MJBizMag March 2023 - 15

COMPANY NEWS
Care laid off 25% of its corporate
headcount as part of a larger effort
to slash costs, reduce cash burn and
improve performance.
According to a news release,
Columbia Care shuttered three
unprofitable stores in Colorado and
one in California and announced in
December that it was laying off
73 workers in Pennsylvania.
Columbia Care CEO Nicholas
Vita said the company intends to
bring profitability to Cresco Labs,
which said last March that it plans
to acquire Columbia Care in an allstock
deal valued at $2 billion.
The closing of that deal is
dependent on the companies'
divesture of a number of assets in
several states.
Tech Firm Blaze Buys
Tymber E-commerce Firm
Blaze, a Los Angeles-based
marijuana retail software company,
is acquiring Truckee, Californiabased
e-commerce platform
Tymber. Terms of the agreement
were not disclosed.
A news release notes current
customers using either platform will
continue to have full functionality
of the software and that more tools
and features will be added.
UC Asset to Acquire
Oklahoma Property
Atlanta-based real estate
investment company UC Asset
Limited Partnership announced
an all-share deal to acquire an
Oklahoma cannabis cultivation
property, invest in the property and
lease it to its current operator.
The 10,000-square-foot property
is operated by Oklahoma medical
marijuana cultivator Fire Ranch
Farm, according to a news release.
" This will be our first cannabis
property, and it is our one and only
selection after screening numerous
opportunities in the past
15 months, " UC Asset founder Larry
Wu said in a statement.
UC Asset said it will invest
$1 million in the property to add
another 5,000 square feet of
cultivation space. The lease is
locked for three years, and monthly
rent will increase by 5% every
24 months after the first three
years, according to a news release.
UC Asset will pay for the deal
by issuing 2.5 million preferred
shares to the property's current
owner, who was not identified. The
company currently has roughly
5.5 million shares outstanding.
Springbig Gets Nasdaq
Warning Over Share Price
Springbig
Holdings,
a marijuana
industry
marketing and loyalty software
provider, was warned by the
Nasdaq that its share price had
fallen below the stock exchange's
minimum bid price requirement and
faces potential delisting unless the
company takes action.
The Boca Raton-based company
has until June 19 to bring its stock
price to at least $1 per share,
according to a Springbig filing with
the U.S. Securities and Exchange
Commission.
If not, Springbig might be eligible
for another 180 days to transfer
its stock listing from the Nasdaq
Global Market to the Nasdaq
Capital Market and improve the
share price by way of a share
consolidation.
Failing that, the company faces
delisting from the Nasdaq.
Ascend Spends $19 Million
on Maryland Acqusition
New York-based marijuana
multistate operator Ascend
Wellness announced an agreement
to acquire the Maryland assets of
Devi Holdings in a cash-and-stock
deal worth $19 million.
According to a news release,
Ascend will acquire 100% interest
of Devi's dispensaries and related
property in Maryland for
$19 million-$12 million in cash and
$7 million in Class A Common Stock
consisting of 5.19 million shares.
The deal, which includes
$3 million of real estate holdings,
will be accretive to Ascend earnings,
with Devi posting an annual run
rate of $17 million in sales, Dan
Neville, Ascend's chief financial
officer and interim co-CEO, said in a
statement.
The Parent Co. Restructures
to Save $33.5 Million
TPCO Holding Corp., doing business
as The Parent Co., announced a
restructuring in an effort to save
millions of dollars in coming years.
Under the arrangement, Shawn
" Jay-Z " Carter affiliates and Roc
Nation will return 7.1 million
common shares of the company-a
move projected to save roughly
$33.5 million in top-line costs over
an eight-year period, according to a
news release.
Roc Nation will also forgo future
equity payments from San Josebased
The Parent Co., while
SC Branding has agreed to forgo
future cash or equity payments.
Google Relaxes Advertising
Restrictions for Hemp, CBD
Google Ads will no longer ban
all hemp and CBD advertising in
California, Colorado and Puerto
Rico, but there continue to be
limitations to marketers, according
to a blog post from the company.
The ban will be lifted for:
* FDA-approved pharmaceutical
products containing CBD.
* Topical, hemp-derived
CBD products with less than
0.3% THC.
mjbizdaily.com | March 2023 15
MJBizMag March 2023

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