MJBiz - September/October 2024 - 15

COMPANY NEWS
INTERNATIONAL DEVELOPMENTS
Tilray Gets German Medical
Cannabis Grow License
Aphria RX, the Neumünster,
Germany-based subsidiary of
Tilray Brands, announced on
July 22 that it had received a
medical marijuana cultivation
license under the European
country's new Cannabis Act.
Tilray, based in Leamington,
Ontario, and New York, said in a
news release that the cultivation
permit was the first to be issued
under Germany's new cannabis
law, which took effect April 1.
According to the ECA Academy,
the new MedCanG rules allow
operators seeking to grow
medical cannabis in Germany to
" market and distribute their harvest
themselves, " although they
will be subject to inspections by
the German Federal Institute for
Drugs and Medical Devices and
other authorities.
Nasdaq Readmits
IM Cannabis
IM Cannabis Corp., a medical
marijuana company operating
in Israel and Germany, regained
compliance with the minimumbid
price requirement to list on
the Nasdaq stock exchange.
The company said in a news
release that it was notified on
July 26 that it was " in compliance
with all applicable listing standards "
to be listed and traded on
the Nasdaq.
The Nasdaq found that IMC's
closing price met or surpassed
the $1-per-share minimum
for 10 consecutive business
days between July 12-25. The
Canada's SNDL Restructues,
Buys NOVA Shares
After acquiring a debt position in
Delta 9 Cannabis for
CA$28.1 million ($20.6 million)
and entering a stalking-horse
agreement to purchase distressed
edibles maker Indiva for
around $20 million in early July,
Canadian operator SNDL enacted
a restructuring plan in mid-July
to reduce corporate expenses
and improve efficiencies.
The Alberta-based cannabis
and alcohol company axed 106
positions as part of wide-ranging
cost-cutting measures, according
to a news release. The company
projects annualized savings by
mid-2025, though it could see
earlier benefits by the third
quarter of 2024.
Then, in August, SNDL
announced it would buy the
remaining shares (34.8%) of
retailer Nova Cannabis for
company's shares trade as IMCC
on the Nasdaq and the Canadian
Securities Exchange.
In addition to its operations
in Germany and Israel, IMC
once had operations in Canada,
Greece, Portugal and the Netherlands.
The company has offices in
Toronto and currently operates:
* Adjupharm GmbH, which
distributes medical cannabis
to pharmacies for patients in
Germany.
* Israel Focus Medical Herbs,
which imports and distributes
medical cannabis to
patients and distributors in
Israel.
about $29 million. For each
Nova share, shareholders could
choose to receive either $1.75 in
cash or 0.58 of a common share
of SNDL, which trades on the
Nasdaq.
Alberta-based Retailer
Finalizes Credit Line
High Tide, an Alberta, Canadabased
cannabis retailer and
e-commerce platform provider,
finalized a credit line of
CA$15 million ($10.9 million) from
institutional creditors.
The debt financing, according
to a news release, was issued at
$900 per debenture, a type of
secured loan similar to a bond
that can be used to raise capital.
The debentures, drawn from
two tranches, will mature on July
31, 2029, and carry a fixed-interest
rate of 12% per year on drawn
amounts, payable quarterly.
The first $10 million tranche
was accessed upon closing,
and a $5 million tranche will be
drawn in November, according
to the company.
In connection with closing the
transaction, High Tide issued
230,760 common shares to lenders
priced at $3.47 per share.
The company said it plans to
use proceeds for debt repayment,
business development
and general purposes.
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.)
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MJBiz - September/October 2024

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