Cannabis companies reach settlement in acquisition lawsuit

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A settlement has been reached in a lawsuit brought by cannabis investing consultant Arcadian Capital related to marijuana company Cura Partners’ acquisition by multistate MJ operator Curaleaf.

Cura Partners was acquired by Curaleaf in 2019 in a deal initially valued at nearly $950 million. The deal was later amended to reduce the value of the acquisition.

Arcadian Capital claimed in a federal court lawsuit that it was owed 3%, or about $11.7 million, of the acquisition in light of a 2018 consulting agreement between Arcadian and Cura.

Portland, Oregon-based Cura argued that the contract was a sham because Arcadian provided no consulting services after an initial meeting.

Cura and Beverly Hills, California-based Arcadian posted a joint notice this week asking the court for a dismissal hearing, legal news outlet Law360 reported.

“The parties are currently in the process of documenting the settlement and expect to file a stipulation of dismissal within the coming weeks,” according to the notice obtained by Law360.

The notice did not specify any details of the settlement between the Arcadian and Cura Partners.