Ascend Wellness Holdings, Inc. (“AWH” or the “Company”), a multi-state, vertically integrated cannabis operator focused on bettering lives through cannabis, announced MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) (“MedMen”) has continued to breach the previously announced definitive investment agreement (the “Investment Agreement”) among AWH, MedMen NY, Inc., MM Enterprises USA, LLC and AWH New York, LLC (together with AWH) by refusing to close the transactions contemplated by the Investment Agreement. By refusing to close the transactions on the grounds that the required regulatory approval was not obtained, MedMen is essentially challenging the regulators’ authority and ignoring the regulations of the state’s medical program. On January 2nd, 2022, MedMen attempted to unilaterally terminate the Investment Agreement citing that the parties had not received approval by the applicable state regulators to satisfy the closing conditions. On January 3th, 2022, AWH submitted notification to MedMen that their termination attempt was invalid. AWH is of the firm belief that this attempted termination was invalid, as the parties had received final approval by the state regulators for the purposes of closing the transaction and enacting the transfer of ownership.
Cannabis Law Report, 01/06/2022 23:43:00