MJBIZ - November/December - 18

COMPANY NEWS U.S. & International by MJBizDaily Staff
U.S. DEVELOPMENTS
Netscape Co-founder
Takes Over Eaze
California-based
marijuana delivery
company Eaze
Technologies has a
new owner after a
public auction of its corporate
assets. The bundle of Eaze assets
was purchased for $56 million
in August by a firm owned by
Netscape co-founder James
Henry Clark.
Though Clark now has ownership
of Eaze, the company's
future is up in the air. Clark's
holding company, FoundersJT,
acquired the following assets
from San Francisco-based Eaze:
* Accounts.
* Chattel paper, which denotes
a monetary obligation and
security interest.
* Commercial tort claims.
* Deposit accounts and cash.
* Equipment and inventory.
FoundersJT did not assume
certain liabilities from Eaze,
including potential unpaid
invoices due to brands,
manufacturers and other vendors.
The acquisition by Clark, a
tech billionaire and the largest
investor in Eaze, follows his May
foreclosure on the delivery service
after it defaulted on a loan.
GTI Announces Sharebuyback
Program
Marijuana multistate operator
Green Thumb Industries'
board authorized a $50 million
share-repurchase program over
the next 12 months. The Chicagobased
MSO is authorized to
repurchase up to 10,573,860
shares.
Green Thumb isn't obligated to
purchase any shares if management
determines it has a better
use for its cash reserves. The
oversubscribed, non-brokered
offering is the first bank-only
financing of its kind in the regulated
U.S. marijuana industry,
according to the company.
StateHouse Holdings
Enters Bankruptcy
San Diego-based marijuana
operator StateHouse Holdings
entered bankruptcy in Canada
after its main lender asked
that the company be placed
in a receivership. The move
comes after Pelorus Fund
REIT, a private mortgage real
estate investment trust and
StateHouse's largest lender,
asked a California court in
September to place StateHouse
in receivership after the vertically
integrated cannabis operator
defaulted on four loans.
Pelorus said it is pleased with
the progress made since it filed
its receivership complaint in
September.
StateHouse anticipates that
it will ultimately be delisted
from the Canadian Securities
Exchange, where its shares
traded as STHZ. The company,
formerly known as Harborside,
also trades on the over-thecounter
markets under the ticker
symbol STHZF.
DEA-approved Grower
Suspended From Nasdaq
Bright Green Corp., the first
plant-touching marijuana
business to trade on a major U.S.
stock exchange, said its shares
have been suspended from
trading on the Nasdaq.
The company said it will
discuss key issues, including the
potential for a reverse stock split
to enhance shareholder value,
18 November-December 2024 | MJBizMagazine
at its annual meeting on Nov. 15.
Bright Green has secured a $2.5
million line of credit to ensure
it has the financial resources to
support its operations.
Bright Green initially listed
on the Nasdaq on May 17, 2022,
under the ticker symbol BGXX,
at $8 per share and hit $58 per
share the same day. One month
later, the stock was trading
for less than $3 per share. In
September, the stock was priced
below 4 cents per share.
4Front Refines Fiscal Plan,
Amends Credit Facility,
Marijuana multistate operator
4Front Ventures amended
its credit facility and enlisted
Canaccord Genuity Corp. to
hone its financial strategy.
Under the amended credit
facility-initially established in
October 2023-Altmore Capital
affiliate Alt Debt II will advance
Arizona-based 4Front $850,000,
according to a news release;
4Front will be able to access an
additional $1.75 million.
In connection with the amendment,
4Front also is doubling the
percentage of restricted share
units it issued to the lender.
Meanwhile, Vancouver, British
Columbia-based Canaccord will
lead 4Front's efforts to consolidate
and streamline its capital
structure.
Shares of 4Front trade
as FFNT on the Canadian Securities
Exchange and FFNTF on the
over-the-counter markets.
Final Virginia MMJ
License Awarded
Miami-based marijuana multistate
operator Ayr Wellness was
awarded the last of five medical
cannabis licenses to be issued
MJBIZ - November/December

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