Medmen Ascend NY Buyout Lawsuit Now History.. MedMen Take The Cash

Medmen Ascend NY Buyout Lawsuit Now History.. MedMen Take The Cash
CANNANNEW REPORT

MJ Biz report this morning Marijuana multistate operator Ascend Wellness resolved a bitter, weekslong legal dispute with Los Angeles-based MedMen Enterprises by agreeing to pay an additional $15 million for MedMen’s lucrative New York medical cannabis operation. The total acquisition price now is $88 million for a 99.99% interest in a vertical operation that includes a cultivation facility in Utica and dispensaries in Manhattan, Long Island, Syracuse and Buffalo, according to a news release from Ascend. Read the full report https://mjbizdaily.com/marijuana-mso-ascend-resolves-suit-buys-medmen-ny-for-88-million/   The Press Release AWH Signs Term Sheet to Settle Lawsuit with MedMen NEWS PROVIDED BY Ascend Wellness Holdings, LLC  May 11, 2022, 07:00 ET Transaction expected to close within the coming month NEW YORK, May 11, 2022 /PRNewswire/ – Ascend Wellness Holdings, Inc. (“AWH” or the “Company”) (CSE: AAWH.U) (OTCQX: AAWH), a multi-state, vertically integrated cannabis operator focused on bettering lives through cannabis, is pleased to announce that it has signed a term sheet to resolve its previously announced lawsuit against MedMen NY, Inc. and MM Enterprises USA, LLC (CSE: MMEN) (OTCQX: MMNFF) (“MedMen”) in the Commercial Division of the Supreme Court of the State of New York in New York County. Pursuant to the term sheet, MedMen has agreed to complete the sale of MedMen NY, Inc. to AWH, and upon closing, AWH will enter its seventh state. To settle the dispute, AWH will increase the transaction consideration by $15 million, $4 million of which is contingent on the start of adult-use sales at a MedMen NY dispensary. The revised total consideration of $88 million remains significantly below recent precedent transactions. As part of the settlement, MedMen will withdraw its counterclaims against AWH. The parties will also amend certain terms in the previously announced transaction agreement. Amended Transaction Terms  AWH will receive a 99.99% controlling interest in MedMen NY at closing. AWH will pay MedMen $74 million at closing, inclusive of the $63 million transaction consideration and the $11 million settlement payment. AWH has…

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