MJBizMag July 2020 - 20

CompanyNews | U.S., Canada & International
San Diego REIT Does $17.5 Million Backyard Deal
Innovative Industrial Properties (IIP), a real estate
investment trust based in San Diego that specializes
in sale-leaseback deals in the marijuana industry,
spent $17.5 million to complete such a transaction
near its Southern California headquarters.
IIP bought a 70,000-square-foot facility and quickly
signed a long-term lease with Kings Garden, a cannabis
company based in the Coachella Valley. Kings
Garden plans to use the facility to house a cannabis
cultivation, manufacturing and distribution operation.
This is the fifth leasing arrangement between IIP and
Kings Garden.
As of mid-May, IIP had invested roughly $740 million
in marijuana-related properties, according to the
company.
Omura Vape Company Raises $5 Million
California-based Omura, a
marijuana and hemp flower
vaporizer company, raised
$5 million, with a portion
of the funding coming from
Bruce Linton, former co-CEO
and founder of Canada's
Canopy Growth Corp.
The raise, while not major by cannabis industry
standards, is significant during the global coronavirus
pandemic, when investments are more
difficult to secure. Linton, who will join Omura as a
strategic adviser, most recently invested $1 million
in Minnesota-based multistate cannabis operator
Vireo Health.
Denver MJ Company Rebrands
Medicine Man Technologies,
a Denver-based multistate
cannabis operator, is now calling itself Schwazze, an
offshoot of a marijuana pruning technique developed
by the company. The name change and corporate
rebranding is designed to differentiate the company
and " marks the next stage of our strategic growth, "
Shane Sampson, chief marketing officer, said in a news
release announcing the move.
Schwazze also completed its acquisition of Mesa
Organics (aka MesaPur) and its Purplebee's business.
Mesa Organics operates four dispensaries in southern
Colorado.
Boston Liquor Delivery Pioneers Enter Cannabis
The entrepreneurs behind Boston-based Drizly, which
specializes in delivering alcohol directly to consumers,
are branching out into medical cannabis home deliveries
through a new company called Lantern. The new
service could give its MMJ retail partners an even bigger
boost in sales, particularly during the coronavirus
pandemic.
The company will roll out deliveries beginning with
medical cannabis patients in Boston before expanding
throughout Massachusetts. The company hopes
to eventually expand its delivery platform beyond
Massachusetts into other marijuana markets.
pay $40 million of its common shares. The company
will pay an additional $45 million (CA$61 million) in
cash and stock if certain financial targets are met.
Aurora Breaks Into U.S. Market
Canadian producer Aurora Cannabis struck a
$40 million (CA$54.3 million) stock deal to purchase
U.S. hemp firm Reliva, checking off a long-stated
ambition of the Alberta company's executives to
enter the American market.
Natick, Massachusetts-based Reliva sells hempderived
CBD products in more than 20,000 retail
stores. Under the terms of the acquisition, Aurora will
18 Marijuana Business Magazine | July 2020
Ontario Producer Raises $33 Million
Ontario-based cannabis
grower Hexo
Corp. announced the
closing of an underwritten
public offering
worth $33 million
(CA$46 million).
The offering sold 59.8 million units, each of which
included one common Hexo share and one common
share purchase warrant that is exercisable within five
years. Proceeds from the offering will be used " for
working capital and other general corporate purposes, "
according to a news release from Hexo.
CANADA DEVELOPMENTS
MJBizMag July 2020

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