MJBizMag September 2022 - 16

COMPANY NEWS U.S., Canada & International by MJBizDaily Staff
U.S. DEVELOPMENTS
Cannabis REIT Expands
Credit Facility to $90M
NewLake
Capital
Partners,
a cannabis
industry real
estate investment trust (REIT),
expanded its five-year revolving
credit facility by $60 million to
$90 million.
The Connecticut-based company
announced the original $30 million
credit facility from an unidentified
lender in May.
At the time, NewLake said the
loan could be expanded up to
$100 million.
The credit facility has a 5.65%
interest rate for the first three
years, followed by a floating rate,
and matures in May 2027.
The expanded $90 million loan
includes two new lenders, also
unidentified but described by
NewLake CEO Anthony Coniglio as
" bank partners. "
NewLake invested $50 million
in three cultivation facilities in
July. The REIT said its cannabis
real estate portfolio now includes
31 cultivation facilities and retail
locations.
Lawsuit: Weedmaps
Carrying Illicit Ads Again
Cannabis advertising giant
Weedmaps is again carrying
listings on its website for illegal or
unlicensed marijuana retailers and
products in California, according
to complaints filed with state and
federal regulators.
The complaints, filed in May
and June with the California
Department of Cannabis Control
and the U.S. Securities and
Exchange Commission, allege that
Weedmaps' leadership is " allowing
16 September 2022 | MJBizMagazine
vast amounts of black-market
activity through their website, and
they know about it but won't do
anything about it. "
The complaints were filed by
executives at licensed Los Angeles
marijuana company Canex
Delivery, whose executives say
they have complained directly to
Weedmaps but the business has
mostly taken no action.
If regulators determine the
allegations have merit, Weedmaps
could face hefty fines, industry
experts said, which would be
notable for one of the most
prominent U.S. cannabis companies
to trade on a major stock exchange.
Weedmaps declined to comment
directly about the allegations.
Cannabis Tech Platform
Finalizes $40 Funding
Florida-based
Alleaves,
a cannabis
technology
platform, said
it is wrapping
up a $40 million Series A
funding round to accelerate a
multistate commercial rollout.
The funding is led by The Eleven
Fund, an investment group for both
public and private equity markets,
at a valuation of $240 million,
according to a news release.
Alleaves said it plans to use the
funds to acquire complementary
cannabis technology platforms
to expand its customer base and
create a " seamless, real-time seedto-sale
software, transaction and
compliance platform. "
MMJ Grower Lays Off
Dozens in Pennsylvania
Hanging Gardens, a Johnstown,
Pennsylvania-based medical
marijuana cultivator, is laying off
dozens of staffers, blaming lax
state regulations and the deep
pockets of multistate marijuana
operators.
According to news reports, 50 of
Hanging Gardens' approximately
110 workers were given partial or
full layoffs, including 30 full-time
staffers.
Hanging Gardens owner Shane
Kenney said his company is
preparing a lawsuit against the
state because regulators have
ignored a provision that bars more
than five companies from being
vertically integrated and mandates
that any retailer can own only up to
15 locations.
Biotech and Hemp Firm
to Raise $35 Million
Buffalo, New York, agricultural
biotechnology firm 22nd Century
Group announced a registered
direct offering of shares to raise
expected gross proceeds of
$35 million.
The offering to institutional
investors will sell more than
17 million 22nd Century shares for
$2.05 per share and issue warrants
exercisable to purchase 17 million
more shares at the same price for
five years, according to a company
news release.
Proceeds from the share offering
will be used to accelerate the launch
of 22nd Century's reduced-nicotine
cigarettes and for other purposes,
the company said.
Cannabis Grower Agrees
to $825K Settlement
A California marijuana grower
accused of cheating hourly
employees out of overtime pay has
agreed to a class action settlement
worth $825,000.

MJBizMag September 2022

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