Ayr Wellness and Liberty Health Sciences Announce Closing of Arrangement
Ayr Wellness Inc. (CSE: AYR.A; OTCQX: AYRWF) acquired all the common shares of Liberty Health Sciences Inc. (CSE: LHS; OTCQX: LHSIF). Under the terms of the arrangement, Liberty shareholders will receive 0.03683 Ayr subordinate voting shares for each Liberty Share held, equating to approximately 12.7 million new Ayr shares.
“We are excited to welcome all Liberty stakeholders to the Ayr family, especially the over 300 members of the Liberty team,” said Ayr Chief Executive Officer Jonathan Sandelman. “We look forward to working with you and our successful future together. To the Liberty shareholders, thank you for your overwhelming support. You are Ayr shareholders now and we take that responsibility very seriously.”
Terra Vera Raises $2 Million in Seed Funding Round
Agricultural technology company Terra Vera closed a $2 million seed funding round, exceeding its original goal by $500,000. The company will use the capital to complete the commercial market rollout of its services and crop management technologies.
“Since its inception in 2020, Terra Vera has worked diligently to develop cutting edge technologies to meet the complex, ever-transforming needs of contemporary cultivators and their discerning consumer bases,” said Terra Vera Chief Executive Officer Carlos Perea. “Our company’s accelerated growth and expansion along with this successful, oversubscribed fundraising round reflects investors’ confidence in our capability to transform these industries by offering environmentally conscious solutions to eradicate unwanted pathogens and increase product safety and consumer confidence. We look forward to an auspicious 2021 and expanding our services and systems to cultivators in new states from coast to coast.”
Terravida Holistic Centers Inks Agreement to Merge with Verano Holdings
Pennsylvania-based TerraVida Holistic Center LLC signed a merger agreement with multi-state cannabis operator Verano Holdings Corp. (CSE: VRNO). Consideration for the merger includes $62,500,000 and Class A shares or Class B shares equivalent to 3,013,500 Class A shares on an as converted basis, including a minimum of 1,506,750 Class A shares.
“The TerraVida team is thrilled to have the opportunity to increase our capabilities, expand the TerraVida brand, and provide access to medical cannabis to patients in need throughout Pennsylvania,” said TerraVida Chief Executive Officer Chris Visco. “This new partnership with Verano will allow us to triple our dispensary footprint and give us the infrastructure to help as many people as possible while continuing to educate Pennsylvania on the benefits medical cannabis.”
APPlife Digital Solutions Executes License Agreement with Global Hemp Service
E-commerce company APPlife Digital Solutions, Inc. (OTCQB: ALDS) signed an agreement with Global Hemp Service LLC that provides Global with a “perpetual, royalty-free, non-exclusive license to use APPlife’s market-ready and mobile website e-commerce platform to market, distribute, and sell its hemp, cannabidiol (“CBD”) and other related B2B and B2C products.” Under the Agreement, Global will pay APPlife a fee of 2.5 percent of its gross revenues and 15 percent of its outstanding and fully diluted shares.
“We see this as a great opportunity to join a rapidly expanding market, as well as to participate in a space where the main objective is sustainability,” said APPlife Chief Executive Officer Matt Reid.
Tauriga Sciences Inc. Acquires Equity Stake in Israeli Biotechnology Firm
CBD chewing gum manufacturer Tauriga Sciences (OTCQB: TAUG) acquired an equity stake in an undisclosed Israeli biotechnology firm that develops cannabinoid-based drugs. Tauriga said the equity stake is “potentially complementary to its own ongoing pharmaceutical development efforts.”
Innovative Industrial Properties Acquires Texas Property for Approx. $3.4 million
Cannabis-focused real estate company Innovative Industrial Properties, Inc. (IIP) (NYSE: IIPR) purchased property in San Marcos, Texas, and entered a long-term lease with Parallel subsidiary Surterra San Marcos LLC. Surterra San Marcos is expected to construct three buildings totaling approximately 63,000 square feet on the property.
“We are excited to continue the expansion of our long-term real estate partnership with the Parallel team, led by Beau Wrigley, who exemplify operational excellence as well as demonstrated strategic leadership within the industry,” said IIP Chief Executive Officer Paul Smithers. “Parallel has developed tremendous footprints in their operating markets as they continue to expand access to their proprietary cannabis products and support communities across multiple states. We look forward to partnering with them in Texas on the development of a state-of-the-art cannabis cultivation, production, and retail facility.”
MariMed Secures New Funding from Hadron Healthcare Fund
Multistate operator MariMed, Inc. (OTCQX: MRMD) closed a $46 million financing facility with Hadron Healthcare Fund. The company plans to use the investment to expand its cultivation capacity and implement automated technologies in its production labs and kitchens.
“We are thrilled to have been selected by Hadron as their preferred partner to complete this strategic investment in the U.S. MSO sector,” said MariMed Chief Executive Officer Bob Fireman. “This financing is a substantial recognition of both the company’s position in the industry as well as the strength and track record of our management team. This infusion of capital comes at a key inflection point for MariMed and will not only further strengthen our balance sheet, but also enable us to complete targeted acquisitions and strongly position us to act on other attractive opportunities for accelerated growth as the cannabis industry continues to evolve.”
