MJBizMag September 2020 - 20

CompanyNews | U.S., Canada & International
company, earned organic certifications from the
U.S. Department of Agriculture and Project Non-GMO.
The company recently doubled its footprint by expanding
into more than 10,000 square feet of new research and
development space formerly occupied by Dean Foods.
Two New Testing Labs for Florida
The Florida Department of Health
certified two testing facilities owned by
Kaycha Labs, a multistate cannabis-testing company
based in Fort Lauderdale, Florida. The labs, in Davie
and Gainesville, earned the state's Certified Marijuana
Testing Laboratory accreditation.
Both of the new labs are ISO 17025 accredited
and perform product testing for marijuana and hemp.
Kaycha Labs operates eight testing labs in seven states,
including California, Colorado, Florida, Kentucky, New
York, Oklahoma and Tennessee.
MSO's Acquisition Goes Platinum
Toronto-based multistate cannabis company Red White
& Bloom signed a binding letter of intent to purchase
California-based Platinum Vape for $35 million in cash
and $25 million in further bonuses.
According to a news release, RWB will acquire all
ownership interests in Platinum Vape for a total cash
payment of $35 million, consisting of $7 million in cash
at closing and $13 million in cash payable within
120 days of closing as well as a $15 million note
convertible after 12 months, payable on the third
anniversary of closing.
The acquisition marks RWB's entry into California.
Platinum Vape sells vape cartridges, edibles and prerolls
to more than 700 retailers throughout California,
Michigan and Oklahoma. The company reports a current
annualized revenue run rate in excess of $70 million.
California Marijuana Tourism Partnership
The California Cannabis Travel Association is partnering
with the California Travel Association (CalTravel) to
create and support cannabis travel opportunities.
CalTravel members include airports, attractions,
industry associations, resorts, transportation companies
and other organizations involved in the tourism industry.
Current plans include establishing a committee dedicated
to marijuana tourism in California and helping
cannabis industry stakeholders take advantage of MJ
tourism.
MedMen Opens Fifth Florida Store
MedMen Enterprises opened a new store in Coral
Shores, Florida, near Fort Lauderdale. It is MedMen's fifth
location operating in the state. The store includes 1,668
square feet of retail space and takes online orders.
Lind Global Macro Fund pursuant to a September
2019 convertible security funding agreement. The
remaining proceeds are expected to be used to retire
existing obligations and for general working capital and
expansion purposes.
Archerwill Invests in Canada House
Archerwill Investments placed $6.5 million in the
form of a secured convertible debenture to obtain
a 15.9% ownership interest in Canada House, a
cannabis company in Pickering, Ontario. The two
companies entered an investor-rights agreement that
provides Archerwill with the right to match certain
acquisition proposals received by Canada House in
order to maintain its ownership percentage. Archerwill
is entitled to nominate two directors for appointment
to the board of directors at Canada House's Sept. 30
shareholder meeting.
Canada House used a portion of the proceeds from
the transaction to repay the entire amount owed to
20 Marijuana Business Magazine | September 2020
Aleafia Partners With Johnson & Johnson Division
Ontario cannabis company Aleafia Health announced
that Janssen Pharmaceuticals approved its
wholly owned subsidiary, Canabo Medical, as an
administrator and prescriber of antidepressant nasal
spray Spravato. Medical professionals at Canabo's
three clinics-including the company's flagship Toronto
location, along with a growing number of clinic network
physicians and nurses-will be approved to administer
and prescribe the drug after completing a training
program.
Janssen, a division of Johnson & Johnson, received
U.S. Food and Drug Administration approval for
Spravato for use with an oral antidepressant in adults
with treatment-resistant depressive disorder, followed by
the drug being made available in Canada on July 22.
CANADA DEVELOPMENTS
MJBizMag September 2020

Table of Contents for the Digital Edition of MJBizMag September 2020
