Gotham Green Partners Archives - Green Market Report

William SumnerWilliam SumnerOctober 7, 2019
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4min2110

It’s time for your Daily Hit of cannabis financial news for October 7, 2019.

On the Site

NBA Veteran Al Harrington’s Viola Closes on $16m Financing Round

NBA veteran Al Harrington’s Viola closed on a $16 million funding round led by Gotham Green Partners. This is the first institutional investment in the company. The company said that this latest round of funding will assist with the acquisition of a 34,500 sq. ft cultivation, processing and distribution facility in Adelanto, California as well as the completion of Viola’s 48,000 sq. ft facility in Detroit, Michigan. The funds will also enable Viola to continue to advance the growth of the company’s personnel with key new hires that will continue to establish Viola as a leader in the cannabis marketplace.

Surterra Wellness

Surterra Wellness today announced that it has changed its corporate name to Parallel effective today. In June, Private cannabis company Surterra Wellness closed on the initial $100 million Series D funding round and expanded its Board of Directors.  The company noted back then that the participants in the round included existing and new investors including former Patrón Spirits Company CEO, Ed Brown.

The Power That Data Has On Brand

Knowledge is power and the more data you have the better choices you can make for your brands. Akerna has been gathering data through its MJ Platform and will demonstrate how this data can be used for success with your brand. This panel was taped at the green Market Summit on September 11 in Los Angeles.

In Other News

TerrAscend

TerrAscend Corp. (CSE: TER) (OTCQX: TRSSF) announced that Health Canada has approved the company’s plan to expand its facility in Mississauga, Ontario from from 17,800 sq. ft. to 51,800 sq. ft. The expansion will include additional cultivation capacity, a commercial kitchen, formulation rooms and increased primary and secondary packaging capacity. “Achieving this approval milestone is a crucial step in our plan to cultivate premium grade cannabis at scale for distribution to the EU and other international markets,” said Michael Nashat, CEO of TerrAscend.

Emerald Health Therapeutics

Emerald Health Therapeutics (TSXV: EMH) (OTCQX: EMHTF) announced that its subsidiary, Verdélite, has a received a license amendment from Health Canada for the complete growing and processing area in its 88,000 square foot indoor facility. This will allow the company to increase its production space from 4 to 21 highly-controlled-environment grow rooms and to a total of 16 processing rooms. “This new license amendment allows Verdélite to transition into its full commercial phase and positions Verdélite as a key growth contributor to Emerald’s financial results in 2020,” said Riaz Bandali, CEO of Emerald Health.


Debra BorchardtDebra BorchardtJuly 10, 2019
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3min4430

Gotham Green Partners, with participation from Wicklow Capital, has agreed to an additional $30 million in an equity commitment to MedMen Enterprises Inc. (CSE:MMEN) (OTCQX:MMNFF), bringing the total financing commitment to $280 million. To date, Gotham Green Partners has funded $100 million of the total commitment.

MedMen said that it has signed a binding term sheet in respect of certain amendments to the definitive agreements for the up to $250 million senior secured convertible credit facility led by Gotham Green Partners, an investor in the global cannabis industry.

The terms were amended to reflect the drop in the company’s share price.  “Pursuant to Tranche 1 of the Facility will be changed from $3.29 to $2.55, which represents a 12% premium over the Company’s 20 trading day VWAP as of July 8, 2019.” In addition, Gotham Green Partners and Wicklow Capital have committed to a $30 million non-brokered financing of Subordinate Voting Shares at a price equal to $2.37 per share. The Equity Placement is conditional upon the satisfaction of customary conditions, including but not limited to the receipt of all necessary approvals. MedMen shares were lately trading at $2.53, up from the 52-week low of $1.88, but well below the year’s high of $7.57.

“Both Gotham Green and Wicklow have shown continued confidence in our strategy and recognize the potential ahead,” said Adam Bierman, MedMen co-founder, and CEO.

According to the company statement, the increased financing commitment will primarily be used to:

  • operationalize the balance of the company’s retail licenses; the company is licensed for up to 86 retail stores across the U.S., of which 37 are operational today (including the footprint to be acquired through pending acquisitions, subject to customary regulatory approvals);
  • focus on strategic markets, such as Illinois, where the company anticipates 10 stores after the state transitions from a medical to adult use market in 2020 and pending regulatory approvals associated with the PharmaCann acquisition;
  • continue expanding the retail presence in Florida, where the company expects to open 11 additional stores in 2019;
  • remain opportunistic with respect to selective growth initiatives such as expanding the Company’s retail footprint and investing in its delivery and loyalty platforms and
  • strengthen the company’s balance sheet

“MedMen’s strategy, brand, and performance makes them the clear leader of cannabis retail in the U.S. and we are supportive of management’s vision and plan for growth and profitability,” said Jason Adler, managing member of Gotham Green Partners. “As their primary capital partner, we will continue to support the Company as they bring their iconic brand to new markets.”



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The Green Market Report focuses on the financial news of the rapidly growing cannabis industry. Our target approach filters out the daily noise and does a deep dive into the financial, business and economic side of the cannabis industry. Our team is cultivating the industry’s critical news into one source and providing open source insights and data analysis


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