The Daily Hit is a recap of the day’s top business news for the cannabis industry for April 11, 2022.
On the Site
Legal adult-use cannabis sales could begin within weeks as the state has approved seven licenses for companies already selling medical marijuana. The news came during a meeting held today by videoconference with the five-member Cannabis Regulatory Commission. The commission licensed 13 individual dispensaries located throughout New Jersey, but the seven companies must pay upward of $1 million in fees associated with the expanded licenses. “The path to get there does not have to be any specific length of time,” said Jeff Brown, executive director of the New Jersey Cannabis Regulatory Commission. “It doesn’t have to be 30 days. It can be less. It can be more.” Read more here.
Law360 reported that Michigan-based Lume Cannabis also known as Attitude Wellness LLC has lost its battle against the tiny town of Pinckney, Michigan. Lume was pretty annoyed that it didn’t win the sole cannabis license for this little town and sued the town to find out why. Lume already owns 26 stores in the state so the fight for this little town’s license was described by some in the state as a bullying move. Pinckney had originally opted out of the program and then changed its mind. Read more here.
Pelorus Equity Group completed the second and final tranche of its previously announced $77.3M non-dilutive real estate debt financing with Harborside Inc. (CSE: HBOR) (OTCQX: HBORF). The initial funding included three individual loans to Harborside, Urbn Leaf Holdings Inc., and Loudpack JV Corporation with a second tranche made available upon the final closing of the three-way merger. The proceeds were used primarily to retire certain existing loans and provide additional working capital. Read more here.
In Other News
Agrify Corporation (Nasdaq:AGFY)has signed a definitive agreement for its Agrify Total Turn-Key Solution with Loud Wellness Inc. , a New Jersey-based cultivation and manufacturing operator. Loud Wellness is one of only eight awardees that received both the Class 1 Cultivator and Class 2 Manufacturer licenses in New Jersey. Agrify also forecasts approximately $118 Million in revenue over the next 10 years.
Aleafia Health Inc. (OTCQX: ALEAF) provided a corporate update regarding its outstanding listed unsecured convertible debentures (TSX: AH.DB), issued on June 27, 2019 and maturing on June 27, 2022. Further to the Company’s announcements on February 1, and March 1, 16, and 31, 2022, the Forbearance Agreement, entered into between the Company and holders of Convertible Debt representing approximately 62% of the aggregate principal amount of debentures outstanding, has been extended until April 26, 2022. The Agreement automatically renews for 14-day periods thereafter unless advance notice to the contrary is provided.