis-based multistate
marijuana operator Vireo Health
made two strategic moves on June 8, announcing a
name change to Goodness Growth Holdings and an
expansion into psychedelics.
Vireo will remain the flagship brand of the compaWeedmaps
Joins Nasdaq With $579 Million Infusion
Cannabis advertising platform Weedmaps started
trading on the Nasdaq on June 16 after completing its
merger with special purpose acquisition company Silver
Spike Acquisition Corp.
The transaction brought California-based Weedmaps, a
leading but sometimes controversial online marketplace
for cannabis consumers and businesses, $579 million in
gross proceeds, according to a news release.
In connection with the closing of the deal, Silver Spike
changed its name to WM Technology.
Cannabis SPAC Seeks to Raise $100 Million in IPO
Northern Lights Acquisition Corp., a special purpose
acquisition company (SPAC) focusing on the cannabis
industry, is trying to raise $100 million for acquisitions
and other business combinations by going public, according
to a registration statement and preliminary prospectus
filed with the U.S. Securities and Exchange Commission.
Northern Lights intends to issue 10 million units at
$10 per unit through the IPO. Each unit includes one common
share and half of a redeemable warrant. Full warrants
can be exercised to purchase one common share at
$11.50 per share. An over-allotment option would allow
the underwriters to purchase up to 1.5 million more units.
The SPAC said it has applied to list its units, common
shares and warrants on the Nasdaq Capital Market.
The Denver-based blank-check company was formed in
Delaware in February.
Hydroponics Firm Buys Nutrient Business for $161M
Marijuana hydroponics equipment and supplies
company Hydrofarm Holdings Group struck a deal
to acquire organic nutrient and grow media company
Aurora Innovations for $161 million.
Fairless, Pennsylvania-based Hydrofarm said it will
bankroll the deal using a combination of cash and
approximately $26 million in stock.
Along with Aurora Innovations, the acquisition includes
Aurora International and Gotham Properties, all based
in Eugene, Oregon. The companies manufacture and
supply organic hydroponic products including grow
media and nutrients.
14 MJBiz Magazine | August 2021
ny's medical products, according to a news release.
Entering the psychedelics market will fall under the
company's science and intellectual property incubator,
Resurgent Biosciences.
Company Chair and CEO Kyle Kingsley told MJBizDaily
that psychedelics have " the potential to transform
psychiatric medicine. "
Cronos Inks Deal to Buy PharmaCann Stake for $110M
A subsidiary of Toronto-based Cronos Group has an
option to acquire approximately 10.5% of Chicago-based
PharmaCann, a privately held cannabis company in the
United States, for $110.4 million.
The sum was deposited by Cronos via a third-party
agent to be distributed to PharmaCann shareholders,
according to a news release.
Marijuana MSO PharmaCann
Completes $85M Debt Offering
Multistate marijuana operator
PharmaCann has completed a private debt offering of
$85 million in senior secured notes at a 12% interest rate.
The company said net proceeds from the offering
were approximately $79.9 million, which " will be
used for strategic growth opportunities and general
corporate purposes. "
PharmaCann did not identify who purchased the
notes but described the buyers as " leading U.S. and
Canadian lenders " in a news release. The notes are
due June 30, 2025.
Australis Capital Is Now Audacious Brands
Marijuana operator Australis Capital will now do business
as Audacious Brands. The Las Vegas-based company,
which trades on the Canadian Securities Exchange and on
U.S. over-the-counter markets, will consolidate its brands
under the new moniker and is planning an acquisition
spree, according to a news release.
Greenrose to Delist From Nasdaq,
Trade on OTC Markets
Cannabis industry special purpose acquisition company
Greenrose Acquisition said it will delist its shares
U.S. DEVELOPMENTS
MJBizMag August 2021

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