MJBizMag January 2021 - 18

CompanyNews | U.S., Canada & International
CANNRA, and additional state regulators are expected
to join soon.
Membership is limited to regulators and
representatives from relevant government offices.
Membership in CANNRA is not available to industry
participants or advocacy organizations.
The Cannabis Regulators Association is not an
advocacy group and takes no formal position for
or against marijuana legalization. Rather, it seeks
to provide governments with information to make
informed decisions.
CANNRA will facilitate engagement between subjectmatter
experts in regulatory approaches for industrial
hemp and medical and adult-use marijuana. This
will include exchanges with research organizations,
public-health officials, policymakers, legal authorities,
advocacy groups and cannabis industry participants.
CANNRA members will be able to access a national
registry of member regulators, resources for cannabispolicy
development and staff training, and the group
will help develop standards and best practices for
marijuana regulation.
Copperstate Grows in Arizona
Copperstate Farms
Management is expanding its
footprint in Arizona through an
agreement to acquire control of two licensed medical
marijuana dispensaries in North Scottsdale and Tempe.
The dispensaries, Level Up, were formerly the property
of Los Angeles-based MedMen Enterprises and
branded as MedMen Arizona. Financial terms weren't
disclosed for the deal, which includes a 25,000-squarefoot
cultivation and processing warehouse.
Subversive SPAC
New York-based Subversive Capital Acquisition Corp.,
a special purpose acquisition company (SPAC), acquired
two California cannabis companies.
The company is purchasing marijuana brand Caliva
and cannabis investment firm and producer Left Coast
Ventures. The purchases will create a new parent
company, TPCO Holding Corp., and include
$36.5 million worth of equity commitments from new
and existing shareholders, according to a news release.
Terms of the transaction, which is expected to close this
month, were not disclosed.
Michigan MSO Raises Funds for Expansion
C3 Industries, a vertically integrated multistate
cannabis company based in Ann Arbor, Michigan,
closed two funding rounds in November that brought its
18 Marijuana Business Magazine | January 2021
total capital raised to about $45 million, the company
announced. C3 will use the capital to launch operations
in Massachusetts and Missouri and expand existing
operations in Michigan and Oregon.
Pennsylvania Company Raises Millions to Expand Grow
Pennsylvania-based Organic Remedies plans to build
out a 240,000-square-foot cultivation and processing
facility and three additional medical marijuana
dispensaries, thanks to a $22 million raise.
Florida-based Advanced Flower Capital, also known
as AFC Gamma, is providing the credit facility, which
can be drawn over the course of one year. The loan is
secured by first-lien mortgages on Organic Remedies'
properties and certain other assets.
4Front Uses Leaseback Deal to Cut Debt
Multistate operator 4Front Ventures is utilizing a
$30 million sale-leaseback transaction to rid itself of
debt to a corporate lender, the company said. The allcash
deal with California-based Innovative Industrial
Properties (IIP) involves the sale of cultivation and
production facilities owned by 4Front in Tumwater,
Washington, and Georgetown, Massachusetts. IIP will
then lease the facilities back to 4Front under 20-year
agreements so the Arizona company can continue to
use them.
The money will be used by 4Front to " pay down the
outstanding senior secured debt obligation to affiliates
of Gotham Green Partners " of California, according to a
news release.
Big Raise for Hydro
Grow Company
GrowGeneration Corp.,
a publicly traded company
that owns a chain of hydroponic garden centers,
intends to raise $125 million through a secondary
stock offering to fuel expansion, according to a filing
with the U.S. Securities and Exchange Commission.
Denver-based GrowGeneration also announced its
acquisition of Grassroots Hydroponics, a three-store
chain of hydroponic garden centers in Southern California.
Acreage Gets $12 Million Loan
Multistate cannabis operator Acreage Holdings agreed
to a $12 million construction loan to complete the
expansion of its cultivation and processing facility in
the fast-growing Illinois market. The financing is from
The Pelorus Fund, a cannabis-focused real estate
investment trust, and carries an annual interest rate of
16% over a term of 18 months.
MJBizMag January 2021

Table of Contents for the Digital Edition of MJBizMag January 2021
