Connect with us

Marijuana Business Daily

Cannabis firm Canopy raising $95 million in convertible debt offering

Published

on


Canadian cannabis producer Canopy Growth Corp. entered into an agreement with an institutional investor for a convertible debt issuance worth up to $150 million (203 million Canadian dollars) in two tranches.

Per the terms of the deal, the investor is purchasing $100 million of the convertible debentures in an initial tranche, the Smiths Falls, Ontario-based company said in a Tuesday news release.

ADVERTISEMENT

An additional $50 million could be purchased in a second tranche if certain conditions are satisfied.

The convertible debentures, which mature Feb. 28, 2028, will bear interest at a rate of 5% per year from the date of issuance, payable in common shares

Up to 98,929,320 common shares underlie the convertible debentures.

Canopy said it intends to use net proceeds from the initial tranche for working capital and general corporate purposes.

Estimated net proceeds will be roughly $95 million and $48 million for

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

New York City marijuana social equity operators sue over proximity exemptions

Published

on

By


Four New York City marijuana retailers with social equity licenses are suing state regulators, claiming that recently issued exceptions to a law imposing a 1,000-foot barrier between stores is “undermining” their businesses.

It’s the latest legal challenge against the state Office of Cannabis Management (OCM), which is overseeing a $1 billion industry that’s still recovering from a botched start marred by long bureaucratic delays, a rampaging illicit market and multiple lawsuits.

ADVERTISEMENT

The latest lawsuit, filed Thursday in state court in Manhattan, accuses the OCM and the New York Cannabis Control Board (CCB) of “secretly” offering new license applicants exceptions to the state law requiring stores to be 1,000 feet from one another in cities with a population of 20,000 or more.

The four

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

Cannabis industry relief efforts underway as wildfires rage across Los Angeles area

Published

on

By


Los Angeles-area cannabis operators are prioritizing the safety and security of their employees and relief efforts amid historic wildfires raging across the region that have killed at least ten people, displaced countless others and decimated thousands of homes and businesses.

While it’s far too early to assess potential damages in one of the world’s largest regulated marijuana markets, a handful of retailers in Malibu and around Altadena are in or near evacuation areas, according to maps published by the California Department of Forestry and Fire Protection and cross-referenced with store locations.

ADVERTISEMENT

A Rise outlet in Pasadena operated by Green Thumb Industries is among the closures, according to an automated message at the business.

The Chicago-based multistate operator did not immediately respond to an

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

Colorado shut out of marijuana rescheduling hearings by ‘biased’ DEA, filing alleges

Published

on

By


The U.S. Drug Enforcement Administration rejected a September request from Colorado officials to participate in the United States’ historic marijuana rescheduling process.

That’s one example of the “bias” that should disqualify the agency from overseeing the hearings, according to claims made in a filing submitted Monday to the DEA’s chief administrative law judge, John Mulrooney II.

ADVERTISEMENT

The decision to exclude Colorado, where sales of adult-use marijuana began more than a decade ago, but include authorities from states without regulated cannabis such as Nebraska and Tennessee demonstrates why the agency should be removed from the proceedings, the filing claims.

Monday’s filing is the latest effort by designated participants Village Farms International and Hemp for Victory to disqualify the DEA, which has “obstructed the rulemaking process

Read full article on Marijuana Business Daily



Source link

Continue Reading
Advertisement

Trending

Copyright © 2021 The Art of MaryJane Media