MJBizMag July 2022 - 18

COMPANY NEWS U.S., Canada & International
privately held multistate cannabis
operator PharmaCann to expand
its facility in Hamptonburgh,
New York.
IIP closed a sale-leaseback deal
on the PharmaCann cultivation and
processing facility in 2016, acquiring
the property for $30 million. IIP has
since committed another
$33.5 million.
Under the amended lease, IIP
will provide $45 million " for the
development of a new industrial
building for cultivation and significant
enhancements in production
capacity as well as upgrades at the
existing facility.
NewLake Capital Inks
$30 Million Credit Facility
Marijuana industry real estate
investment trust NewLake
Capital Partners of New Canaan,
Connecticut, announced it secured
CANADIAN DEVELOPMENTS
Aurora Plans Closures,
Sells Greenhouse at Loss
Aurora Cannabis is closing its
flagship Aurora Sky facility in
Edmonton, Alberta, as well as
shuttering an outdoor farm in British
Columbia and the company's prized
Anandia testing and genetics division.
The Edmonton, Alberta-based
producer also acknowledged the
pending sale of its Sun facility in
Medicine Hat, Alberta, for $36 million
(CA$47 million), less than onefifth
of the amount the company
spent on the greenhouse.
Aurora said the moves are part
of a plan to save the company
$115 million-$130 million in annualized
costs by the first half of its
next fiscal year.
CannTrust Changes
Name to Phoena
Canadian cannabis producer
CannTrust Equity changed its
name to Phoena Holdings.
The name change comes as the
Vaughn, Ontario-based company
exited court-supervised proceedings
under the Companies Creditors
Arrangement Act (CCAA), after a key
subsidiary completed a financing
worth $13.3 million.
Phoena will continue to
operate in recreational and
18 July 2022 | MJBizMagazine
medical marijuana channels, with
no changes expected to current
operations, the company said in a
news release.
Canopy Inks Option
to Buy Jetty Extracts
Smiths Falls, Ontario-based Canopy
Growth Corp. entered a deal
giving it the right to buy Californiaheadquartered
Jetty Extracts for
at least $69 million in cash and
stock. The transaction is contingent
on federal legalization of marijuana
in the United States.
Canopy said it will have no economic
or voting interests in Jetty
until it elects to exercise the rights
to acquire the cannabis extracts
business.
Canopy previously entered two
similar deals that give the company
the right to acquire multistate operator
Acreage Holdings and edibles
maker Wana Brands when U.S.
marijuana prohibition ends.
Separately, Canopy Growth
slashed 245 jobs, or approximately
8% of its workforce, in April as part
of sweeping changes designed to
curb recent losses.
In a news release, Canopy said it
expects the adjustments to generate
up to $117 million in savings in 12
to 18 months.
Item 9 Labs Strikes Deal
for Sessions Cannabis
Arizona-based Item 9 Labs Corp.
signed an agreement to acquire
Wild Card Cannabis, which
includes Sessions Cannabis, one
of the largest marijuana franchise
companies in Canada.
The total purchase price is
$12.8 million in cash plus potential
earnout payments, according to a
regulatory filing. Two earnout payments,
the first due 12 months after
the closing date and the second
after 24 months, could add a total
of $8.2 million in stock to the deal.
Among the conditions to close
the deal is Item 9 Labs receiving
financing.
Sessions has 43 stores in
Ontario-the largest cannabis market
in Canada-with annual sales
exceeding CA$70 million from 18
franchisees, the companies said in a
news release.
Have a company announcement
you want us to consider? Send a
news release or general information
to magazine@mjbizdaily.com.
(Note: We're looking for news
about expansions, financing,
deals, partnerships and similar
developments, not product-related
announcements.)
a five-year revolving credit
facility worth $30 million, with
the possibility of expansion to
$100 million " as additional
lenders are added. "
The additional capital will
allow the company to continue to
invest in the cannabis industry,
Anthony Coniglio, NewLake Capital
Partners' president and chief
investment officer, said in a news
release.

MJBizMag July 2022

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