MJBizMagazine September 2021 - 16

CompanyNews | U.S., Canada & International
By MJBizDaily and Hemp Industry Daily staff
Recent deals, acquisitions
and other announcements
from cannabis companies
Teneo requests that the court halt any transfer of assets
by the dispensary and that a receiver be appointed to
run the medical marijuana business.
Ermont's former creditor, Tilt Holdings, sold the debt
to Teneo in February for $1.25 million and a portion
of future collections. Tilt Holdings acquired the debt in
2018 and extended a line of credit to Ermont.
Selling the debt was part of Tilt's attempt to resolve
New Mexico Marijuana
Operator Prevails in
Drawn-out Legal Case
A New Mexico appellate court upheld a 2018 lower court
ruling allowing Ultra Health, the state's largest medical
marijuana operator, to open two new dispensaries.
The New Mexico Department of Health refused to
approve the two dispensaries in 2018, but Ultra Health
opened the retail outlets after prevailing in a district
court case the same year.
Harborside Expands California Presence;
Debt Options Remain Limited
Harborside, a California-based vertically integrated
marijuana company, closed its acquisition of Sublimation
(Sublime). The total consideration of $43.8 million
includes approximately $38.4 million in voting
shares of Harborside (207.6 million shares based on
volume-weighted average price for trailing 30 days)
and $5.4 million in cash.
Sublime adds statewide distribution to Harborside's
portfolio, with service to 526 active customers. The
acquisition completes Harborside's vertical integration
across cultivation, manufacturing, distribution, branding
and retail.
New West Genetics Joins Clean-Tech Incubator
New West Genetics, a hemp genomics company in Fort
Collins, Colorado, is the first hemp company selected
to participate in the Wells Fargo Innovation Incubator, a
$50 million technology program focused on early stage
clean-technology entrepreneurs.
New West Genetics is one of five companies that
will receive up to $250,000 and conduct research and
development activities at the U.S. Department of Energy's
National Renewable Energy Laboratory near Denver.
This year, the incubator program is focused on making
indoor agriculture more sustainable as extreme weather
and water shortages threaten the agriculture industry.
Massachusetts Dispensary Sued Over $21 Million Debt
Teneo Funds SPV is suing Quincy, Massachusetts-based
dispensary Ermont for $21.8 million. A lawsuit filed by
16 MJBiz Magazine | September 2021
issues with Massachusetts regulators over allegations
the Boston-based company had overstepped industry
caps on ownership stakes in state marijuana businesses.
NewLake Enters $20.5M Deal
With Arizona Cannabis Firm
Cannabis real estate financier
NewLake Capital Partners in
Connecticut announced a deal
to acquire land in Phoenix and lease it to Arizona-based,
vertically integrated marijuana operator The Mint. The
$20.5 million deal includes $2.4 million to purchase the
land and $18.1 million for tenant improvements.
The Mint will use the property to build a
130,757-square-foot marijuana cultivation and processing
facility. The lease was described as a " long-term,
triple net " agreement, meaning The Mint will pay ongoing
expenses for the property.
Curaleaf Violated Labor Law
in Massachusetts, Judge Says
Cannabis multistate operator Curaleaf engaged in unfair
labor practices by " implicitly " promising certain retail
store workers in Massachusetts increased benefits and
better employment conditions if they didn't support
unionization, a labor court judge ruled.
The 25-page decision is a cautionary tale for how
marijuana businesses communicate with employees
when unionizing activities are underway.
However, the judge dismissed several other allegations
against Massachusetts-based Curaleaf, including
a claim the company unlawfully terminated an employee
because of her pro-union views.
Schwazze Buys Grow in Colorado for $11.3 Million
Denver-based Schwazze closed on a deal to acquire
marijuana cultivation operation Southern Colorado
Growers for $11.3 million. The acquisition includes
34 acres of land with outdoor cultivation capacity as
well as indoor, greenhouse and hoop house facilities
and equipment.
Schwazze spent $6.8 million for the business and
$4.5 million for the real estate, paying $5.9 million
U.S. DEVELOPMENTS

MJBizMagazine September 2021

Table of Contents for the Digital Edition of MJBizMagazine September 2021

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