MJBizMag February 2022 - 16

COMPANY NEWS U.S., Canada & International by MJBizDaily & Hemp Industry Daily Staff
U.S. DEVELOPMENTS
according to a news release issued
by the Massachusetts-based company.
The agreement also permits
up to an additional $200 million of
senior bank financing.
Separately, Curaleaf settled
Emerald X Acquires MJBiz
Denver-based MJBiz was acquired
by Emerald X, a wholly owned
subsidiary of Emerald Holding,
a New York-based business-tobusiness
event and media company,
for $120 million in cash plus
potential earnouts.
The acquisition includes MJBizCon,
the oldest and largest trade show of
its kind in the cannabis industry, as
well as media and event brands that
include MJBizDaily, Hemp Industry
Daily and MJBizMagazine. The
purchase also includes The Emerald
Conference, a cannabis science event
MJBiz acquired in 2020.
The MJBiz leadership team and
staff will continue under the new
ownership.
Emerald's major events include
Outdoor Retailer, ASD Market
Week and the International Pizza
Expo. The company's acquisition
of Denver-based MJBiz represents
major deals for both the event and
cannabis industries.
Curaleaf Raises $425M
From 8% Debt Financing
Marijuana multistate operator
Curaleaf Holdings said it received
commitments for a privately placed
debt raise of $425 million-the
largest yet for a U.S. cannabis
company-while securing an
interest cost that is among the
lowest in the industry.
The five-year senior secured notes
have an 8% annual interest rate,
16 February 2022 | MJBizMagazine
10 lawsuits brought after an
Oregon subsidiary mistakenly
sold THC-infused tinctures that
were labeled as containing only
nonintoxicating CBD. The tinctures
were manufactured and labeled by
Cura Cannabis, a Portland, Oregon,
company that is owned by Curaleaf
and runs the marijuana brand Select.
Dutch Company Buys Texas
Grow Light Firm for $272M
A Dutch lighting giant signed a
definitive agreement to acquire
Austin, Texas-based Fluence, which
provides grow lights to cannabis
cultivators
and other
agricultural
companies,
for $272 million. Netherlands-based
Signify said the acquisition is in
line with its strategy to expand in
" attractive growth segments " and
reduce resource consumption and
increase horticultural yields. Fluence
will operate as an entity within
the agricultural lighting business
at Signify, a subsidiary of Munichbased
Osram.
Chicago Atlantic Boosts
Credit Facility to $45M
Marijuana industry lender Chicago
Atlantic Real Estate Finance
upsized a loan from two banks
to $45 million.
The revolving
credit facility was
previously worth
up to $10 million,
according to a
regulatory filing.
The Illinois-based firm said its
financing subsidiary, Chicago
Atlantic Lincoln, amended its
secured revolving credit facility
with two FDIC-insured institutions.
The loan, now worth $45 million,
matures in December 2023 with
a one-year extension option and
carries a floating interest rate of
0% to 1.25% over a prime rate of at
least 3.25%.
Marijuana REIT Tops 100
Properties With $72M Deal
Real estate investment trust
Innovative Industrial Properties
(IIP) in San Diego said it acquired a
portfolio of 27 cannabis properties
for $72.7 million,
excluding
transaction costs.
The portfolio
consists of 24 properties
in Colorado,
two in North Dakota and one in
Pennsylvania.
IIP now owns 103 properties with
7.7 million square feet of rentable
space in 19 states.
Leafly and SPAC Raise
$30M; Merger Vote Delayed
Online marijuana platform Leafly
Holdings said it secured $30 million
in new funding in relation to its
pending merger with special purpose
acquisition company (SPAC) Merida
Capital Holdings. At the same
time, Merida said the Jan. 14 special
meeting to vote on the proposed
merger would be delayed.
The funding takes the form of
an unsecured convertible note purchase
by investment management
firm Cohanzick Management and
its affiliates, according to a news
release issued by Seattle-based
Leafly. The unsecured convertible
senior notes carry an 8% annual
MJBizMag February 2022

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