Marijuana Business Magazine May-June 2020

Marijuana Business Magazine | May-June 2020 24 Indus Loan Indus Holdings , a California-based vertically integrated marijuana company, said it secured up to $14.5 million in loan financing to complete a greenhouse and boost the company’s profitability path. The company, which said it would close the deal in April, also will use proceeds for renovations and as general working capital “to become profitable and self-sustaining.” Geronimo Capital and Merida Capital are providing the financing. Last May, Indus announced its intention to expand its operations beyond California to Nevada and Oregon. Vireo Raise Bruce Linton, the high-profile executive chair of multistate cannabis operator Vireo Health , invested $1 million in the Minneapolis-based company through a private placement stock offering that he organized. Linton, who was appointed executive chair of Vireo in November, acquired 1.74 million of the 13.65 million units issued in the private placement. The units consist of one share and one warrant to buy a share at 68 cents. All told, the company raised about $7.7 million through the offering. The sale of additional tranches could raise another $2 million. Proceeds will be used for unspecified growth plans and general corporate purposes. Linton added there are “significant opportunities” for Vireo to improve operations and sales growth. The company also said that it had reduced corporate expenses by about 25% on an annualized basis. Columbia Care to Trade On Canadian exchange Columbia Care , a New York-based multistate marijuana operator, started trading on the Canadian Securities Exchange. The company said it would maintain its listing on Toronto’s NEO exchange. Columbia Care, which operates in 17 jurisdictions in the United States and Europe and has 96 facilities either operating or in development, also trades on the U.S. over-the- counter markets. Tilray Raise Cannabis producer Tilray announced a share offering to raise $90.4 million (CA$128.5 million), which the Nanaimo, British Columbia-based company said will be used for general corporate purposes. Tilray priced 7.25 million Class 2 common shares and 11.75 million prefunded warrants to purchase common shares at $4.76 per share. The company’s recent stock decline has outpaced the broader market, which has experienced significant market turmoil due to the coronavirus pandemic. Wana Expands To Canada One of the largest U.S. edibles makers, Colorado- based Wana Brands, has expanded into the Canadian market through a license agreement with Indiva. Under terms of the agreement, London, Ontario-based Indiva will have the exclusive rights to produce and distribute Wana products in Canada. The expansion into Canada—Wana’s first market outside the United States—paves the way for the company’s expansion into other international markets, CEO Nancy Whiteman said in a news release. Whiteman said the company has been searching for the past two years for the “perfect Canadian partner.” Indiva produces pre-rolls, flower, capsules, oils and edibles products. In addition to Wana, Indiva has partnerships with Bhang, Ruby Sugar, Sapphire Cannabis Salt and Gems. Village Farms Completes IPO, Increases Ownership in Pure Sunfarms Village Farms International , a vertically integrated greenhouse grower, announced it had completed an underwritten public offering of 3.1 million common shares plus the exercise in full of the over-allotment option of 468,750 common shares at a price of $2.21 (CA$3.20) per share for aggregate gross proceeds of $7.9 million (CA$11.5 million). The company intends to use proceeds of the offering for CANADA DEVELOPMENTS CompanyNews | U.S., Canada & International