MJBizMag February 2023 - 15

COMPANY NEWS
in January, and any remaining
proceeds would be used for general
corporate purposes.
Trulieve Closes Commercial
Loans Worth $90.4 Million
Multistate operator Trulieve
Cannabis closed on two
commercial loans in December
worth gross proceeds of
$90.4 million, including a five-year
arrangement for $71.5 million and a
10-year loan worth $18.9 million.
The larger, five-year loan carries
a 7.53% interest rate and is secured
against a Florida cultivation and
manufacturing facility, according to
a news release.
The money was lent by three
banks, with Valley National Bank
as the lead agent.
The smaller, longer-term loan
from an unspecified lender carries
a 7.3% interest rate for the first five
years, followed by a rate equivalent
to the five-year treasury rate
plus 3.5% for the remainder. It is
secured against a Trulieve cultivation
and manufacturing facility in
West Virginia.
The MSO said it plans to use
the net proceeds of both loans for
general corporate purposes.
Minnesota Board
Sues Over MJ Edibles
The Minnesota Board of Pharmacy
filed a lawsuit against a group of
three cannabis companies, alleging
that their marijuana edibles exceed
the state's THC potency limits and
disregard rules around appearance.
The complaint filed in Clay
County District Court names
Northland Vapor Co. Moorhead,
Northland Vapor Co. Bemidji and
Wonky Confections, referring to
them collectively as Northland
Vapor.
Minnesota's medical cannabis
rules require edibles to contain
no more than 5 milligrams of
hemp-derived THC per serving,
or no more than 50 milligrams
per package.
" Investigators found packages
containing 2,500 milligrams of THC,
50 times the amount permitted
under Minnesota law, " the Board of
Pharmacy said in a news release.
The board also said its
investigators found that some of
the cannabis edibles resembled
products primarily marketed to
children, a violation of state law.
" These companies also failed to
provide the Board with required
testing results to show whether
or not their edible cannabinoid
products contain prohibited
substances such as pesticides,
heavy metals and solvents, " the
news release said.
Marijuana Firm Seeks
Social Equity Applicants
Massachusettsbased
marijuana
company
Theory
Wellness
is taking applications from
prospective social equity or
economic empowerment candidates
in the state and will offer financial
support to the winners.
A multistate operator with
outlets in Maine, New Jersey, New
York and Vermont, Theory already
awarded $250,000 to Brockton,
Massachusetts-based retailer
Legal Greens in the form of
$100,000 in zero-interest financing
and $150,000 worth of startup
cannabis inventory on consignment,
according to a news release.
Along with the sponsorship,
Theory Wellness supported Legal
Greens in areas such as banking,
insurance, marketing and licensing,
the release said.
Brandon Pollock, CEO and
co-founder of Theory Wellness, said
sponsorship is " how the private
sector can further support a diverse
cannabis market. "
Theory said a formal application
will be dispersed in early
2023. Get more information
at theorywellness.org/ma/
cannabis-social-equity-program.
Agrify Seeks Proceeds
of $8.7M in Share Offering
Marijuana
cultivation
technology
firm Agrify
Corp. priced a
public offering
of shares and
warrants to
raise gross proceeds of roughly
$8.7 million before expenses.
Massachusetts-based Agrify said
net proceeds from the offering will
be used " for working capital and
general corporate purposes, which
may include capital expenditures
and repayment of debt. "
The underwritten public offering
includes:
* Roughly 11.9 million shares of
Agrify common stock.
* Pre-funded warrants to buy
1.5 million shares.
* Warrants to buy about
26.8 million shares.
Shares of Agrify trade as AGFY on
the Nasdaq exchange.
Trademark Suit Over GTI
Edibles Brand Dropped
Atlanta-based Edible
Arrangements dropped its
federal trademark infringement
lawsuit against marijuana
multistate operator Green Thumb
Industries (GTI).
The plaintiff filed a motion
to voluntarily dismiss the case
against the Incredibles brand
owned by Chicago-based GTI
without prejudice, meaning the
issue could be pursued again in
the future.
mjbizdaily.com | February 2023 15
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MJBizMag February 2023

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