February 28 2022,

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THE BIG IDEA

Hi all,

MSO Curaleaf has clarified that it isn’t exposed to U.S. sanctions against Russia. It is, however, exposed to U.S. sanctions against cannabis.

Also in today’s newsletter:

  • MedMen exits Florida

Read up,

Alex

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MEDMEN EXITS FLORIDA IN $83M DEAL

Credit: Extrabrandt via Canva

SoCal-based MSO MedMen said it would exit Florida, selling its assets to Florida-based Green Sentry Holdings for $83M.
Green Market Report 

  • Green Sentry is associated with Brady Cobb, a lawyer and entrepreneur who previously sold Bluma Wellness to MSO Cresco Labs for $213M.
  • As part of the transaction MedMen will license its trademarks in the state for two years.  
  • Cobb is presumably aware that last year MedMen sold a controlling stake in its New York business, another up and coming market, and that sale is now being litigated.
  • The deal is expected to close in Q2.

CURALEAF: WE'RE NOT RUSSIAN

MSO Curaleaf, one of the largest cannabis companies in the world, moved to quash rumors that it could be sanctioned because of its executives’ ties to Russia.
MarketWatch

  • Following Russia’s invasion of Ukraine, the company released a statement that its chairman and largest shareholder CEO Boris Jordan is American born and has only held American citizenship. 
  • In 2007, Jordan wrote an essay for the Washington Post explaining why Russians supported President Vladimir Putin.
  • Second largest shareholder Andrei Blokh is a U.S. citizen who also holds a Russian passport, the company said. It says he is “not active” in the company.

Related:

  • Jackie Bryant talked to AskGrowers, a Ukraine-based cannabis site, about life during war time.
    Forbes

QUICK HITS

Federal:

Business:

State news:

Health and Science:

  • A study found college students who use cannabis show more motivation than non-users. 
    Marijuana Moment

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