MJBiz - August 2023 - 13

COMPANY NEWS
To achieve those deferrals, Ayr
is amending agreements regarding
vendor notes and promissory notes
related to a series of acquisitions.
California Distributor
Herbl Collapses
Herbl, a licensed marijuana
distribution company in California,
is in receivership after falling behind
on a key loan, a source close to the
situation confirmed to MJBizDaily.
Potentially tens of millions of
dollars in unpaid invoices are due to
brands across the state, which now
fear that that revenue for products
sold is lost forever. The state might
also be due millions in unpaid taxes.
The terms of Herbl's receivership
mean that investors and other
claimants might be paid before
brands. The company's main lender
is East West Bank, which canceled
a line of credit it had extended
to the company. The company's
other investors include Measure
8 Ventures, Salveo Capital and
Silverleaf Venture Partners.
Michigan Retailer Reopens
Store, Adds Another
Lume Cannabis,
one of Michigan's
largest marijuana
retailers, reopened
an outlet in
Southfield roughly
a year after closing
the store as part of a corporate
realignment. The company also
opened a store in nearby Berkley.
Lume, which has a 33-store retail
network in Michigan, closed four of
its stores in the state in July 2022 but
INTERNATIONAL DEVELOPMENTS
TerrAscend Gets Loan,
Makes Acquisitions,
Swaps Exchanges
TerrAscend Corp., a marijuana
company that does business in both
Canada and the United States, said
it closed on a $25 million commercial
loan with Stearns Bank. The
company plans to use the loan,
which has an interest rate of prime
plus 2.25%, to pay down highinterest
debt. The company also
increased a previously announced
equity and debenture offering from
$15 million to $20 million.
The Mississauga, Ontario-based
company also received final
approval to list on the Toronto
Stock Exchange, a first for a
company with plant-touching operations
in the U.S., and began trading
on the TSX under the ticker symbol
TSND. The company's stocks will
no longer be listed on the Canadian
Securities Exchange.
Separately, TerrAscend entered
into a definitive agreement to
acquire Hempaid, a medical
marijuana dispensary in Maryland
that does business as Blue Ridge
Wellness. The company also agreed
to acquire Herbiculture's cannabis
dispensary in Burtonsville for
$8.25 million, expanding the
company's retail footprint in
Maryland to four outlets.
Tilray
Closes Hexo
Acquisition,
Eyes Savings
Cannabis and beverage alcohol
company Tilray Brands closed its
acquisition of Canadian cannabis
producer Hexo Corp., creating what
Tilray described as " Canada's largest
cannabis company by revenue. "
In April 2022, Tilray and Hexo inked
a " strategic alliance " in which Tilray
acquired Hexo debt in exchange for
the right to buy Hexo shares.
The subsequent acquisition deal
was announced a year later, for an
aggregate purchase price of roughly
$56 million.
Holders of Hexo's common shares
have received 0.4352 Tilray shares
per one Hexo share, and Tilray
issued roughly 19.5 million common
shares in relation to the acquisition.
Curaleaf Buys Portuguese
Processing Facility
A wholly owned subsidiary of New
York-based marijuana multistate
operator Curaleaf Holdings
acquired a processing facility in
Portugal from Colombian cannabis
company Clever Leaves.
Clever Leaves will see gross
proceeds of approximately
2.5 million euros ($2.7 million) from
the sale to Curaleaf International's
Terra Verde LDA subsidiary,
according to a news release.
mjbizdaily.com | August 2023 13
said at the time that it planned to
open three in more populated areas.
Agrify Consolidates
Nasdaq-listed Shares
Massachusetts-based marijuana
industry cultivation and extraction
solutions company Agrify Corp.
consolidated its shares on a 20-to-1
basis in order to maintain its
equity listing on the Nasdaq stock
exchange.
Agrify's listing (AGFY) on the Nasdaq
had been under threat after the
exchange warned the company in
January that its bid price had fallen
below the required $1 minimum.
As a result of the share consolidation,
the number of common
Agrify shares outstanding has been
reduced from roughly 32.5 million to
about 1.6 million.
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MJBiz - August 2023

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