MJBIZ - November/December - 22

INTERNATIONAL DEVELOPMENTS
Partnership Launched
to Supply MMJ to Germany
Toronto-based cannabis operator
Flora Growth Corp. announced
an agreement with London-headquartered
Blossom Genetics to
supply medical marijuana to
Germany, where a landmark
adult-use law took effect April 1.
Financial details of the partnership
were not disclosed.
Flora's wholly owned subsidiaries
have been operational in
Germany since 2017, obtaining
the country's first medical cannabis
license and conducting its
inaugural MMJ sale. The company
distributes cannabis products to
more than 1,200 pharmacies in
Germany as it continues to scale
operations across Europe.
Canadian Companies
Get U.K. Deal
British Columbia-based Hytn
Innovations is teaming up with
4C Labs, a Canadian cannabis
distribution and product-development
company, to produce
medical marijuana for distribution
in the United Kingdom and,
potentially, other global markets.
The partnership allows cannabinoid-focused
pharmaceutical
company Hytn to manufacture,
package and export pharmaceutical-quality
cannabis products
in bulk and packaged formats for
4C Labs to distribute in the U.K.,
according to a news release.
Hytn holds a Good Manufacturing
Practice (GMP) license
from Health Canada as well as a
PIC/S (Pharmaceutical Inspection
Co-operation Scheme) certification
from Australia's Therapeutic
Goods Administration, the release
noted. While the partnership's
initial focus is to supply cannabis
products to the U.K., the
companies also are considering
expansion opportunities in Australia
and Germany.
Canada's Biggest Retailer
Enters Partnership
Canadian marijuana retailer and
e-commerce platform provider
High Tide announced a joint venture
with Positive Intent Events
(PIE) to bolster its position in
Canada's developing cannabis
hospitality sector. Both High Tide
and PIE are based in Alberta.
High Tide, Canada's largest
marijuana retail chain with 183
stores, plans to develop retail
experiences at events and venues
while working with PIE to
create additional opportunities
for cannabis pop-ups across
Canada, the company said in a
news release. The development
comes about seven months after
Alberta-Canada's second-largest
adult-use market-permitted
cannabis sales at age-restricted
events such as music festivals
and marijuana trade shows.
Organigram Gets Second
Investment Tranche
Canadian cannabis producer
Organigram Holdings closed
on the second of three tranches
of an overall investment of
CA$124.6 million ($92 million)
from a wholly owned subsidiary
of British American Tobacco
(BAT). BT DE Investments, the
BAT subsidiary, acquired roughly
4.4 million Organigram common
shares and 8.5 million Class A
preferred shares at $2.38 per
share for gross proceeds of
$30.6 million, according to a
news release. The remaining
12.9 million shares will be issued
in the final tranche, scheduled
for late February.
22 November-December 2024 | MJBizMagazine
Organigram said it will use
most of the proceeds to fund a
strategic investment pool called
Jupiter, which is designed to
accelerate the company's international
growth goals and target
investments both overseas and in
the United States. Organigram's
first investment of $2 million was
made in North Carolina-based
Open Book Extracts, a leading
ingredient provider, product
formulator and manufacturer
of hemp-derived extracts and
products.
Village Farms Buys Out
Dutch Company
Village Farms International
acquired the remaining equity
in Netherlands-based cannabis
producer Leli Holland B.V.
The Vancouver, British Columbia-headquartered
company
initially agreed in 2021 to buy
an 80% stake in Leli Holland. At
the time, the option cost 50,000
euros ($58,400) and was exercisable
at the sole discretion of
Village Farms.
Leli Holland is among
10 licensed cannabis producers
in a Netherlands pilot program,
according to a news release,
which also noted that Village
Farms completed its indoor
cultivation facility in Drachten,
Netherlands.
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(Note: We're looking for news
about expansions, financing,
deals, partnerships and similar
developments, not product-related
announcements.)
MJBIZ - November/December

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