MJBiz - July 2023 - 15

COMPANY NEWS
Schwazze Announces
Acquisitions in Southwest
Coloradobased
cannabis
multistate
operator
Schwazze is deepening
its presence in New Mexico with
the planned acquisition of certain
assets belonging to Sucellus.
The acquisition of not-for-profit
Everest Apothecary is valued
at approximately $38 million,
according to a news release.
The transaction involves 14
stores, a cultivation facility and a
manufacturing plant.
Additionally, Schwazze signed
a $10.5 million deal to acquire
a Denver medical marijuana
dispensary from Standing Akimbo.
" As part of the Standing Akimbo
acquisition, Schwazze plans to
open a Colorado Springs medical
dispensary acquired in 2022 under
the Standing Akimbo banner, "
Schwazze said in a statement.
Cannabis Vaporizer-Makers
Win Patent Victory
The U.S. International Trade
Commission (ITC) " ruled
definitively " in favor of dozens
of vaporizer companies that were
accused of patent infringement
by Chinese e-cigarette maker
Shenzhen Smoore Technology Co.
Smoore is the parent company of
CCell, which produces ceramic vape
cartridges for the U.S. marijuana
industry.
The ITC agreed with an
administrative law judge's initial
determination that Section 337
of the Tariff Act of 1930 was not
violated " in the importation into
the United States or the sale within
the United States after importation
of certain oil-vaping cartridges,
components thereof, and products
containing the same based on
infringement " of three patents.
Trulieve Ceasing
Massachusetts Operations
Florida-based multistate marijuana
operator Trulieve Cannabis
is shutting down operations
in Massachusetts and further
downsizing in California.
Trulieve's three Massachusetts
dispensaries-in Framingham,
Northampton and Worcester-closed
June 3. The company's cultivation
and processing facility in Holyoke
will shutter by year's end.
The company also will close its
marijuana retail location in Grover
Beach, California.
A total of 128 employees
will be affected by the cuts, a
spokesperson for Trulieve Cannabis
told MJBizDaily via email.
Kim Rivers, Trulieve's chief
executive officer, said in a
statement that the most recent
cuts are part of the company's
plans to jettison " non-contributive
assets " and grow its core markets.
Dutchie Admits 4/20
'Failures,' Promises
Retailer Payout
A " series of
cascading
failures " was
responsible for
Dutchie's e-commerce platform
outage that impacted marijuana
retailers on 4/20, the company
admitted.
As a make-good, Dutchie CEO
Tim Barash promised to pay out
retailers that use the Oregonbased
cannabis tech platform " an
amount equivalent to our estimate
of your lost profits " during the
interruptions.
After reporting " elevated error
rates " on April 18-19, Dutchie's
e-commerce platforms went down
for part of April 20, one of the
busiest sales days of the year for
U.S. marijuana retailers.
Dutchie boasts more than
6,000 clients nationwide and,
the company says, processes
more than $14 billion in annual
transactions.
TerrAscend Will
Restructure
Marijuana multistate operator
TerrAscend Corp., which has
offices in California, Pennsylvania
and Ontario, Canada, revealed its
plans to reorganize in a way that
will allow the U.S. plant-touching
company to list on the Toronto
Stock Exchange (TSX).
The proposal, detailed in a proxy
filed April 20, also requires final
approval from the TSX.
TerrAscend also increased its
ownership of Cookies Retail
Canada Corp. to 95% of issued and
outstanding shares.
Lowell Farms Enters Deal
For Manufacturing Plant
Vertically integrated California
cannabis operator Lowell
Farms sold its Monterey County
processing plant for $19.4 million
to New Wilston Associates and
entered a leaseback agreement
with the company.
Under terms of the deal,
Lowell signed a 10-year lease on
the 10-acre site, which includes
a 40,000-square-foot facility
where it cultivates and processes
marijuana for its own brands and
third-party partners, according to a
news release.
Lowell acquired the operation in
2021 for $19.2 million.
As part of the deal, Connecticutheadquartered
New Wilston will
assume the outstanding principal
on the mortgage, accrued unpaid
interest and other liabilities
totaling $10.3 million.
Lowell said in the release that it
expects to gain about $3.5 million
after closing and other transactionrelated
costs.
mjbizdaily.com | July 2023 15
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MJBiz - July 2023

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