MJBizMag August 2020 - 20

CompanyNews | U.S., Canada & International
By Omar Sacirbey
Recent deals, acquisitions
and other announcements
from cannabis companies
The sale-leaseback agreement follows similar deals
struck between Cresco and IIP in Illinois, Michigan and
Ohio, including at least two such deals in June worth
$17 million. In all, Cresco has made at least $92 million
from sale-leaseback deals to date. Much of that money
has been reinvested in company operations.
IIP, a real estate investment trust, has been on a
High Times-Harvest Deal
Multistate operator and vertically integrated marijuana
company Harvest Health & Recreation finalized a deal
to sell eight California retail stores to Los Angeles-based
High Times Holding Corp.
Under terms of the recently updated agreement, Arizonabased
Harvest sold a portfolio of equity and assets of
eight operational and planned dispensaries in California
for a total of $61.5 million, including up to $1.5 million in
cash and $60 million in stock. High Times could acquire
two more planned dispensaries in California from Harvest
for $6 million in additional shares of High Times.
The deal means the majority of the entities changed
hands from Seattle-based Have a Heart founder Ryan
Kunkel to Harvest and then to High Times in a matter of
months. Harvest announced a deal in March to acquire
Have a Heart for $85.8 million.
Florida Cannabis Company Lists on CSE
Bluma Wellness, which
operates as One Plant in
Florida's medical marijuana
market, started trading on the
Canadian Securities Exchange
under the ticker symbol BWEL.
Bluma CEO Brady Cobb said
the Fort Lauderdale-based company initially will focus
on expanding in Florida, particularly emphasizing the
premium-flower market and next-day delivery. He noted
the company has a new 54,000-square-foot greenhouse
and a second 24,000-square-foot cultivation facility in
the state. One Plant currently has three dispensaries
in Florida and hopes to open an additional seven
dispensaries and delivery hubs by November.
Cresco's $29 Million Leaseback Deal
Cresco Labs, a multistate cannabis operator
headquartered in Chicago, entered a fifth sale-leaseback
deal with San Diego-based Innovative Industrial
Properties (IIP), this time for a vertically integrated
marijuana facility in Massachusetts. According to a news
release, the deal is worth $29 million and includes
$21 million for tenant improvements.
18 Marijuana Business Magazine | August 2020
marijuana real estate buying spree for years and closed
similar deals with other multistate cannabis operators,
including Green Thumb Industries and Vireo Health.
California Genetics Firm
Raises $15 Million
Conception Nurseries, a
Sacramento, California-based
cannabis genetics firm, raised
$15 million with the addition
of approximately $12 million
in a Series A funding round to help add scale and
automation to its operation.
Raises of this amount are particularly noteworthy
during the global coronavirus pandemic. Conception CEO
Kevin Brooks said the company's goal is to help cultivators
by bringing tissue-culture technology, also known as
micropropagation, to the cannabis industry. According to
Brooks, the company's technology will reduce growers'
operational risks and costs while increasing yields.
Jushi Holdings Makes Pennsylvania Acquisitions
Jushi Holdings, a multistate marijuana and hemp
operator based in Florida, acquired 80% of Agape Total
Health Care, a Pennsylvania dispensary permit holder.
The company will open three retail locations: one in the
Philadelphia region, one in Reading and one in Pottsville.
Jushi also agreed to purchase Minneapolis-based Vireo
Health International's grower-processor operations in
Pennsylvania for $37 million. That acquisition involves the
purchase of Pennsylvania Medical Solutions (PAMS), a
licensed medical marijuana grower-processor in Scranton.
The deal also includes an 18-month option for Jushi
to purchase equity in another Vireo Health subsidiary,
Pennsylvania Dispensary Solutions, for an additional
$5 million in cash.
Akerna Raises $17 Million
Nasdaq-listed cannabis software
company Akerna closed a $17
million debt financing with two
institutional investors. Proceeds from
the financing will be used to support
Denver-based Akerna's ongoing growth initiatives,
U.S. DEVELOPMENTS
MJBizMag August 2020

Table of Contents for the Digital Edition of MJBizMag August 2020
