MJBizMag November-December 2022 - 22

COMPANY NEWS U.S., Canada & International
distributes to major retailers such as
Costco, CVS, Safeway, Target, Whole
Foods Market and others.
North Providence, Rhode Islandbased
Real Brands said it is making
a $1 million operating capital
commitment to Boulder Botanical,
which will become a Real Brands
division.
Bright Green Sets $10M
Private Placement Deal
Bright Green Corp., which hopes
to win federal
approval
to cultivate
marijuana on
behalf of researchers, said it struck
an agreement with investors to
raise $10 million through a private
placement of the company's stock.
According to a news release,
the private placement involves
the sale of more than 9.5 million
shares to unidentified institutional
investors at $1.05 per share and
accompanying warrants.
MedMen Uses MJ Illegality
as Defense in Rent Lawsuit
Cannabis multistate operator
MedMen Enterprises argues in
its response to a lawsuit that it
shouldn't have to pay the almost
$1 million it allegedly owes in back
rent because marijuana is illegal
under federal law.
Real estate firm Thor Equities
Group charges in a lawsuit filed
in July in New York federal court
that Los Angeles-based MedMen
defaulted on rent payments
agreed to in a 2019 lease. The New
York-headquartered landlord said
in the lawsuit that MedMen failed
to pay rent on a Chicago property
in August 2021 and owes more than
$950,000.
MedMen, in its response,
acknowledged it had signed a lease
and stopped paying rent. But the
lease isn't protected by federal law,
MedMen argued, because marijuana
is federally illegal.
Some in the marijuana industry
worry that MedMen's argument
will discourage landlords and
make it more difficult for cannabis
companies to lease real estate.
Greenlane Sells Head
Office for Nearly $10M
Cannabis industry ancillary
products company Greenlane
Holdings sold its corporate
headquarters in Boca Raton,
Florida, for nearly $10 million.
According to a news release, the
sale is part of Greenlane's ongoing
plan to generate $30 million worth
of " non-dilutive liquidity " by the
end of the
year. The
buyer was
listed as
ASC Capital.
Greenlane will use the proceeds
" to repay the remainder of the
$7.8 million mortgage note on the
property, " a regulatory filing shows,
with the remainder used for general
corporate purposes. The company
will continue to work out of the
same building but will move to a
different suite of offices.
Martha Stewart CBD Sued
for Copyright Infringement
Oregon-based Northwest
Natural Goods alleges in a lawsuit
that Canopy Growth Corp.'s
Martha Stewart CBD product line
intentionally copied Northwest's
Wyld CBD brand packaging and
marketing designs.
The complaint noted that Vitamin
Shoppe declined to carry the Wyld
brand because it was too similar to
Martha Stewart CBD gummies.
Just Brands Acquires
No Cap Hemp Co.
Just Brands, a subsidiary of
Toronto's Flora Growth Corp.,
20 November-December 2022 | MJBizMagazine
acquired all of Florida-based No
Cap Hemp Co.'s assets.
Instead of a cash- or share-based
deal, Fort Lauderdale, Floridaheadquartered
Just Brands will pay
10% of gross revenue from sales
of No Cap products, according to a
news release. The total amount that
Just Brands will pay is capped at
$2 million.
Michigan, Pennsylvania
MJ Businesses Unionize
The United Food and Commercial
Workers (UFCW) added members
from two new marijuana
businesses.
Workers at the Trulieve medical
marijuana dispensary in Pittsburgh's
North Shore neighborhood voted to
join UFCW Local 1776, according to a
news release from the union.
One week later, workers at the
Lume Cannabis store in Monroe,
Michigan, voted to join UFCW Local
876.
Both UFCW branches have other
marijuana industry union members.
Schwazze Adds Two New
Stores to Portfolio
Schwazze, a Denver-headquartered
vertically
integrated
multistate
operator,
entered an
agreement to
pay $2.75 million to acquire " certain
assets " of Lightshade Labs, a
10-store marijuana retail chain in
Colorado.
The acquisition is expected to
close in the first quarter of 2023,
pending state and local licensing
approval, according to a news
release.
The all-cash deal includes two
Lightshade stores-one in Denver
and another in Aurora-bringing
Schwazze's total number of storefronts
in the state to 25.

MJBizMag November-December 2022

Table of Contents for the Digital Edition of MJBizMag November-December 2022

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