MJBizMag August 2021 - 18

CompanyNews | U.S., Canada & International
to raise brand awareness, bringing the total value to
$50 million. Arcadian Capital Management and The
Craftory led the Series B fundraising round.
Slang Buys Vermont Firm
Toronto-based cannabis company Slang Worldwide
announced an agreement to acquire High Fidelity, a vertically
integrated Vermont marijuana company, in a deal
worth at least $17.25 million.
The transaction includes $3 million in cash and
$12 million in Slang shares at closing, according to a
public relations representative for Slang.
A year and a half after the merger closes, Slang will
pay another $250,000 worth of shares and
$2 million in cash. Further, Slang shares worth as much
as $8 million may be issued if certain undisclosed
performance milestones are met, bringing the potential
price tag of the transaction to more than $25 million.
to sell its greenhouse in Salaberry-de-Valleyfield, Quebec,
for substantially less than the project's total cost.
The Mississauga, Ontario-headquartered company
agreed to sell the greenhouse for $22.2 million to
Cannara Biotech, another cannabis producer. TGOD
is estimated to have spent about $200 million on the
property. The company plans to use the proceeds of the
sale to eliminate its senior term debt.
Pyxus International Sells
Canadian Cannabis Subsidiaries
U.S. tobacco company Pyxus International sold off its
Canadian cannabis subsidiaries, according to court
filings. Sale prices were not disclosed.
North Carolina-based Pyxus announced in January
that it was divesting its Canadian assets, including
Canada's Island Garden, Figr Brands and Figr Norfolk,
after filing for bankruptcy protection in June 2020.
Figr Brands and Canada's Island Garden are being
acquired by a group of Prince Edward Island investors,
according to local reports. Figr Norfolk, which is located
in Ontario, is being purchased by a different company
and will not keep the Figr name.
TGOD to Sell Greenhouse in Quebec at a Loss
Canadian cannabis company The Green Organic
Dutchman Holdings (TGOD) entered into an agreement
WeedMD Cuts Back
Outdoor Cannabis Output
Canadian cannabis producer
WeedMD has significantly reduced outdoor cultivation
at its facility in Strathroy, Ontario, turning this year's
open-air production into a research crop that won't be
sold to consumers.
In a May 31 earnings conference call, WeedMD
CEO George Scorsis said the decision to reduce outdoor
production was in part linked to the company's recently
announced acquisition of indoor cultivator CannTx in an
all-stock transaction.
" Considering the high-value, high-margin, grade-A
product that we're seeing in our greenhouses and
now the indoor craft grow from CannTx, it simply does
not make commercial sense for us to plant 27 acres
outside, " Scorsis said on the call.
The company is " actively marketing the facility for
alternative use, " according to a spokesperson. Shares of
Aurora trade on the Toronto Stock Exchange and the New
York Stock Exchange.
Aurora Won't Renew Its Contract
for Recreational Marijuana in Uruguay
Aurora Cannabis decided not to renew a contract to
produce recreational marijuana in Uruguay to refocus on
higher-margin medical cannabis and CBD products.
18 MJBiz Magazine | August 2021
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MJBizMag August 2021

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