MJBizMag March 2021 - 20

CompanyNews | U.S., Canada & International
Power REIT Raises $37 Million
Specialty real estate investment trust Power REIT,
which has a portfolio that includes marijuana production
facilities, raised $37 million through a rights offering
that sold roughly 1.4 million shares at $26.50 per
share. The capital will help Power REIT make strategic
acquisitions. Power REIT said $4.5 million worth of
proceeds from the offering would be used to finance
acquisitions. The company will have " approximately
$32.2 million available for additional investment. "
Power REIT also announced the acquisition of a
37,000-square-foot Southern California greenhouse
used for cannabis cultivation in a cash-and-stock deal
worth $7.7 million. The Riverside County property, which
already is leased to cultivator and flower brand Canndescent,
was acquired from another private real estate
investment trust. The transaction involved $2.7 million
in cash and 192,308 shares of Power REIT stock, which
closed at $26 per share on Feb. 2.
MSO Wins Loan for Litigated Grow
Cannabis multistate operator iAnthus said it closed on
$11 million of financing to complete a build-out and
improvements of a cultivation and processing facility
in New Jersey. The facility is the subject of litigation
between MPX New Jersey and New York-based iAnthus,
which said in a statement it received permission from a
New Jersey court to proceed with the construction.
The $11 million loan carries an interest rate of 14%,
and the notes are due in February 2023. The loan is
secured by all of the company's New Jersey marijuana
assets, which include a medical cannabis dispensary in
Atlantic City.
The interest rate would decrease to 8% upon
completion of iAnthus' financial restructuring plan,
which was approved in a Canadian court late last year.
The MSO said it expects the expanded facility, once it's
completed, to be subleased to MPX New Jersey and
that it applied with state regulators to open two satellite
medical marijuana dispensaries.
Tech Firm Files
for $54 Million IPO
Agrify Corp., an ancillary
marijuana business that produces hardware and
software for indoor marijuana growers, began trading on
the Nasdaq exchange on Jan. 28, raising $54 million in
a 5.4 million share offering priced at $10 per share. The
ag-tech company in Burlington, Massachusetts, trades
as AGFY. Agrify said it will spend the offering proceeds
on research and development, capital expenditures,
working capital and general corporate purposes.
Valens IPO
The Valens Co. filed a base
shelf prospectus with securities
regulators in Canada that
would enable the cannabis-derivative manufacturer to
raise up to $117 million (CA$150 million) in aggregate
over the next 25 months. According to the new filing,
the British Columbia-based company intends to use any
net proceeds for " general corporate purposes, strategic
initiatives and international expansion. " The transaction
will cost Valens roughly $19.6 million in cash and shares.
Valens also recently entered into a definitive
agreement to buy LYF Food Technologies, a cannabis
edibles producer.
20 Marijuana Business Magazine | March 2021
Aurora Raises $125 Million, Strikes Aussie Deal
Aurora Cannabis is raising $125 million via a stockpurchase
deal to finance general corporate activities,
which might include " opportunistically reducing debt, "
the Alberta company announced. Aurora said in a
news release that it entered into an agreement with a
syndicate of underwriters led by BMO Capital Markets
and ATB Capital Markets.
The underwriters agreed to buy 12 million units
on a bought deal basis at a price of $10.45 apiece.
Each unit consists of a common share and half of one
common share purchase warrant at an exercise price of
$12.60 per share. Aurora trades as ACB on the Toronto
Stock Exchange and New York Stock Exchange.
Aurora also signed a five-year supply agreement
with MedReleaf Australia. The deal makes the
company the exclusive supplier of Canadian producers
MedReleaf, CanniMed and Aurora brands. The cannabis
will be cultivated at Aurora's European Union-Good
Manufacturing Practice-certified facility in Canada.
No capital investment on behalf of Aurora is required
as part of the agreement. Aurora holds a 10% stake in
MedReleaf Australia.
CANADA DEVELOPMENTS

MJBizMag March 2021

Table of Contents for the Digital Edition of MJBizMag March 2021

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