MJBiz - September/October 2024 - 13

COMPANY NEWS
medical marijuana dispensaries
and three cultivation facilities
for $16.4 million in two separate
deals involving three multistate
operators.
In one transaction, an
unidentified MSO is paying
$11.4 million for The Cannabist's
40,000-square-foot cultivation
facility in Lakeland, according to
a news release.
That deal, which is " subject
to adjustment, " is payable in
cash, though $2 million of the
consideration is already in
escrow, the release notes.
In the other transaction, a
joint venture of Arizona-based
Mint Cannabis and Californiaheadquartered
Shango will pay
$5 million for The Cannabist's
14 dispensaries.
The deal includes the New Yorkheadquartered
MSO's medical
marijuana treatment center
licenses and its cultivation and
manufacturing operations in
Alachua and Arcadia.
The Cannabist's dispensary
locations are expected to be
rebranded to Mint Cannabis after
the deal closes.
Casa Verde Invests
in AI Cultivation
Growlink,
a Coloradobased
technology
company that
leverages AI and other digital
applications to provide precise
climate control, automated
irrigation, nutrient delivery and
data analytics to help cannabis
growers improve efficiencies and
crop yield, received a $2 million
seed funding round from Casa
Verde Capital.
The Los Angeles investment
firm was co-founded by
entertainer Snoop Dogg.
Growlink said in an Aug. 6
news release that it would
use the funding to expand
AI capabilities and enhance
software and wireless-sensor
applications for its integrated
platform, including control
algorithms, cultivar blueprints
and AI crop-steering programs.
" We are thrilled to partner
with Casa Verde, an investor
that shares our vision and
passion for advancing the
cannabis cultivation industry, "
Growlink CEO Ted Tanner said in
a statement. " Their support will
be instrumental in accelerating
our growth and expanding our
capabilities. "
Casa Verde Managing
Partner Karan Wadhera told
MJBizDaily via email that the
firm's investment strategy has
focused on scalable and efficient
companies that solve real
business problems with a path to
increasing market share.
Florida MSO Refinances
$53 Million Loan
Jushi Holdings, a vertically
integrated marijuana multistate
operator, refinanced a roughly
$53 million senior secured credit
facility.
According to a news release
from the Boca Raton, Floridabased
company, the refinancing
was accomplished through:
* The issuance of a $48.5 mil-lion
senior secured " term loan. "
* The use of approximately $7.4
million from cash on hand,
which includes fees associated
with the refinancing.
The $48.5 million loan bears
an annual interest rate of
12.25%, payable quarterly, the
release notes. The loan matures
on the earlier of 30 months
from the closing date or 91 days
before the maturity of Jushi's
existing " second lien notes " due
Dec. 7, 2026.
Investors providing the loan to
Jushi received five-year warrants at
40% coverage and with an exercise
price per share equal to $1.
After issuance of the loan and
the repayment of the existing
first lien notes, Jushi will have
roughly $19 million of cash, cash
equivalents and restricted cash
as of July 31, 2024, according to
the release.
Store Launch Gets Cookies
Franchisee in Trouble
New Mexico
regulators
fined the legal
entity behind a
Cookies-branded cannabis store
in Albuquerque $350,000 for five
violations of state law during
the retailer's grand opening.
It's at least the second example
of state regulators punishing a
Cookies franchisee for a raucous
store-launch party.
In the latest case, which
dates to November 2023,
infractions against Blue Whale
Enterprises' Cookies franchise in
Albuquerque included allowing
a minor " onto the licensed
premises " and " promoting the
over consumption of cannabis
products, " according to a
settlement signed July 16.
Other violations noted on the
settlement include:
* " Allowing the unauthorized
consumption of cannabis
products on the licensed
premises without a cannabis
consumption (license). "
* Allowing public consumption
of alcohol.
* Publicly displaying cannabis
products outside the
licensed retail area.
* Byron Butcher, the CEO of
Hi Extracts and Bloom
New Mexico, signed the
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