MJBizMag November-December 2020 - 28

CompanyNews | U.S., Canada & International
By Omar Sacirbey
Recent deals, acquisitions
and other announcements
from cannabis companies
based real estate investment trust (REIT) closed a
deal potentially worth $56.4 million to acquire and
lease back a marijuana facility in Lakeland, Florida.
IIP is acquiring the property from Atlanta-based MSO
Parallel.
Project for Columbia Care
New York-based multistate operator Columbia Care
agreed to acquire Los Angeles-based marijuana grower
and retailer Project Cannabis in a deal valued at
$69 million.
Project Cannabis' assets include a 32,000-square-foot
cultivation facility, three adult-use retail shops in Los
Angeles and another in San Francisco.
The acquisition's price tag involves a deal in which
Project Cannabis' real estate will be sold to an unspecified
third party and leased back for proceeds of $12 million$17
million. Columbia Care will issue $52 million$57
million in stock to complete the transaction.
PBR Joins the Green Rush
Pabst Blue Ribbon announced in October the formal
launch of Pabst Labs, a new licensed marijuana business
in California that will produce and sell THC-infused,
nonalcoholic seltzer beverages.
The line, called Pabst Blue Ribbon Cannabis Infused
Seltzer, will initially be distributed in a " select " number of
retail stores in California and online.
Oakland, California-based Nabis, a software-enabled
cannabis distributor, announced an agreement to be the
productʼs exclusive distributor in California until 2021.
Holistic Raise
Holistic Industries, a Maryland-based multistate
cannabis operator, raised $35 million in debt financing
to fund cultivation and processing build-outs as well
as new licensing and distressed-asset opportunities.
The funding round was led by Virginia-based specialty
financing company Altmore Capital.
Holistic also recently raised $6.2 million from the sale
and leaseback of a marijuana cultivation, processing
and retail facility in a Detroit suburb. The buyer,
San Diego-based Innovative Industrial Properties,
has committed up to $18.8 million to build out the
63,000-square-foot facility.
IIP Closes $56 Million Deal in Florida
Innovative Industrial Properties added another
cannabis property to its portfolio after the San Diego28
Marijuana Business Magazine | November-December 2020
Trulieve Enters Pennsylvania
Trulieve, the largest medical marijuana operator in
Florida, agreed to buy two Pennsylvania MMJ companies
in a $66 million deal.
According to a news release, the Tallahassee, Floridabased
company will acquire McKeesport cultivator and
producer PurePenn as well as dispensary operator
Keystone Relief Centers, which does business as
Solevo Wellness in the Pittsburgh area.
To acquire PurePenn, Trulieve will make an upfront
payment of $46 million made up of $27 million in
subordinate voting shares and $19 million in cash plus a
potential earnout payment of up to approximately
$60 million in Trulieve shares based on achieving certain
milestones.
Trulieve agreed to acquire Solevo for an upfront
purchase price of $20 million. The payment is comprised
of $10 million in cash and $10 million in stock, plus a
potential payment of approximately $15 million in shares
based on the achievement of certain milestones.
The deals are expected to close in the fourth quarter
of 2020.
Ayr Power
Ayr Strategies, which is based in
New York and has operations in
Toronto, announced deals worth
$39 million that will allow the
multistate marijuana operator to
enter the Ohio market and expand
its presence in Pennsylvania.
After the deals close, Ayr said its portfolio will include
seven operating marijuana stores, nine other retail
licenses and 160,000 square feet of cultivation capacity.
REIT's 15-Property Acquisition Spans Nine States
Subversive Real Estate Acquisition, a New York-based
limited partnership, entered binding agreements to
acquire 15 marijuana-related properties in nine states
for $182.8 million. The names of the sellers weren't
disclosed.
Subversive expects to close on the acquisitions of two
additional properties for a total of $17.9 million.
The partnership also announced a $40 million private
placement of senior secured convertible debt.
U.S. DEVELOPMENTS
MJBizMag November-December 2020

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