Ascend sues MedMen over N.Y. deal termination
MSO Ascend Wellness Holdings sued MSO MedMen in New York state court days after the defendant backed out of an announced deal to sell Ascend 87% of its New York operation for $73M.
- In a statement, Ascend said it is “seeking an order compelling specific performance of the transactions” announced in February.
- Ascend also said it has applied for a preliminary injunction and temporary restraining order to maintain the status quo between the companies.
- Ascend says it has provided MedMen with more than $6M in cash. The deal, it says, rescued MedMen from a “dire” financial position.
According to Ascend’s complaint, MedMen is taking the position that New York regulators “had only given conditional, not final approval” for the deal.
- Ascend claims the regulators have given final approval publicly and in writing. It calls MedMen’s position “astounding.”
- A spokesperson for MedMen did not respond to a request for comment.