MJBizMag March 2023 - 16

COMPANY NEWS U.S. & International
INTERNATIONAL DEVELOPMENTS
Clever Leaves and Tilray
Soften on Portugal
Colombian
cannabis
producer
Clever Leaves
Holdings plans
to cut almost one-quarter of its
total workforce and wind down
operations in Portugal as part of a
major restructuring effort.
Portugal is home to Clever
Leaves' biggest asset base outside
Colombia, with operations including
cultivation, post-harvesting and
manufacturing.
Meanwhile, Tilray Brands,
a Canada-headquartered
multinational marijuana, alcohol
and pharmaceutical distribution
company, said that it would lay
off roughly a quarter of its staff
at its facility in Cantanhede,
Portugal.
A spokesperson for Tilray told
MJBizDaily that 49 jobs would be
affected.
Village Farms
Raising $25 Million
Cannabis and vegetable grower
Village Farms International is
raising $25 million via a registered
direct offering with institutional
investors.
The company said it entered into
definitive agreements with unidentified
institutional investors for the
purchase and sale of 18.35 million
common shares along with warrants
to purchase another 18.35 million
shares. The shares and warrants
will be sold for a combined price of
$1.35 per share.
The warrants will have an exercise
price of $1.65, the company
said, and will be exercisable for five
years beginning six months from
issuance.
16 March 2023 | MJBizMagazine
Village Farms said the net proceeds
from the offering will be used
for general working purposes.
Lawsuit: Drugmakers
Infringed on Patents
Global pharma giant Jazz
Pharmaceuticals filed a lawsuit
alleging that generic drug companies
infringed on its patents for Epidiolex,
a cannabis-derived drug used to
treat seizures from Dravet syndrome,
tuberous sclerosis complex and
Lennox-Gastaut syndrome.
The lawsuit, filed in a federal
court in New Jersey, alleges that
Alkem, Apotex, Teva Pharmaceuticals
and other generic drugmakers
submitted plans to the U.S. Food
and Drug Administration to market
generic variations of Epidiolex.
Ireland-based Jazz acquired the
patents when it bought U.K.-based
GW Pharmaceuticals in 2021 in a
deal valued at $7.2 billion.
Organigram Gets Nasdaq
Warning; Hexo Compliant
The Nasdaq stock exchange
warned Canadian
marijuana
cultivator and
manufacturer
Organigram
Holdings about
its share price,
which fell below
Nasdaq's
$1 minimum bid price requirement
for 30 days in a row.
Organigram has until July 24
to bring its share price into
compliance, after which it could
receive another 180-day extension
before facing possible delisting.
Meanwhile, Hexo Corp. has
regained compliance with the
Nasdaq's minimum bid price,
allowing the Canadian cannabis
company to continue listing its
shares on the U.S. stock exchange.
Quebec-headquartered Hexo
announced it was consolidating
its shares on a 14-to-1 basis in
December 2022. The company said
it received notice of the renewed
compliance after its shares closed
above $1 for 10 consecutive
business days.
High Tide Inks Deal
With Germany's Sanity
Calgary, Alberta-based High Tide
announced that it has entered into
a nonbinding letter of intent with
Germany-based health and life
science company Sanity Group.
The deal calls for the business to
work together on:
* Go-to-market strategies.
* Identification of M&A
opportunities.
* Sourcing real estate.
* Expansion within European
markets.
* Regulatory compliance topics
such as licensing and government
outreach.
Ruling: SNDL Intimidated
Union-curious Staff
Canadian cannabis grower
SNDL interfered with an off-site
informational union meeting for
employees working at a cultivation
facility and must remedy that
interference by offering workers
paid, mandatory meetings with the
union going forward, a provincial
labor tribunal has ruled.
The ruling from the Alberta
Labour Relations Board (ALRB)
found that SNDL breached
provincial labor law when company
managers showed up at a Teamsters
informational meeting held at a
library in Olds, Alberta.

https://mjbizdaily.com/cannabis-company-hexo-consolidates-shares-posts-ca52-1m-quarterly-loss/ https://mjbizdaily.com/cannabis-company-hexo-consolidates-shares-posts-ca52-1m-quarterly-loss/ https://www.globenewswire.com/news-release/2023/01/23/2593211/0/en/Clever-Leaves-Announces-Wind-Down-of-Portugal-Operations-as-Part-of-Ongoing-Restructuring-Initiatives.html https://www.benzinga.com/markets/cannabis/23/01/30302863/jazz-pharmaceuticals-files-patent-infringement-against-generic-drugmakers-in-new-jerseys-distric https://www.globenewswire.com/news-release/2023/01/23/2593211/0/en/Clever-Leaves-Announces-Wind-Down-of-Portugal-Operations-as-Part-of-Ongoing-Restructuring-Initiatives.html https://mjbizdaily.com/tilray-cutting-25-of-jobs-at-portugal-medical-cannabis-facility/ https://mjbizdaily.com/medical-cannabinoid-firm-gw-pharma-to-be-acquired-by-jazz-pharmaceuticals-for-7-2-billion/ https://www.prnewswire.com/news-releases/village-farms-international-announces-approximately-us25-million-registered-direct-offering-301731539.html https://www.prnewswire.com/news-releases/village-farms-international-announces-approximately-us25-million-registered-direct-offering-301731539.html https://www.businesswire.com/news/home/20230126005386/en/Organigram-Provides-NASDAQ-Listing-Update https://www.businesswire.com/news/home/20230126005386/en/Organigram-Provides-NASDAQ-Listing-Update https://www.canlii.org/en/ab/ablrb/doc/2023/2023canlii3050/2023canlii3050.html https://www.canlii.org/en/ab/ablrb/doc/2023/2023canlii3050/2023canlii3050.html https://www.businesswire.com/news/home/20230120005089/en/HEXO-Corp.-Regains-Compliance-with-Nasdaq-Minimum-Bid-Price-Requirement https://www.businesswire.com/news/home/20230120005089/en/HEXO-Corp.-Regains-Compliance-with-Nasdaq-Minimum-Bid-Price-Requirement

MJBizMag March 2023

Table of Contents for the Digital Edition of MJBizMag March 2023