MJBizMag October 2020 - 20

CompanyNews | U.S., Canada & International
Ascend said in its announcement that it plans to use
$41 million of the raise to fund expansion opportunities.
The company also has marijuana business holdings in
Massachusetts, Michigan, New Jersey and Ohio.
A Jushi Raise
Florida-based multistate
marijuana and hemp operator
Jushi Holdings increased a debt financing announced
in late July by roughly $18 million, citing strong demand
from shareholders and management.
The debt financing, which was intended to fund Jushi's
$37 million purchase of grower-processor Pennsylvania
Medical Solutions (PAMS) from Minneapolis-based
MSO Vireo Health International, was previously worth
$15.25 million. However, Jushi said the debt financing
had closed on $33.3 million worth of subscription
receipts, yielding $27.8 million in cash proceeds. The
debt financing consists of 10% senior secured notes
maturing in January 2023 and warrants to acquire
subordinate voting shares.
Dutchie's
Star-studded Raise
Oregon-based Dutchie,
an online ordering platform for cannabis retailers, raised
$35 million to fund new products and expansion. The
group of investors includes rapper Snoop Dogg's Casa
Verde Capital, NBA star Kevin Durant's Thirty Five
Ventures, Starbucks CEO Howard Schultz, Thrive Capital
and Gron Ventures. Dutchie said completion of the
Series B raise brings its total funding to $53 million.
Etain Hits New York City
New York-based Etain Health, a
women-owned, vertically integrated
agribusiness and medical marijuana
dispensary, opened a new flagship
facility in midtown Manhattan. The 5,000-squarefoot
location will sell premium cannabis products
to licensed New York medical marijuana patients
alongside a variety of non-THC health and wellness
brands. A rotating selection of limited-edition
merchandise from women-owned brands will also
be featured.
GTI-Cookies Vegas Partnership
Chicago-based multistate operator
Green Thumb Industries announced
an exclusive partnership to open a
Cookies retail outlet on the Las Vegas
Strip. Cookies on the Strip is expected to open in the first
20 Marijuana Business Magazine | October 2020
quarter of 2021, subject to regulatory approval.
Green Thumb currently owns and operates seven
stores in the state, five of which are in the Las Vegas
area, under the names Rise and Essence. GTI also
manufactures and distributes branded products in
Nevada such as Cannabiotix, Dogwalkers, Incredibles
and Rythm. The company has licenses to open six more
retail stores in the state.
Verano Breaks Into Massachusetts
Multistate operator Verano Holdings entered the
Massachusetts market with new retail storefronts in
Sharon and Plymouth. Both storefronts operate under
the Zen Leaf brand. The dispensaries will offer online
orders with curbside and in-store pickup options.
REIT Sheet
San Diego-based REIT
Innovative Industrial
Properties closed on the
acquisition of a property in Madison Heights, Michigan.
The purchase price for the property was $6.2 million
(excluding transaction costs). Concurrent with closing
on the transaction, IIP entered into a long-term, triplenet
lease agreement with a subsidiary of Holistic
Industries, which intends to operate the property
as a regulated cannabis cultivation, processing and
dispensary facility. In connection with the development
of the 63,000-square-foot property, IIP has agreed
to provide reimbursement for improvements of up to
$18.8 million. Assuming full reimbursement, IIP's total
investment in the property would be $25 million.
In addition to the Michigan property, IIP owns and
leases three other properties to Holistic in Maryland,
Massachusetts and Pennsylvania. Holistic is one of the
largest private, vertically integrated multistate operators
in the cannabis industry, with operations in California,
Maryland, Massachusetts, Michigan, Pennsylvania and
Washington DC.
As of Sept. 21, IIP owned 63 properties across the
United States.
MJBizDaily Still Among Fastest Growing
For the fifth year running, Marijuana Business Daily
has earned a spot on Inc. magazine's 5000 " FastestGrowing
Private Companies " list. MJBizDaily, a
Colorado-based marijuana business news and events
company, ranked 1,749 on the list of 5,000 private
American firms, with revenue growth of 244% over the
past three years. MJBizDaily first made the Inc. 5000
list at No. 302 in 2016 and held a spot in 2017 (528),
2018 (837) and 2019 (1,421).
MJBizMag October 2020

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