MJBizMag July 2021 - 18

CompanyNews | U.S., Canada & International
By MJBizDaily and Hemp Industry Daily staff
Recent deals, acquisitions
and other announcements
from cannabis companies
Verano Nets $100 Million to Support Cannabis Moves
Illinois-based Verano Holdings entered into an amended
$130 million loan agreement that provides the
multistate cannabis operator an additional $100 million
of funding at an annual interest rate of 9.75%.
Verano said the upsized loan will improve the comCannabis
REIT Upsizes Senior Note to Raise $300M
Cannabis industry real estate investment trust
Innovative Industrial Properties (IIP) of San Diego said
it upsized a previously announced private debt offering
to raise $300 million.
The senior notes from IIP's operating partnership carry
an interest rate of 5.5% and mature in 2026. The new
debt ranks equally with other debt held by IIP's operating
partnership, including 3.75% exchangeable senior notes
due in 2024, according to the company.
IIP undertakes real estate sale-leaseback deals with
major U.S. cannabis companies and trades on the New
York Stock Exchange.
Marijuana Hydroponics Firm To Buy Nutrient Business
Hydroponics equipment and supplies company Hydrofarm
Holdings Group struck a deal to acquire nutrient
producer House & Garden for roughly $125 million. It's
Hydrofarm's second acquisition this year.
The Fairless, Pennsylvania-based ancillary cannabis
company entered a cash deal for Humboldt County,
California-based House & Garden and several related
businesses that manufacture nutrients under the House
& Garden and Mad Farmer brands.
The company recently acquired another Californiabased
plant nutrient manufacturer and distributor,
Field 16, for $78.1 million.
REIT Strikes Deal for Michigan Greenhouse
Power REIT announced an $18.5 million purchase
agreement to acquire a Michigan property that
the real estate investment trust describes as the
state's " largest greenhouse cannabis cultivation and
processing facility. "
The unidentified property is approximately 66 acres
in size, with a 522,530-square-foot " high-tech greenhouse
and processing space. " Plans are in place to add
330,236 square feet, according to a news release.
The company did not specify where the property is
located in Michigan but said its location " offers the
potential for unlimited cannabis cultivation licenses. "
Power REIT invests in greenhouse properties and other
types of real estate.
18 MJBiz Magazine | July 2021
pany's liquidity and flexibility and support its strategic
growth. The credit agreement has a maturity date of
May 30, 2023. Verano recently announced two transactions
totaling $175.5 million in cash and stock to
add cultivation and retail capacity in Pennsylvania.
GenCanna Sues
Over Drying Dispute
Hemp and CBD
company GenCanna filed a lawsuit in a Kentucky federal
court alleging that hemp processor Vertical Wellness
reneged on an agreement to provide drying services for
12 million pounds of hemp.
According to the suit, Winchester, Kentucky-based GenCanna
said it had asked Cadiz, Kentucky-headquartered
Vertical Wellness to pause its drying services in November,
but Vertical Wellness restarted in December without
GenCanna's permission. According to correspondence
cited in the lawsuit. Vertical Wellness said it resumed the
operations based on the agreement that GenCanna's
hemp would be processed before the end of 2020.
The lawsuit claims breach of contract and seeks
unspecified damages and costs.
The Parent Co. Spends $67M on Supplies, Retail
The Parent Co. (TCPO Holding Corp.) said it is spending
$67 million to bolster its supply of California-grown
cannabis and get access for its products on retail
shelves.
The Parent Co. announced a $50 million cash investment
in exchange for a 6.2% stake in Glass House Group
as well as the acquisition of 4 acres of outdoor cannabis
farms in Sonoma County. Glass House will carry The
Parent Co.'s 17 brands in all its stores. The Parent Co.
also said it has acquired four Sonoma County marijuana
farms run by Mosaic.Ag for $17 million in cash and
stock.
Curaleaf Acquires Los Sueños
Massachusetts-based multistate
marijuana operator Curaleaf
Holdings plans to grow its footprint in the Colorado
marijuana market by acquiring the cultivation and retail
assets of Pueblo, Colorado-based Los Sueños Farms.
U.S. DEVELOPMENTS
http://www.Mosaic.Ag
MJBizMag July 2021

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