MedMen

Marijuana MSO Ascend Wellness borrows at least $210 million

New York-based marijuana multistate operator Ascend Wellness Holdings said it secured a loan of at least $210 million at a 9.5% per annum interest rate. The senior secured debt will be used to repay “substantially all” of Ascend’s outstanding debt, except for roughly “$12 million of outstanding acquisition payments with near zero interest rates,” the […]

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Marijuana MSOs report stellar financials; megamergers could heat up

U.S. marijuana multistate operators reported banner revenue growth in the first three months of this year, boosted by good execution and strong consumer demand in established and newer markets. Many reported double-digit revenue growth in the first quarter of 2021 versus the fourth quarter of 2020 and, in several cases, staggering year-over-year growth. Gross profit […]

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Court battle over one of Virginia’s five medical cannabis licenses

Illinois-based PharmaCann has taken Virginia to court over a medical cannabis business license that the company claims is rightfully theirs, even though state officials have solicited new bids for the permit. PharmaCann’s suit requests that the application process be halted. State regulators contend the license – one of five they awarded – is fair game […]

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MedMen co-founders Bierman, Modlin return to cannabis industry with different California company

They’re back! Less than a year after being ousted from leadership posts at California-based MedMen Enterprises, former CEO Adam Bierman and ex-President Andrew Modlin have found a route back into the legal marijuana industry – working for a separate cannabis company headquartered in Santa Barbara. According to multiple industry sources, the MedMen co-founders have been […]

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Nearly $1 million settlement proposed in MedMen marijuana class action suit

A 2½-year-old class action lawsuit brought by former employees of multistate marijuana operator MedMen has almost concluded, with the lead plaintiffs asking a California judge to approve a proposed $975,000 settlement. A hearing is scheduled for March 1. According to Law360, the settlement would amount to roughly $414 for each of the roughly 1,300 participating […]

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Judge reaffirms that marijuana firm MedMen must pay ex-CFO’s legal fees

A California judge again ordered marijuana multistate operator MedMen to pay the company’s former chief financial officer at least $500,000 to cover his legal fees in an ongoing lawsuit over whether the executive was wrongly terminated. According to Law360, Judge Mark Young of the Los Angeles County Superior Court issued the order after reaffirming that […]

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Copperstate Farms expands its marijuana operations in Arizona

Copperstate Farms Management is expanding its footprint in Arizona through an agreement to acquire control of two licensed medical marijuana dispensaries in North Scottsdale and Tempe. The dispensaries, Level Up, were formerly the property of Los Angeles-based MedMen Enterprises and branded as MedMen Arizona. Financial terms weren’t disclosed for the deal, which includes a 25,000-square-foot […]

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MedMen sues Pasadena, California, over rejected retail cannabis application

California-based MedMen filed suit against the city of Pasadena, claiming that its application for a cannabis retail location was improperly disqualified. According to the Pasadena Star-News, MedMen called the city’s decision “arbitrary, capricious and unlawful” and chalked up the ruling as sour grapes from a competitor, Sweet Flower. The city moved to disqualify MedMen – […]

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