MJBizMag January 2022 - 16
COMPANY NEWS U.S., Canada & International by MJBizDaily & Hemp Industry Daily Staff
U.S. DEVELOPMENTS
Springbig to Go Public
on Nasdaq Via Marijuana
SPAC Transaction
Marijuana marketing
software company
Springbig in Boca
Raton, Florida,
plans to go public
through a merger
with Tuatara Capital Acquisition,
a special purpose acquisition
company (SPAC) in New York City.
The transaction will create
a company worth roughly
$500 million, including approximately
$200 million worth of
cash on hand after closing. The
estimated value of the combined
company is based on a price of
$10 per share.
The deal is subject to approval
by Tuatara shareholders and other
conditions.
Curaleaf to Buy Tryke
for $286 Million
Cannabis
multistate
operator
Curaleaf
Holdings of
Massachusetts signed a definitive
agreement to acquire Arizona-based
MSO Tryke Cos. in a cash-andstock
transaction currently valued
at $286 million.
The acquisition of Tryke,
which does business as Reef
Dispensaries, will expand
Curaleaf's presence in Arizona,
Nevada and Utah. The deal is
expected to close in the second half
of 2022, contingent on regulatory
and other approvals.
Under terms of the agreement,
Massachusetts-based Curaleaf will
pay $40 million in cash at closing
and $75 million in cash in equal
installments on the first, second and
16 January 2022 | MJBizMagazine
third anniversaries of the closing.
Curaleaf also will pay 17 million
shares of stock in equal installments
on the first, second and third
anniversaries. In addition, 1 million
Curaleaf shares will be paid in 2023,
based on the business exceeding
certain profit targets for 2022.
SPAC Raises $200M
to Target Companies
A California-based SPAC raised
$200 million in an initial public
offering to target companies
involved in the medical cannabis or
cannabinoid industry.
Canna-Global Acquisition Corp.
started trading on the Nasdaq after
offering 20 million units at $10 per
share. Each unit consists of one
share of the company's common
stock and one warrant entitling the
holder to purchase a share of stock
for $11.50.
Canna-Global, which also
will target ancillary cannabis
businesses, said it won't invest in
a business that is in violation of
the U.S. Controlled Substances Act.
In its prospectus, Canna-Global
said it " hasn't yet initiated any
substantive discussions, directly
or indirectly, with any business
combination target. "
Ayr Wellness Raises
$150 Million in Capital
After Acquisitions
Cannabis
multistate operator
Ayr Wellness
borrowed
approximately
$150 million in
an additional
offering of senior
secured notes. The debt bears a
12.5% interest rate and matures in
December 2024.
According to a news release, " Ayr
intends to use the net proceeds
from the issuance of the Notes to
fund capital expenditures, including
construction and improvement
costs, as well as acquisitions and for
general corporate purposes. "
Schwazze Borrows $95M,
Acquires N.M. Operations
Colorado
cannabis
company
Schwazze
raised
$95 million in capital and struck
a deal worth $42 million for
acquisitions in New Mexico.
The Denver-based company's
acquisitions in New Mexico
include " substantially all the
operating assets " of Reynold
Greenleaf & Associates,
described as " a licensed medical
cannabis provider with 10
dispensaries, four cultivation
facilities-three operating and
one in development-and one
manufacturing location. "
The deal includes the equity of
Elemental Kitchen & Laboratory,
described as a " manufacturing
asset, " as well as the right to
acquire the medical licenses
of Medzen Services and R.
Greenleaf Organics.
The acquisitions are expected
to close " within the next quarter, "
subject to closing conditions and
regulatory approvals.
The capital raise includes
$93 million worth of convertible
notes that carry a 13% annual
interest rate over a five-year term
and are secured against company
assets, according to a news release.
Schwazze will pay $25 million in
cash for the acquisitions in addition
to a seller's note worth $17 million.
MJBizMag January 2022
Table of Contents for the Digital Edition of MJBizMag January 2022
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