- In a response defendants said Modlin and Bier had arranged the deal they’re now suing over.
- In filings, the plaintiffs revealed previously undisclosed stakes in Coastal, which attorney Hilary Bricken said could run afoul of California license requirements. (Their lawyer didn’t respond to MJBiz‘s request for comment.)
- The defendants include Coastal CEO Julian Michalowski and Joshua Ginsberg, who co-founded Colorado-based Native Roots.
- It’s not clear whether the lawsuits could disrupt the sale.
- Modlin and Bier founded MedMen and led it during its rapid ascent and collapse, from which it is attempting to dig out.
- “This is a ‘fuck you’ lawsuit,” said San Francisco lawyer Katy Young. “These guys know their way around lawsuits, and they know how to make moves. Sort of, ‘Sue first, and ask questions later.’ It’s not surprising at all, given their previous business backgrounds.”
What happened in Vegas
Marijuana wasn't part of my life seven years ago when Fast Company magazine sent me to MJBiz Con. The story of this outlaw industry going corporate so enthralled me that I moved to Denver and started writing this newsletter. So,...
Trulieve CEO Rivers: “Southeast is the new frontier”
Following its $2.1B acquisition of Harvest, Florida-based Trulieve is the world's largest and most profitable PotCo. Green Market Report executive editor Debra Borchardt interviewed CEO Kim Rivers at the Benzinga Cannabis Capital Conference.Rivers has said the Florida-based company is pursuing...
Canopy/Wana tie-up caps week of big deals
Canopy Growth, one of Canada's largest operators, agreed to acquire Colorado-based edibles maker Wana Brands for 297.5M once U.S. federal law makes it permissible.Wana is the top U.S. edibles brand by market share. It also has a substantial portion of...