Marijuana Business Magazine May-June 2020

May-June 2020 | mjbizdaily.com 25 working capital and general corporate purposes. Village Farms also announced that British Columbia-based Pure Sunfarms completed the previously announced expansion of its credit facility to $42.4 million (CA$59 million), including accordion provisions of $16.2 million (CA$22.5 million). As a precondition to complete the debt facility, Village Farms made an additional capital contribution of $5.8 million (CA$8 million) in Pure Sunfarms, increasing its majority ownership to 58.7%. Neptune Fast-Tracks Plant-Based Hand Sanitizers Neptune Wellness Solutions received Health Canada authorization to commercialize natural, plant-based hand sanitizer. The product will be formulated at Neptune’s production and processing facilities in Sherbrooke, Quebec, with the help of its contract manufacturing partners. In an effort to supply demand for hand sanitizer products, Neptune also is working to fast- track U.S. Food and Drug Administration registration to produce and market hand sanitizer formulations out of its facility in Conover, North Carolina. Atlantic Cultivation Partners for Stores in Newfoundland and Labrador Atlantic Cultivation signed a franchise agreement with Inner Spirit Holdings to operate retail locations in Newfoundland and Labrador under the Spiritleaf Brand. The Spiritleaf network operates 46 stores throughout Alberta, British Columbia, Ontario and Saskatchewan. This year, Atlantic plans to open three stores in St. John’s and surrounding areas, one location in Gander and one in Grand Falls-Windsor. The Green Organic Dutchman Announces More Credit Facilities The Green Organic Dutchman Holdings , a cannabis producer based in Mississauga, Ontario, entered into a $30 million (CA$42.6 million) secured revolving credit facility with a private lender. The facility has an initial term of one year, subject to renewal for up to an additional year. Upon closing of the facility, TGOD will be able to draw $10 million. The remaining $20 million will become available as TGOD ramps up its operations and additional borrowing base becomes available from inventory and accounts receivable generated from operations. SpeakEasy Adds 2.6 Million-Square-Foot Grow Area to License SpeakEasy Cannabis Club , which holds a license to cultivate, process and sell marijuana under the Cannabis Act, received an amendment to its Health Canada license for its 2.6 million-square-foot outdoor field. With the amendment, SpeakEasy will expand its licensed cultivation in Rock Creek, British Columbia, by more than 250 times in size. Supreme Completes First Shipment to Israel The Supreme Cannabis Co. announced the completion of its first international cannabis shipment from Canada into Israel. Supreme Cannabis partnered with Breath of Life International , Israel’s largest producer of medical cannabis products, to offer Truverra-branded premium MMJ to patients in Israel. Breath of Life is distributing Truverra’s medical cannabis—grown at Supreme Cannabis’ 440,000-square-foot cultivation facility in Kincardine, Ontario—in 10-gram containers to its network of pharmacies across Israel. Isracann Enters Farm Opportunity in Israel Isracann Biosciences , an Israeli company with offices in Vancouver, British Columbia, focused on producing cannabis for domestic sales and European exports, entered an agreement with a neighboring farm operation in the Sharon Plain region of Israel. The farms are contiguously located and together maintain more than 160,000 square feet of greenhouse canopy and related infrastructure facilities. The terms of the joint venture include a nondilutive agreement with a purchase price of $1.1 million (4 million Israeli shekels) to acquire 50% of the Sharon Plain operation, subject to approval by the Israeli Medical Cannabis Agency. Upon commercial commencement of production, an additional $840,000 (3 million shekels) payment will be due. Have a company announcement you want us to consider? Send a news release or general information to omars@mjbizdaily.com . (Note: We’re looking for news about expansions, financing, deals, partnerships and similar developments, not product-related announcements.) INTERNATIONAL DEVELOPMENTS