MJBizMag July 2020 - 18

CompanyNews | U.S., Canada & International
By Omar Sacirbey
Recent deals, acquisitions
and other announcements
from cannabis companies
In April, LivWell acquired
longtime Colorado edibles
maker Sweet Grass Kitchen
for an undisclosed sum. The
company also purchased
marijuana retailer Infinite
Wellness Center in Fort
Collins, Colorado, in 2019.
Ethos Picks Up Seven Licenses
from 4Front Ventures
Multistate operator
Ethos Cannabis of
Pennsylvania reached
a $22 million deal with
a competing MSO
from Arizona, 4Front
Ventures, to purchase
the rights to seven medical
marijuana dispensaries
in Maryland and
Pennsylvania. Terms of the deal were not disclosed.
Only five of the stores Ethos is acquiring are currently
operating under 4Front's brand of Mission dispensaries.
They are located in Allentown, Pennsylvania,
and the Maryland towns of Catonsville, Glenmont,
Hampden and Rockville. The Pennsylvania acquisition
comes with an option for Ethos to launch two additional
dispensaries in the state, bringing to seven the
number of dispensaries acquired.
4Front plans to use the proceeds to retire existing
debt and focus on operations in California, Illinois,
Massachusetts and Michigan.
The acquisitions are pending approval from regulators
in both states. All stores will be rebranded from
4Front's Mission to Ethos Cannabis.
LivWell Buying Spree: Mindful and Sweet Grass
Colorado-based
LivWell Enlightened
Health continued
its acquisition spree
with the purchase of
competing retail chain
Mindful, which owns
five cannabis stores in
the state. The acquisition
of shops in Aurora,
Berthoud, Colorado
Springs and Denver expands LivWell's footprint to 22
storefronts across Colorado. Financial terms of the
acquisition were not disclosed.
16 Marijuana Business Magazine | July 2020
Acreage Nabs $15M High-Interest Loan, $60M Raise
Multistate operator Acreage Holdings, which has
been slashing overhead costs and selling unprofitable
assets, secured a $15 million short-term loan with a
whopping 60% yearly interest rate, the company said
June 16.
The secured note, obtained from a private investor,
matures in four months, according to a news release.
Acreage put up as collateral its marijuana business
facilities in Florida, Illinois and New Jersey as well as
its intellectual property. Under the terms of the loan,
if Acreage were to default, it would owe the lender an
additional $6 million.
The loan follows an announcement that Acreage had
agreements in place to raise up to $60 million, which
would dilute exist ing shareholder stock.
Since April, the company has enacted furloughs,
scrapped a Nevada acquisition and sold its medical
marijuana operation in North Dakota as well as
undeveloped real estate in Massachusetts.
Greenbits Raises $23 Million
San Jose, California-based
cannabis technology
firm Greenbits, which
processes $3.7 billion in
sales in more than 1,200
marijuana stores across
the United States each
year, raised $23 million in a financing round.
Greenbits said it will use the Series B funding to:
* Accelerate sales.
* Fund marketing.
* Develop products.
* Expand into new markets.
The financing for Greenbits was led by New Yorkbased
investment firm Tiger Global Management
and Los Angeles-headquartered Casa Verde Capital.
Casa Verde also invested in Greenbits in 2017 and
2018. Existing investors and software industry
executives also provided part of the $23 million,
according to Greenbits.
U.S. DEVELOPMENTS
MJBizMag July 2020

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