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MedMen Prevails in Lawsuit Against Arizona-Based Whitestar Solutions

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CALIFORNIA: MedMen Enterprises Inc., a premier cannabis retailer with operations across the United States, announced the Company has received a summary judgment in its favor on all counts in a lawsuit against Arizona-based Whitestar Solutions, LLC.

In March 2020, litigation was filed by Whitestar against MedMen in the Superior Court of Arizona, Maricopa County, related to a Membership Interest Purchase and Sale Agreement governing the purchase of EBA Holdings, Inc. dba MedMen Scottsdale. Whitestar alleged fraudulent inducement and breach of contract, among other claims, and sought rescission of the underlying transaction or $60,000,000 in alleged monetary damages. MedMen consistently maintained that the lawsuit and claims were baseless and without merit – and the judge agreed on all counts, cancelling the upcoming jury trial and stating that “no reasonable juror could conclude that Whitestar is entitled to relief on any of those claims.” The judge further ruled that as the prevailing party, MedMen is entitled to submit an application to recover attorneys’ fees and taxable costs from Whitestar.

“We’ve always maintained MedMen’s innocence in this matter, and are pleased to be formally exonerated,” said Ed Record, MedMen’s CEO. “This is yet another baseless lawsuit MedMen has been party to in recent years, and we remain committed to vigorously defending the Company and recovering attorneys’ fees when possible.”

MedMen is represented by Jennifer Catero and Steven Jerome of Snell & Wilmer in this matter.

Separately, the Company announced Tyson Rossi, Chief Strategy Officer, is leaving MedMen, effective June 3, 2022. Moving forward, the role will be filled internally.

“We thank Tyson for his leadership and contributions to MedMen,” said Record. “We wish him all the best in his future endeavors. We are also thankful to have a strong bench of talent to fill these openings.”

Acreage Announces Sale Of Florida Operations To Red White & Bloom Brands

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NEW YORK:  Acreage Holdings, Inc. announced its subsidiary, High Street Capital Partners, LLC, has entered into a definitive agreement with Red White and Bloom Brands, Inc., pursuant to which the Buyer will purchase all of the issued and outstanding shares of common stock of Acreage Florida, Inc. for an aggregate purchase price of $60,000,000. Acreage Florida is licensed to operate medical marijuana dispensaries, a processing facility, and a cultivation facility in the state of Florida. The deal also includes the sale of property in Sanderson, Florida.

“The sale of our Florida operations is a significant step in our previously announced operating strategy to focus on those core markets that we believe will accelerate our path to profitability and position us for significant long-term growth and cash generation,” said Peter Caldini, Chief Executive Officer of Acreage Holdings. “The cash proceeds will significantly bolster our balance sheet and position us to accelerate our cultivation expansion projects and open additional dispensaries to support our growth into key adult-use cannabis states such as Illinois and New Jersey.”

Last summer, Acreage announced a focused core-market operating strategy in nine states in the Northeast, Mid-Atlantic and Midwest. The Company currently has active operations and licenses in 13 states and continues to pursue divestitures of its remaining non-core state operations and licenses.

Deal Terms

Aggregate Purchase Price: $60,000,000 in cash, stock, and other cash considerations including:

  • An up-front cash payment of $5,000,000 upon execution of the definitive agreement.
  • An additional $20,000,000 in cash, $7,000,000 in the Buyer’s common stock, and $28,000,000 in promissory notes upon closing the transaction.

Acreage anticipates closing the transaction during the second quarter of 2021.

Curaleaf Opens New Cannabis Dispensary In Clearwater, Florida

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New Location Marks Curaleaf’s 29th Storefront in Florida and 89th Nationwide

FLORIDA: Curaleaf Holdings, a leading vertically integrated cannabis operator in the United States and one of the largest cannabis operators in Florida, announced today that it has opened a new dispensary in Clearwater, Florida, marking its 29th retail location in the state.Curaleaf Clearwater, located at 2082 Gulf to Bay Boulevard, will carry a wide range of Curaleaf and Select brand products. Select, known as America’s #1 cannabis oil brand now available in 12 states, launched earlier this month in Florida with Select Elite Live, the brand’s new enhanced live resin product, which combines high-quality THC oil and live resin high-terpene extract. The company also recently launched the first-to-market Curaleaf sublingual tablets. The Clearwater location is the first of three new medical dispensaries the company plans to open in the market this quarter.

“Curaleaf remains committed to the Florida market and its patients by providing high-quality medical cannabis products and new consumption formats that make cannabis accessible for all,” said Joe Bayern, President at Curaleaf. “We are thrilled to open Clearwater and support the health and wellness needs of more Floridians.”

Florida’s continued growth in patient registration makes it one of the nation’s fastest-growing medical cannabis markets in the country. Currently, there are over 394,000 medical patients enrolled in the Florida program – about 1.8% of the state’s population – with approximately 5,000 new patients joining each week.

In response to COVID-19, Curaleaf continues to implement new policies and procedures, including curbside services and contactless and cashless payment through approved credit and debit card services, to keep patients, customers and employees safe during this time. To see Curaleaf’s dispensary locations in Florida, please visit www.curaleaf.com/locations/#florida.

Acreage Announces Sale Of Maryland Dispensary

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NEW YORK: Acreage Holdings, Inc., a vertically integrated, multi-state operator of cannabis licenses and assets in the U.S., today announced it has entered into a definitive agreement with an undisclosed buyer, pursuant to which the Buyer, when permitted by state law, will purchase all of the issued and outstanding membership interests of Maryland Medicinal Research & Caring, LLC. MMRC is licensed to operate a medical cannabis dispensary in Baltimore, Maryland.

The terms of the deal were not disclosed.  Due to regulatory restrictions regarding license transfers, the Buyer, upon approval by the Maryland Medical Cannabis Commission, will enter into a managed services agreement with MMRC until the requisite time has elapsed before Acreage and the Buyer can close the transaction under the definitive agreement.  Closing of the transaction is contingent upon regulatory approvals.

“The sale of our Maryland dispensary is another step forward in our refocused strategy to accelerate our pathway to profitability,” said Bill Van Faasen, Interim Chief Executive Officer of Acreage. “It follows our divestiture in North Dakota, plus other cost-cutting measures completed earlier this year.  We are moving forward with our refocused plan as quickly as possible and we will continue to update shareholders on our progress as new events transpire.”

Ohio Board Of Pharmacy Awards Dispensary Certificate Of Operation In Painesville Township

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OHIO: The State of Ohio Board of Pharmacy today awarded a Dispensary Certificate of Operation to Bloom Medicinals, LLC, located at 382 Blackbrook Rd., Painesville Township.

For a list of all Dispensary Certificates of Operation, please click here.