MJBizMag May-June 2023 - 17

COMPANY NEWS
INTERNATIONAL DEVELOPMENTS
Tilray to Buy Hexo for $56M
Canadian cannabis producer Tilray
Brands said that it entered into
a definitive agreement to buy
troubled rival Hexo Corp. for
$56 million.
Tilray, which has offices in
Leamington, Ontario, and New York,
plans to finance the deal by issuing
0.4352 shares of Tilray Common Stock
for each outstanding Hexo share.
Tilray and Ottawa, Ontariobased
Hexo entered a strategic
alliance last year. Both companies
trade on the Nasdaq and the
Toronto Stock Exchange.
U.S. Firms Could Gain
From CSE Plan
A new senior tier of the Canadian
Securities Exchange (CSE) could
offer U.S. cannabis companies lower
capital costs and a broader investor
base.
Thirty-nine of the 108 companies
that will graduate to the new tier
starting in May are marijuana
businesses, according to Canadian
newspaper The Globe and Mail.
Senior tier members will be
included on the Investment
Regulatory Organization of Canada
(IIROC) list of securities eligible for
reduced margins, which will help
the CSE compete with the Toronto
Stock Exchange (TSX), TSX-V and
NEO Exchange.
SNDL, Nova to Amend Deal
Canadian cannabis producer SNDL
(formerly Sundial Growers) and
retail operator Nova Cannabis are
amending a previously announced
deal in which SNDL will transfer
stores to Nova and return shares to
the retail company for cancellation,
among other things.
SNDL, headquartered in Calgary,
Alberta, is the majority shareholder
of Edmonton, Alberta-based
Nova after SNDL acquired Nova's
previous parent company, Alcanna.
The terms of the amended deal
include:
* Nova will now acquire a total of
31 stores from SNDL, including
12 in Alberta, 11 in Ontario,
three in British Columbia, three
in Saskatchewan and two in
Manitoba.
*
The number of Nova shares to
be returned by SNDL to Nova for
cancellation will be reduced to
roughly 2 million.
*
SNDL will increase the number of
Nova shares being distributed in
the capital distribution to SNDL
shareholders so that SNDL
holds no more than 19.9% of
Nova's shares.
Heritage Approved to
Import CBD Into Brazil
The Brazil Health Authority (ANVISA)
approved Canadian producer
Heritage Cannabis to import a
medical CBD product into Brazil.
The company did not state
the quantity or the value of any
forthcoming shipments to Brazil.
Toronto-based Heritage said two
additional products are awaiting
final approval from ANVISA.
Greentank Raises $16.5M
Toronto-based vape hardware
manufacturer Greentank
Technologies closed a Series B
financing round worth $16.5 million
with an unspecified " strategic
investor group " that includes
Canadian cannabis producer
Organigram Holdings.
The funding will be used to
launch new vape technology, which
Greentank CEO Dustin Koffler said
" moves away from the traditional
ceramic and wicked coil systems
commonly used in most vaporizer
products today. "
The $16.5 million funding
round includes a $14.5 million
equity investment from the
investment group, plus $2 million
in debt financing from existing
shareholders.
The terms of the debt financing
were not disclosed.
Shoppers Drug Mart
Exits Medical Cannabis
Major Canadian pharmacy chain
Shoppers Drug Mart is offloading
its 4-year-old medical cannabis
distribution business to another
company, marking its exit from the
marijuana industry.
Shoppers, a division of Canadian
grocer Loblaw Cos., said it was
" transitioning " its Medical Cannabis
by Shoppers business to biopharmaceutical
operator Avicanna.
IM Cannabis Reorganizes
Business, C-Suite
International medical marijuana
company IM Cannabis Corp. is
reorganizing its management and
operations, including cutting up to
25% of its workforce.
The move comes months after the
Glil Yam, Israel-based business exited
the hypercompetitive Canadian
cannabis market in order to focus
on opportunities in Israel and
Europe-in particular, Germany.
Have a company announcement you
want us to consider? Send a news
release or general information to
magazine@mjbizdaily.com.
(Note: We're looking for news
about expansions, financing,
deals, partnerships and similar
developments, not product-related
announcements.)
mjbizdaily.com | May-June 2023 15
https://mjbizdaily.com/hexo-tilray-finalize-cannabis-deal-for-debt-purchase-strategic-alliance/ https://mjbizdaily.com/hexo-tilray-finalize-cannabis-deal-for-debt-purchase-strategic-alliance/ https://www.newswire.ca/news-releases/im-cannabis-announces-additional-restructuring-initiatives-designed-to-drive-sustainable-profitability-and-reduce-costs-883310183.html https://www.newswire.ca/news-releases/im-cannabis-announces-additional-restructuring-initiatives-designed-to-drive-sustainable-profitability-and-reduce-costs-883310183.html https://www.newswire.ca/news-releases/im-cannabis-announces-additional-restructuring-initiatives-designed-to-drive-sustainable-profitability-and-reduce-costs-883310183.html https://www.prnewswire.com/news-releases/greentank-technologies-closes-16-5m-usd-series-b-301786956.html http://www.mjbizdaily.com

MJBizMag May-June 2023

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