MJBizMag January 2021 - 16

CompanyNews | U.S., Canada & International
By Omar Sacirbey
Recent deals, acquisitions
and other announcements
from cannabis companies
facility in Taneytown, Maryland, and the Herbology
dispensary in Gaithersburg.
Curaleaf also announced the sale of Curaleaf
Maryland, which holds a processing license in
Cumberland, for $4 million. The company did not reveal
the buyer in that transaction.
Weedmaps Readies IPO Valued at $1.5 Billion
Weedmaps owner WM Holding Co. announced that the
cannabis advertising giant is merging with Silver Spike
Acquisition, a blank-check acquisition firm, in a deal to go
public that values the resulting company at $1.5 billion.
The transaction will provide up to $575 million of
gross proceeds, including $325 million through a fully
committed common stock PIPE, or private investment in
public equity transaction, according to a news release.
The business pulled in at least $439 million in
revenue from 2015 through 2019, according to
U.S. Securities and Exchange Commission filings. It
is expecting $160 million in revenue this year and
estimates that revenues in 2021 will hit $205 million.
Mega-Merger Announced
Marijuana multistate operator Verano Holdings announced
a definitive agreement to acquire Florida-based Alternative
Medical Enterprises (AltMed) for an undisclosed price,
creating one of the nation's largest cannabis companies
with 44 retail locations in 14 states.
The merger gives Illinois-based Verano, which was
active in 12 states before the deal, a strong presence
in Florida's rapidly growing medical marijuana market
as well as a vertical license in Arizona, where voters
legalized an adult-use market on Election Day.
Company executives didn't disclose the value of the
deal but indicated the transaction will mostly involve
stock. The combined company will operate under the
name Verano.
TerrAscend Buys Curaleaf Assets
Cross-border marijuana firm TerrAscend Corp. of
Ontario, Canada, announced an agreement to acquire
HMS, a Maryland medical cannabis processor and
cultivator, from Curaleaf Holdings for $27.5 million. The
price tag includes $25 million in cash plus a $2.5 million
note at 5% annual interest due to Curaleaf in April 2022.
The deal is subject to regulatory approval.
Massachusetts-based Curaleaf said the sale of HMS
will allow it to proceed with its proposed acquisition of
Maryland Compassionate Care and Wellness, which
has a 55,000-square-foot cultivation and processing
16 Marijuana Business Magazine | January 2021
Ayr Makes Debt, Acquisition Deals
Multistate marijuana operator Ayr
Strategies announced that it has
increased a $75 million debt offering to
$110 million because of strong demand,
and also acquired a competitor. Ayr, which is based in
New York but has offices in Toronto, said proceeds will be
used to complete marijuana facilities in Arizona, Ohio and
Pennsylvania, and to fund additional expansion.
The secured notes were issued at a 12.5% interest
rate. Ayr also raised $25 million from investors exercising
stock-warrant options, providing the company with
$135 million in capital.
The company also announced an $81 million acquisition
deal that gives it three storefronts in the Phoenix area
and two cultivation facilities. Ayr purchased a company
that operates under the dispensary brand Oasis for
$10 million in cash, $41 million in stock and $30 million
in seller notes.
Jushi Raises $76 Million
Multistate marijuana operator Jushi
Holdings listed $76.4 million of secured debentures for
trade on the Canadian Securities Exchange. The publicly
traded notes were issued to some holders of that debt
who swapped private notes for public notes, according to
a news release. Senior secured notes worth nearly
$7 million remain privately held. The secured debt bears
10% interest per year, payable quarterly up to the maturity
date of Jan. 15, 2023.
The Florida-based MSO recently announced it will invest
$50 million to expand its cultivation and processing
facility in Scranton, Pennsylvania.
San Diego-based Innovative Industrial Properties
will partly finance the expansion project through an
amended lease agreement, Jushi said in a news release.
Regulators Association Created
State marijuana regulators from across the country
announced the formation of the Cannabis Regulators
Association (CANNRA), a nonpartisan organization to
assist federal, state and local jurisdictions that have
approved or are considering MJ legalization. Cannabis
regulators from 19 states have joined to establish
U.S. DEVELOPMENTS

MJBizMag January 2021

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