MJBizMag November-December 2021 - 18

CompanyNews | U.S., Canada & International
By MJBizDaily and Hemp Industry Daily staff
The stock component of
the deal includes 6.5 million
Glass House shares issued
to the unidentified holder of
an option to buy the facility, at a price of $10 per share.
A further 3.5 million shares may be issued " upon satSPAC
and Beau Wrigley's Parallel
Scrap $1.9B Deal to Take Firm Public
Chewing gum heir William
" Beau " Wrigley Jr.'s multistate
marijuana company Parallel
and music mogul " Scooter "
Braun's Ceres Acquisition Corp. mutually called off their
$1.9 billion blockbuster merger, gumming up Wrigley's
plans to take his MSO public.
The collapse of the deal to take Atlanta-based Parallel
public via Ceres, a special purpose acquisition company
in the Los Angeles area, also might reflect a cooling of
SPAC activity in recent months as the investment vehicles
have come under greater regulatory scrutiny.
Ceres, which is listed on Canada's NEO Exchange and
the U.S. over-the-counter markets, said it would continue
to look for another private company to take public. The
SPAC has until March 3, 2022, to make a transaction,
unless that date is extended by its shareholders.
Trulieve Finalizes Harvest Acquisition,
Nets $350M From 8% Debt Financing
Florida-based multistate marijuana operator Trulieve
Cannabis announced it was on the verge of raising
$350 million of capital through the private sale of fiveyear
notes at an 8% annual interest rate.
Separately, the company said it completed an all-stock
purchase of Arizona-headquartered Harvest Health &
Recreation. When the deal was announced in May, it
was valued at $2.1 billion and billed as the largest U.S.
marijuana transaction to date.
Despite the large acquisition, Trulieve has managed
to keep its borrowing costs relatively low. The 8% annual
interest rate for five-year notes is one of the lowest yet
for a public MSO, and the $350 million raise is believed
to be one of the largest as well.
Glass House Closes $93 Million
California Marijuana Greenhouse Purchase
California marijuana and hemp company Glass House
Brands finalized its acquisition of a Ventura County
greenhouse facility for $93 million in cash-$25 million
less cash than the original price-plus stock.
18 MJBiz Magazine | November-December 2021
isfaction of certain contractual indemnity obligations. "
The option holder could earn up to $75 million worth of
earnout shares.
Skymint Secures $78 Million
In Financing, Acquires Retailer
Vertically integrated Michigan marijuana operator
Skymint landed $78 million in funding while also
acquiring 3Fifteen Cannabis, which has 12 stores in the
state, for an undisclosed sum.
Privately held Skymint did not disclose terms of the
loan or the equity investment.
According to a news release, a $70 million senior
secured term loan from Tropics LP, a SunStream Bancorp
affiliate, and an $8 million equity investment from
Merida Capital Holdings will give Skymint " a strong
balance sheet to execute on accretive opportunities in
and outside of Michigan. "
Cannabis REIT Enters Missouri,
Extends Goodness Growth Deal
Innovative Industrial Properties (IIP) extended its
geographic footprint into Missouri through a saleleaseback
deal with CPC of Missouri-Smithville, a
subsidiary of Massachusetts-based multistate operator
Calyx Peak.
According to a news release, the San Diego-based real
estate investment trust (REIT) has agreed to pay CPC
$1.5 million for an industrial property and will reimburse
the company up to $26.7 million for construction costs.
IIP also extended its relationship with Minneapolisbased
Goodness Growth Holdings, which leases property
from the REIT in New York. IIP purchased 92 acres
adjacent to Goodness Growth's property, where the
tenant can build a cultivation and processing facility.
According to a news release, the purchase price of the
land was $10.2 million, making the total value of the
deal $56.3 million.
Curaleaf Faces Oregon Lawsuits
Over THC-CBD Mix-up
Marijuana multistate operator
Curaleaf has been hit with multiple
federal lawsuits in connection with
a product-labeling error in Oregon
U.S. DEVELOPMENTS
MJBizMag November-December 2021

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