MJBiz - November/December 2023 - 16

COMPANY NEWS U.S. & International by MJBizDaily Staff
U.S. DEVELOPMENTS
New Marijuana ETF Based
on Rescheduling Hopes
Subversive Capital Advisor
launched a new cannabis exchange
traded fund (ETF) based on the
potential rescheduling of marijuana
by the U.S. government.
The new Subversive Cannabis
ETF invests " at least 80% of its net
assets in securities of companies
that are directly involved in the
global cannabis sector, including but
not limited to U.S. operating companies, "
New York-based Subversive
said in a news release.
The Subversive Cannabis ETF
trades on the Cboe BZX Exchange,
which was previously called the
NEO Exchange before its acquisition
by Cboe Global Markets. Another
cannabis ETF, the AdvisorShares
Poseidon Dynamic Cannabis
Exchange Traded Fund, shut down
in August.
Columbia Care Rebrands
as The Cannabist Co.
New Yorkbased
marijuana
multistate
operator
Columbia
Care
has a new corporate identity after
rebranding as The Cannabist Co.
The new corporate name is The
Cannabist Company Holdings,
the MSO said in a news release.
Additionally, the company
entered into subscription agreements
with institutional investors
to raise $25 million in a private
placement.
The agreements include the
purchase and sale of 22.2 million
units of the company for roughly
$1.13 per share, according to a
news release. Investors will be
able to buy additional units
totaling $25 million at the same
share price.
Leafly Temporarily
Eludes New York Ban
The New York
attorney general's
office and a state
court granted
a temporary
exemption
for cannabis
e-commerce platform Leafly
Holdings to continue operations in
the state.
The ruling blocks a regulatory
ban on third-party advertising and
marketing services in New York's
fledgling adult-use marijuana
market. Seattle-based Leafly is
challenging the ban in court.
The lawsuit claims New York's
Office of Cannabis Management
unfairly targeted so-called thirdparty
platforms such as Leafly in
adopting regulations that hamstring
the industry and restrict retailers'
ability to market and promote
products.
Additionally, Leafly consolidated
its shares to keep its listing on the
Nasdaq stock exchange. The share
consolidation combined 20 Leafly
shares into one.
Verano Switching
Canadian Stock Exchanges
Marijuana multistate operator
Verano Holdings Corp. is in the
process of moving its Canada-listed
shares from the Canadian Securities
Exchange to the Cboe Canada
exchange.
Chicago-based Verano said it has
received conditional approval to list
its Class A subordinate voting shares
on the Cboe Canada exchange.
" The transition to Cboe Canada
does not require the company to
16 November-December 2023 | MJBizMagazine
recapitalize or undertake any corporate
restructuring, " Verano said in
a news release.
Verano said its listing on Cboe
Canada and its delisting from the
CSE are both subject to approvals
by the respective exchanges.
Vext Science to Acquire
Dispensaries, Raise $10M
Arizona-based vertically integrated
marijuana operator Vext Science
has agreed to acquire two Ohio
medical cannabis dispensaries for
$9.8 million and plans to raise
$10 million in a private placement
of common shares.
Under terms of the agreement,
Vext is acquiring from Big Perm's
Dispensary Ohio the two MMJ
stores, a Tier I cultivation facility
and a manufacturing facility,
according to a news release.
Vext anticipates that senior management
and its board of directors
will buy more than 60% of the
non-brokered private placement of
common shares.
In addition to the Big Perm's
acquisition, Vext said it closed on a
previously announced purchase of
Jackson, Ohio-based Appalachian
Pharm Processing along with
its subsidiaries and affiliated
companies.
High Times Parent, Chair
Pay to Settle SEC Charges
The parent company of cannabis
publication and brand High
Times as well as its board chair,
Adam Levin, together paid more
than $600,000 in fines to settle
securities fraud allegations
connected to the company's efforts
to go public, federal securities
regulators announced.
Hightimes Holding Corp.
and Levin did not admit to any
MJBiz - November/December 2023

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