MJBizMag January 2023 - 14

COMPANY NEWS U.S., Canada & International by MJBizDaily Staff
U.S. DEVELOPMENTS
Sean 'Diddy' Combs
to Purchase Assets From
Cresco and Columbia Care
Business mogul and rapper Sean
" Diddy " Combs agreed to buy
marijuana retail and production
assets owned by Columbia
Care and Cresco Labs for up
to $185 million, creating what is
being called the largest Blackowned
cannabis company in the
United States.
The sale of retail and production
facilities in three states will bring
New York-based Columbia Care
and Chicago-headquartered Cresco
closer to completing their merger.
That deal was announced in
March 2022 and valued at the time
at $2 billion.
The transaction must be
approved by regulators and receive
clearance from federal antitrust
officials. Cresco's acquisition of
Columbia Care is contingent on
Cresco's divestiture of assets to
meet regulatory requirements.
The deal with Combs will close
only if Cresco's purchase of Columbia
Care closes.
Verano Holdings
Refinances $350 Million
Credit Facility
Chicago-based multistate operator
Verano Holdings refinanced its
existing $350 million credit facility
from cannabis industry real estate
lender Chicago Atlantic.
Verano originally signed the
credit facility in July 2020, and a
regulatory filing shows it has been
amended multiple times.
According to a news release, the
senior secured loan now matures
in October 2026 and carries a
floating annual interest rate, currently
at 12.75%.
Subject to conditions, the
refinanced credit facility lets
14 January 2023 | MJBizMagazine
Verano " secure additional future
indebtedness of up to $270 million, "
including:
* $120 million in third-party
mortgages secured against real
estate.
* A $100 million accordion feature
to be funded at the option
of the existing lenders.
* A $50 million third-party
revolving credit facility upon
the passage of cannabis banking
legislation.
George Archos, Verano's CEO,
chair and founder, is one of the
lenders.
Berner: Cookies Will Sell
Marijuana Seeds
for Home Grows
International
marijuana brand
Cookies will
begin selling
seeds for home cultivation,
cannabis entrepreneur and rapper
Berner said at MJBizCon in Las
Vegas.
Berner, the CEO and co-founder
of Cookies, said that after beating
cancer in 2021, he wants to make
sure there is a plan for the wellknown
brand.
" I don't want a bunch of blue
buildings sitting around the world
with no plan and no vision, " he said.
The California-based executive
also plans to become bi-coastal
once New York welcomes recreational
marijuana, adding, " I think
Pennsylvania's going to be big. "
Goodness Growth Starts
Court Process After Verano
Ends Marijuana Acquisition
After vowing
legal recourse,
Minnesotabased
Goodness
Growth Holdings
filed a notice of civil claim seeking
unspecified damages after
multistate marijuana operator
Verano Holdings terminated their
acquisition deal.
Verano had signed a definitive
agreement in February 2022 to
acquire Goodness Growth for
$413 million but then announced on
Oct. 14 that it was backing out of
the agreement.
In the Oct. 21 notice of civil
claim-filed with the Supreme
Court of British Columbia to start
a lawsuit-Goodness Growth
reiterated that Verano scrapped
the deal after Goodness Growth
refused a lower price for all
outstanding shares of the company.
Goodness Growth is seeking damages
for breach of contract, good
faith and honest performance as
well as special, punitive, aggravated
or exemplary damages.
Shares of Goodness Growth
dropped by 60% after the deal was
terminated.
Green Thumb Inks Deal
to Sell Medical Cannabis
at Florida Gas Stations
Green Thumb Industries, one of
the biggest multistate operators
in the U.S., signed an agreement
with Circle K-one of the largest
convenience-store chains in the
world-allowing the cannabis
company to lease space and open
medical marijuana dispensaries
adjacent to Circle K locations in
Florida.
Chicago-based GTI plans to start a
" test and learn " rollout in 2023 with
about 10 stores around the state.
But Florida's medical cannabis
regulator confirmed to MJBizDaily
that the agency has yet to approve
the arrangement.
" The state of Florida has never,
ever approved the licensing of
https://mjbizdaily.com/cannabis-mso-verano-eyes-lucrative-markets-with-413-million-acquisition/ https://mjbizdaily.com/cannabis-mso-verano-eyes-lucrative-markets-with-413-million-acquisition/ https://mjbizdaily.com/marijuana-banking-among-reforms-on-table-in-upcoming-lame-duck-congress/ https://mjbizdaily.com/wp-content/uploads/2022/10/Goodness-Growth-notice-of-claim.pdf https://mjbizdaily.com/wp-content/uploads/2022/10/Goodness-Growth-notice-of-claim.pdf https://mjbizdaily.com/marijuana-banking-among-reforms-on-table-in-upcoming-lame-duck-congress/ https://mjbizdaily.com/cresco-labs-to-buy-rival-cannabis-mso-columbia-care-in-2-billion-deal/ https://mjbizdaily.com/cresco-labs-marijuana-asset-sales-could-total-500-million-after-columbia-care-deal/ https://mjbizdaily.com/cresco-labs-marijuana-asset-sales-could-total-500-million-after-columbia-care-deal/ https://mjbizdaily.com/cookies-ceo-berner-discusses-cannabis-brand-clothing-marijuana-industry/ https://mjbizdaily.com/goodness-growth-vows-to-take-legal-action-after-verano-scraps-cannabis-acquisition/ https://mjbizdaily.com/goodness-growth-vows-to-take-legal-action-after-verano-scraps-cannabis-acquisition/

MJBizMag January 2023

Table of Contents for the Digital Edition of MJBizMag January 2023

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