Ascend Wellness files lawsuit against MedMen for terminating deal

Medmen Enterprises

14/01/2022 17:28

** Cannabis investor Ascend Wellness Holdings Inc (AWH) up
3.4%  AAWHu.CD  and cannabis retailer MedMen Enterprises Inc
 MMEN.CD  down 2.4% 
    ** AWH says it filed a state lawsuit against MMEN and its
New York unit, MedMen NY Inc  urn:newsml:reuters.com:*:nCNW1Qcvba
    ** AWH is "seeking an order compelling specific performance"
of a previously-announced deal between the two companies
    ** AWH says it is also seeking "a preliminary injunction and
temporary restraining order"
    ** In Feb. 2021, MMEN and AWH had entered an agreement in
which AWH would invest $73 mln in MedMen NY and gain 86.7%
control over the New York unit
    ** Early this month, MMEN said it was terminating https://investors.medmen.com/press-releases/press-release-details/2022/MedMen-Announces-Termination-of-Investment-Agreement/default.aspx
 the deal; AWH claimed MMEN tried to end the deal unilaterally
 urn:newsml:reuters.com:*:nPn3dcs8ga

 (Reporting by Ruhi Soni in Bengaluru;)
 ((Ruhi.Soni@thomsonreuters.com ; Twitter: https://twitter.com/ruhithere
 ;;))