MJBizMag May-June 2022 - 18

COMPANY NEWS U.S., Canada & International
for the creation of a " hemp value
retention program " to allow Colorado
hemp farmers to sell hot hemp.
The plaintiffs are requesting a
jury trial and unspecified damages.
MJ Research Company
Seeks to List on Nasdaq
A Florida
company with
" conditional
approval " from the U.S. Drug
Enforcement Administration to
cultivate marijuana for research
purposes could become the first
U.S.-based plant-touching business
to trade on the Nasdaq market.
Bright Green Corp., headquartered
in Fort Lauderdale, filed
plans with the U.S. Securities and
Exchange Commission on March 29
to register its shares on the Nasdaq.
The company is building a
$300 million manufacturing and
CANADIAN DEVELOPMENTS
Aurora Acquires TerraFarma
Alberta, Canada-based Aurora
Cannabis reached a deal to buy
TerraFarma, the Simcoe, Ontariobased
parent company of craft
producer Thrive Cannabis, in a bid
to reinforce its " premiumization "
strategy and become profitable by
spring 2023.
Aurora agreed to pay at least
$30 million (CA$38 million) in cash
and stock for all of TerraFarma's
issued and outstanding shares,
according to a news release. The
deal includes two potential earnouts
of up to $7.9 million for near-term
revenue targets and up to $15.8
million for longer-term targets.
Valens Raises $22.5 Million
in Bought Deal Offering
British Columbia cannabis product
manufacturer The Valens Co.
announced a bought deal offering
worth $22.5 million (CA$28.1 million)
with an over-allotment option.
Net proceeds from the offering
will be used " to continue to pursue
strategic growth initiatives in
North America, provide funding
for working capital and for general
corporate purposes, " Valens noted
in a news release.
Under the bought deal offering,
underwriters Stifel GMP and
18 May-June 2022 | MJBizMagazine
Alliance Global Partners will
purchase 10,613,207 Valens units for
$2.13 per unit.
Each unit includes one common
share and half of a common share
purchase warrant, which will be
exercisable to buy another common
share within 48 months of closing
at $2.56.
An over-allotment option will
allow the underwriters to purchase
an additional 15% of the units sold
for 30 days after closing.
CannTrust Emerges
from Creditor Protection
Vaughn, Ontario-based CannTrust
Holdings has exited courtsupervised
proceedings under the
Companies Creditors Arrangement
Act after a key subsidiary
completed a financing worth
$13.3 million.
The company said its subsidiary,
CannTrust Equity, completed the
financing via investors led by
Marshall Fields International
B.V. Marshall Fields is a subsidiary
of Kenzoll B.V., a Netherlandsbased
private equity investment
company.
With the investment, Marshall
Fields acquired a 90% equity
interest in CannTrust Equity
and provided the cannabis
producer with a $4.3 million
secured credit facility.
The completion of the financing
means CannTrust has emerged from
the court-supervised proceedings
under the Companies Creditors
Arrangement Act, effective
immediately.
Eve & Co. Receives
Creditor Protection
The Ontario Superior Court of
Justice granted an order for
creditor protection to Eve & Co.,
a cannabis producer based in
Strathroy, Ontario.
The order allows the company
to draw on a debtor-in-possession
(DIP) loan from Deans Knight
Capital Management for $960,000
(CA$1.2 million). The money will be
used for working capital until the
next hearing, set for April 1.
At that hearing, Eve Group will
seek approval of a sale and investment
solicitation process.
Have a company announcement
you want us to consider? Send a
news release or general information
to omar.sacirbey@mjbizdaily.com.
(Note: We're looking for news about
expansions, financing, deals, partnerships
and similar developments, not
product-related announcements.)
cultivation facility in Grants, New
Mexico, about 80 miles west of
Albuquerque.
Bright Green's investment
adviser, EF Hutton, will determine
the initial public market price
contingent upon regulatory
approval of the registration filing.
Marijuana's illegal status under
federal law has prevented U.S.-based
plant-touching companies from listing
on major U.S. exchanges.
MJBizMag May-June 2022

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