MJBizMag March 2023 - 14

COMPANY NEWS U.S. & International by MJBizDaily Staff
U.S. DEVELOPMENTS
LeafLink Raises $100M
Amid Management Shuffle
New Yorkbased
cannabis
wholesale
technology platform LeafLink
raised $100 million in a Series D
financing as its founders transition
into new roles at the company.
According to a news release, the
financing was led by CPMG, L2
Ventures and Nosara Capital and
will come in two tranches.
" The Series D financing provides
us with a strong balance sheet
that will enable continued innovation
alongside our customers, "
co-founder and CEO Ryan Smith
said in a statement.
Ayr Wellness Backs Off
From $55M Acquisition
Multistate operator Ayr Wellness
said it has canceled its acquisition
of Chicago cannabis retail operator
Dispensary 33, citing changing
market conditions.
Ayr's proposed acquisition of
Dispensary 33 and its two Chicago
retail locations was originally
announced in November 2021. The
$55 million price tag was to be
satisfied by cash, seller notes and
Ayr shares.
Curaleaf Bails on 3 States,
Cuts Workforce by 4%
Marijuana multistate operator
Curaleaf Holdings said that
it will shutter the majority of
its operations in three western
states-California, Colorado and
Oregon-and reduce its payroll by
10% in the latest sign of ongoing
difficulties for the cannabis market
as a whole.
The payroll reduction, which
amounts to a 4% cut in Curaleaf's
workforce, will save the Wakefield,
14 March 2023 | MJBizMagazine
Massachusetts-based company
$60 million in 2023, according to a
news release.
In reporting third-quarter 2022
results last November, Curaleaf
said it employed about 6,000 and
operated in 22 states.
MJ Workers Unionize
in California and Illinois
Cannabis industry workers
representing the delivery and retail
sectors unionized in multiple states
recently. The moves include the
following:
* Retail workers at Cresco Labsowned
Sunnyside marijuana
stores in Rockford, Illinois, and
Buffalo Grove, Illinois, voted to
join Teamsters Local 777.
* More than 300 employees at
California cannabis delivery
service Grassdoor are joining
Teamsters Local 630.
MariMed Borrows up to
$35 Million for Expansion
Marijuana multistate operator
MariMed closed a $35 million
secured credit facility to complete
expansion projects in multiple
states and pay off notes from a
previous acquisition.
Norwood, Massachusetts-based
MariMed said Chicago Atlantic
Advisors was the lead lender, with
participation from Silver Spike
Investment Corp.
The credit facility matures in
three years but could be extended
to five years under unspecified conditions,
according to a news release.
The credit facility carries a floating
interest rate based on prime plus
5.75%, with 30% warrant coverage.
MariMed said it borrowed
$30 million at close and can borrow
an additional $5 million over the
next six months to complete the
build-out of a new cultivation and
processing facility in Illinois and a
new processing kitchen in Missouri,
funding other capital expenditures
and repaying in full seller notes
from Kind Therapeutics. Any
remaining balance will be used for
acquisitions.
Akerna Exits MJ Industry
to Join Crypto Venture
Akerna Corp., the parent company
of pioneering cannabis technology
firm MJ Freeway, announced it
would exit the marijuana industry
based on market headwinds.
Denver-based Akerna is merging
with cryptocurrency business
Gryphon Digital Mining in an allstock
deal that will allow the latter
company to go public on the Nasdaq.
Under terms of the deal, Gryphon
will become a wholly owned
subsidiary of Akerna. Gryphon
equity holders are expected to
own approximately 92.5% of the
combined company, and current
Akerna equity holders will own
approximately 7.5%.
Akerna is selling its software business
to POSaBIT Systems Corp.,
which offers payment solutions to
the cannabis industry, for $4 million
in cash. The deal nearly doubles
the number of merchant locations
served by Kirkland, Washington-based
POSaBIT.
In January, Akerna sold enterprise
resource planning software 365
Cannabis back to some of 365's
previous investors in a deal worth
roughly $2.8 million, significantly
less than what Akerna paid to
acquire the company in 2021.
MSO Columbia Care Cuts
Workers, Shutters Stores
New York-based marijuana
multistate operator Columbia

https://ir.curaleaf.com/2022-11-07-Curaleaf-Reports-Third-Quarter-2022-Results https://ir.curaleaf.com/2022-11-07-Curaleaf-Reports-Third-Quarter-2022-Results https://www.prnewswire.com/news-releases/leaflink-raises-100-million-announces-leadership-team-changes-301734256.html https://mjbizdaily.com/podcast/forever-young-cannabis-industry-keeps-leaflink-ceo-ryan-smith-fresh/ https://teamster.org/2023/01/grassdoor-workers-join-teamsters/ https://teamster.org/2023/01/grassdoor-workers-join-teamsters/ https://mjbizdaily.com/ayr-wellness-to-acquire-two-chicago-cannabis-stores-for-at-least-55-million/ https://www.globenewswire.com/news-release/2023/01/24/2594762/0/en/MariMed-Closes-35-Million-Credit-Facility-to-Accelerate-its-Strategic-Growth-Plans.html https://www.globenewswire.com/news-release/2023/01/24/2594762/0/en/MariMed-Closes-35-Million-Credit-Facility-to-Accelerate-its-Strategic-Growth-Plans.html https://www.prnewswire.com/news-releases/curaleaf-announces-closure-of-operations-in-california-colorado-and-oregon-301731334.html https://www.prnewswire.com/news-releases/curaleaf-announces-closure-of-operations-in-california-colorado-and-oregon-301731334.html https://www.globenewswire.com/news-release/2023/01/11/2587520/0/en/Akerna-Corp-Announces-Sale-of-365-Cannabis.html https://www.globenewswire.com/news-release/2023/01/11/2587520/0/en/Akerna-Corp-Announces-Sale-of-365-Cannabis.html

MJBizMag March 2023

Table of Contents for the Digital Edition of MJBizMag March 2023