MJBizMag March 2022 - 16

COMPANY NEWS U.S., Canada & International
The sale was contingent on
GB Sciences Exits Cannabis
Cultivation with Sale
of Las Vegas Site
Las Vegas-based GB Sciences is
leaving the cannabis cultivation
space to pursue further interests in
the biopharmaceutical industry.
The company closed the sale of
its only remaining cultivation facility
in Las Vegas for $8 million. Proceeds
from the sale include $1.2 million in
cash, $3.8 million in immediate debt
and liabilities reduction and a
$3 million interest-bearing note
payable to GB Sciences by the buyer
over a three-year term.
GB transferring its marijuana
production and extraction licenses
to AJE Management, per a
Nevada Cannabis Compliance Board
mandate.
Andrea Small-Howard, president
and chief science officer at GB
Sciences, confirmed in an email
to MJBizDaily that the company
remains in the medical cannabis
business, but its focus is on
pharmaceutical products.
California
and Nevada,
announced
the
acquisition
of Leef
Holdings,
a California
extraction company, for
$120 million.
Leef Holdings extracts and
distributes CBD concentrates in
Willits, California. The company also
has an edibles production line.
Under the terms of the
CBD Extraction Company
Sells for $120 Million
Icanic Brands, a Canadian firm
that offers marijuana products in
agreement, Icanic will acquire all of
Leef's stock for at least $120 million
or more based on Leef's revenue.
The acquisition, expected to be
completed before March 31, is
subject to approvals by regulators
and Leef shareholders.

http://www.fltled.com

MJBizMag March 2022

Table of Contents for the Digital Edition of MJBizMag March 2022

MJBizMag March 2022 - 1
MJBizMag March 2022 - 2
MJBizMag March 2022 - 3
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