AWH Signs Term Sheet to Settle Lawsuit with MedMen - Yahoo Canada Finance | Florida Dispensaries

AWH Signs Term Sheet to Settle Lawsuit with MedMen – Yahoo Canada Finance

Transaction expected to close within the coming month

Ascend Wellness Holdings, Inc. Logo (CNW Group/Ascend Wellness Holdings, LLC)

Ascend Wellness Holdings, Inc. Logo (CNW Group/Ascend Wellness Holdings, LLC)

NEW YORK, May 11, 2022 /CNW/ – 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

Read More

 

Share on facebook
Share on twitter
Share on reddit
Share on pinterest
Share on email

Scroll to Top