MJBiz - August 2023 - 14

COMPANY NEWS U.S. & International
The facility in Setúbal, Portugal,
which has European UnionGood
Manufacturing Practice
certification, will process cannabis
cultivated in nearby Alcochet.
Cronos Reviewing Options
for Possible Acquisition
Cronos Group has received a
number of expressions of interest
about a possible sale and is
reviewing those offers, the Torontobased
cannabis producer said.
" Cronos is in the initial stages
of reviewing these indications
of interest, and there can be no
assurance that any agreement
or transaction will result, " the
company said in a news release.
U.S.-based multistate operator
Curaleaf Holdings is rumored to be
among the interested parties.
Virginia-based Altria Group, one
of the world's largest tobacco producers,
owns 41% of Cronos' shares.
Judge Rejects Fire & Flower
Counterproposal
A counterproposal by a syndicate
of parties that opposed a proposed
stalking-horse agreement between
cannabis retailer Fire & Flower
and its largest shareholder, an
affiliate of convenience store
operator Alimentation CoucheTard,
was rejected by a judge in
Ontario, Canada.
Shawn Dym, co-founder and
director of Toronto-based Green
Acre Capital Fund II, is Fire &
Flower's second-largest shareholder.
Dym called the sale and investment
solicitation process (SISP) " truncated "
and a " fire sale " that wasn't
in the best interest of Fire & Flower
or its investors.
The judge sided with the Alimentation
Couche-Tard affiliate, which
owns approximately 35.7% of Fire
& Flower's issued and outstanding
common shares. In doing so, the
Ontario Superior Court also approved
14 August 2023 | MJBizMagazine
the proposed sale and investment
solicitation process SISP brought by
the Couche-Tard affiliate.
Fire & Flower was delisted from the
Toronto Stock Exchange on July 14.
Tantalus Labs Restructures,
Lays Off Workers
British Columbia-based Tantalus
Labs confirmed in an email to
MJBizDaily that it had filed a
Notice of Intent for Restructuring in
Canadian federal court.
" This filing comes with the
difficult reality of laying off the
substantial majority of our team,
retaining only a few key employees
to navigate the complexity of this
restructuring process, " CEO Dan
Sutton said via email.
Organigram Consolidates
Shares to Stay
on Nasdaq
Canadian cannabis
cultivator and
manufacturer
Organigram
Holdings
consolidated its shares on a 4-to-1
basis in order to maintain its
U.S. equity listing on the Nasdaq
exchange.
Nasdaq warned Organigram in
January that its share price had
fallen below the exchange's $1
minimum bid price requirement
for 30 consecutive days, risking
possible delisting. The reverse share
split also affected Organigram's
shares listed on the Toronto Stock
Exchange in Canada.
Aurora Cannabis Closing
Denmark Facility
Canadian producer Aurora
Cannabis is closing its remaining
facility in Denmark and moving
production to Canada in a bid to
lower costs. Edmonton, Albertabased
Aurora said it had been
leasing the facility.
The move comes more than
one year after the company sold
its Nordic Sky facility in Odense,
Denmark, for roughly 7.5 million
Canadian dollars ($5 million) in
March 2022. That sale resulted in a
loss of disposal of CA$1.3 million.
Atlas Global Selling Alberta
Facility, Laying Off Staff
Canadian cannabis company
Atlas Global Brands is ceasing
operations at a facility in Gunn,
Alberta, and laying off 50
employees.
Atlas said in a news release
that it continues to focus on cost
reductions, savings and production
efficiencies. Packaging activities
are being relocated to a facility in
Chatham, Ontario, which serves as
Atlas' Canadian hub for the processing
of domestic and export-bound
medical cannabis flower and oils.
Red White & Bloom
to Acquire Aleafia
Toronto-based marijuana operator
Red White & Bloom Brands plans
to acquire financially troubled
cannabis operator Aleafia Health
in a share-exchange agreement.
Under the proposed shareexchange
agreement, each Aleafia
common share will be swapped for
0.35 RWB shares, giving Red White
& Bloom shareholders roughly 76%
of the combined company.
The deal, which is subject to
approval, is expected to close by
the end of October.
Have a company announcement you
want us to consider? Send a news
release or general information to
magazine@mjbizdaily.com.
(Note: We're looking for news
about expansions, financing,
deals, partnerships and similar
developments, not product-related
announcements.)
MJBiz - August 2023

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