Marijuana Company of America Signs Agreement with Eco Innovation Group Inc.
Las Vegas-based Marijuana Company of America (OTC: MCOA) signed a share exchange agreement with Eco Innovation Group Inc. (OTC: ECOX) wherein MCOA issued to Eco Innovation $650,000 in MCOA common stock in exchange for $650,000 in Eco Innovation Group common stock.
“This collaboration has the potential to advance MCOA’s leadership in the cannabis sector and provide innumerable opportunities to expand our business,” said MCOA Chief Executive Officer Jesus M. Quintero. “We will first use the MCOA e-commerce platform to distribute and market Eco Innovation’s cutting-edge extraction platform, immediately expanding our offerings and market reach. Through this agreement, both companies are positioned to quickly identify and accelerate the development of new varieties of hemp-based products and to then distribute them worldwide.”
Terra Tech Corp. Executes Agreement to Acquire Unrivaled
Terra Tech Corp., a vertically integrated company operating in California and Nevada, acquired multistate operator Unrivaled (formerly UMBRLA Inc.) in an all-stock transaction. Unrivaled operates manufacturing and distribution operations in California and Oregon and dispensaries in California. Unrivaled’s brands include Korova, Sticks, Cabana, Beaucoup, and The Spot. Terra Tech will continue its licensing expansion of the Korova brand and integrate the Unrivaled portfolio into its existing operations in California and Nevada.
“We are very pleased to have entered into this mutually beneficial transaction which leads to immediate scale, driven by strong brands and revenue growth,” said Terra Tech Chief Executive Officer Frank Knuettel II. “Unrivaled has grown markedly since inception, led by a strong management team, including Dallas Imbimbo, co-founder of KushCo Holdings, Inc. and Unrivaled. We intend to integrate Unrivaled’s management team into Terra Tech, whose robust leadership is capable of executing on high revenue growth and additional accretive acquisitions.”
Green Hygienics Holdings Inc. Closes on Acquisition of Primordia Assets
Green Hygienics Holdings Inc. (OTCQB: GRYN), a California-based industrial hemp cultivation and processing company, closed the acquisition of certain assets of hemp supplier, Primordia. The assets include “inventory, equipment, brands and trademarks, an e-commerce site and customer base, as well as relationships that will provide a significant capacity for large-scale cultivation of over 10,000 acres of legacy farmland.”
“We are at the forefront of a growing, dynamic new sector within the biotech industry,” said Green Hygienics Chief Executive Officer Ron Loudoun. “The demand side continues to grow rapidly, while on the supply side the learning curve is steep and opportunities for valued acquisitions will arise. Our first e-commerce site is for the boutique brand Sol Valley Ranch, and the Primordia acquisition will target farm-direct bulk wholesale buyers. When you consider the improved ROI created through sales of finished product, it makes sense to develop or acquire a portfolio of e-commerce sites that target specific market segments. This acquisition will generate immediate cash flow for Green Hygienics.”
The Valens Company Closes Acquisition of LYF Food Technologies Inc.
Manufacturer The Valens Company (TSX: VLNS) (OTCQX: VLNCF) closed the acquisition of all the issued and outstanding shares of LYF Food Technologies Inc. in a cash and shares transaction totaling CDN$24.9 million, plus approximately CDN$17.5 million in post-closing consideration.
“We are incredibly excited to officially welcome LYF to the Valens family, which will undoubtedly strengthen our manufacturing leadership position given their confectionary expertise and broad network of partners and retailers,” said Valens Chief Executive Officer Tyler Robson. “The closing of the LYF acquisition, and the addition of their leading edibles platform, signifies the completion of a key milestone in our strategy to drive SKU growth in new product categories and maximize market share gains across the country. We have already begun diversifying our product offering with the launch of various soft chews manufactured in LYF’s facility, and we have a strong pipeline of new innovative edible products we believe will increase both quality and variety in the existing edibles segment in Canada today.”
IM Cannabis Corp. Becomes First Israeli Medical Cannabis Operator to List on NASDAQ
IM Cannabis Corp. (CSE: IMCC), a multi-country operator with enterprises in Israel and Germany, began trading on the NASDAQ under the ticker symbol “IMCC.”
“IMC is a rapidly growing international operation and our listing on NASDAQ aligns with our goal of establishing global leadership in the cannabis sector,” said IMC Chief Executive Officer Oren Shuster. “Our history of operations under the IMC brand spans over a decade in Israel and we are leveraging our expertise for global expansion.”
Harborside Inc. Completes $5 Million Strategic Investment in Loudpack
California cannabis retailer Harborside Inc. (CSE: HBOR) completed a $5 million strategic investment in Loudpack, a vertically-integrated house of brands based in Los Angeles, through a 15 percent, secured convertible note due December 2022.
“We are focused on improving our profitability through implementing best-in-class, highly efficient production techniques, increasing the quality of our supply chain, and expanding our inhouse brands into manufactured products,” said Harborside Chairman Matthew Hawkins. “Through this capital investment, we have strengthened our partnership with Loudpack and will look to leverage their expertise as we explore opportunities to expand our cultivation, production, and distribution capabilities to improve the availability of our high-quality cannabis products for consumers across California.”
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