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Cannabis firm Canopy raising $95 million in convertible debt offering

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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.

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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

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Is hemp the enemy of Florida’s adult-use marijuana initiative?

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Florida hemp businesses are lining up to oppose an adult-use marijuana legalization initiative that will appear on the state’s November ballot, according to campaign finance forms and MJBizDaily interviews.

They’re aggrieved by what they say is a monopoly play for a future adult-use market deliberately engineered by marijuana multistate operators.

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And with more than 10,000 hemp businesses registered in the state – compared with a few dozen large marijuana companies – hemp operators opposed to Amendment 3 believe they have enough money and votes to defeat the recreational marijuana measure largely funded by Tallahassee-based MSO Trulieve Cannabis.

In response, advocates for regulated marijuana operators say the hemp firms are being used as pawns in a game played by Florida Gov. Ron DeSantis, who will

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Trump VP pick Vance opposed marijuana banking but silent on legalization

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U.S. Sen. JD Vance, the Ohio Republican whom Donald Trump picked as his running mate for the November presidential election, is no supporter of federal marijuana reform.

Nor did the 39-year-old former investment banker and “Hillbilly Elegy” author support adult-use marijuana legalization in Ohio last year.

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But Vance doesn’t appear to be much of a cannabis-culture warrior, either, preferring instead to spend his political capital elsewhere.

No ‘friend’ of marijuana industry

“Is Vance a friend of the industry? Absolutely not,” Steve Schain, a Philadelphia-based attorney who specializes in cannabis banking and taxation issues, told MJBizDaily by phone on Tuesday.

“His first and only concern is fortifying and furthering his federal role.

“That being said, like most classic libertarians, he doesn’t want to disturb

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Metrc secures cannabis track-and-trace contract extension in California

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California’s cannabis regulatory agency has extended the state’s contract with Florida-based marijuana track-and-trace software company Metrc.

The new contract took effect July 1, according to California’s Department of Cannabis Control, and will run for four years.

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The state has an option to extend the contract another two years.

The Department of Cannabis Control did not immediately respond to an MJBizDaily inquiry about the value of the contract.

Metrc said in a news release that it will focus on improving transparency and speeding up data-driven responses to support regulators and protect consumers.

According to Metrc, its traceability system is billed to track the life cycle of cannabis-based products, including:

Origin. Testing results. Handling. Chain-of-custody information.

The timing of the contract extension

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