MJBizMag March 2022 - 14

COMPANY NEWS U.S., Canada & International by MJBizDaily & Hemp Industry Daily Staff
U.S. DEVELOPMENTS
Verano Eyes Three Markets
With $413M Acquisition
Chicago-based
multistate
operator
Verano
Holdings
signed a
definitive agreement to acquire
Goodness Growth Holdings for
roughly $413 million, a move that
will enable the cannabis multistate
operator to expand into Minnesota,
New Mexico and New York.
The deal, which also includes
operations in Arizona and Maryland,
positions Verano to expand
in several new and emerging
recreational marijuana markets.
Under the terms of the
agreement, Verano will issue
0.22652 shares for each Goodness
Growth share and 22.652 shares
for each Goodness Growth super
voting share. When the acquisition
is completed, Verano's operational
footprint will span 15 states and
include 1.3 million square feet of
cultivation capacity as well as
111 retail outlets.
IIPR does seem to have
underperformed both its peer
group and MSOS ETF year-to-date.
The REIT is down more than 25%
versus a decline of only about 10%
for its peers.
Still, Viridian Capital Advisors
believes the reintroduction of the
SAFE Banking Act is primarily to
blame. Renewed hope of banking
reform spiked the MSOS ETF index
upward by more than 10%.
first tranche of $350 million, which
closed in October.
Florida-based Trulieve said it
intends to use the proceeds for
capital expenditures and other
corporate purposes.
Silver Spike Aims
to Raise $125 Million
Silver Spike Investment
Corp. announced plans to raise
$125 million through an initial
public stock offering and use the
proceeds to make loans or equity
investments in " middle-market "
cannabis companies.
The specialty finance company
expects to list on the Nasdaq and
be managed by New York-based
Silver Spike Capital.
Silver Spike Investment plans to
sell approximately 8.9 million shares
at $14 per share, with an option
to sell about 1.3 million additional
shares.
Cannabis REIT Cancels
$300 Million Notes Offering
San Diego-based cannabis real
estate investment trust (REIT)
Innovative Industrial Properties
canceled a senior note offering to
raise an aggregate principal amount
of $300 million.
Innovative Industrial Properties
(IIP) announced the offering on
Feb. 1, but three days later, the
company said it would not proceed
with the issue " due to market
conditions. "
14 March 2022 | MJBizMagazine
Trulieve Closes
on Final Slice
of $425M Raise
Multistate operator Trulieve
Cannabis said it closed on a
private placement offering of
$75 million, the second tranche
of a marijuana industry-record
$425 million debt raise.
The senior secured notes, due in
2026, carry an annual interest rate
of 8%, which is among the lowest
for the cannabis industry. The
notes have the same terms as the
Leafly Closes SPAC Merger,
Goes Public on Nasdaq
Cannabis commerce platform
Leafly Holdings started trading
on the public stock markets after
completing its previously announced
merger with special purpose
acquisition company Merida
Merger Corp. I in early February.
Seattle-based Leafly is trading on
the Nasdaq under the ticker symbol
LFLY. Merida Merger, sponsored by
New York-based Merida Capital
Holdings, adopted the Leafly name
and is no longer trading as MCMJ.
Creso Pharma Enters
U.S. Markets With
$21 Million Acquisition
Australian
marijuana
producer Creso
Pharma is the
latest company entering the United
States via a CBD maker. Creso
Pharma announced that it is buying
Sierra Sage Herbs in an all-stock
deal worth $21 million.
Based in Lyons, Colorado, Sierra
Sage Herbs makes a range of wellness
products, including some with
CBD. The company, which produces
the Green Goo and Southern Butter
CBD brands, has distribution in
more than 110,000 outlets nationwide,
including Walmart and CVS
Pharmacy locations.
The $21 million deal also includes
the potential for future stock
payouts in 2022 and 2023 if Sierra
Sage Herbs hits certain revenue
targets.
MJBizMag March 2022

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