WITHDRAWN IN NY
MedMen’s claims collapse ‘like a house of cards’
Allegations that Gov. Kathy Hochul had been influenced to approve Ascend Wellness’ $75 million acquisition of MedMen’s New York license just before the deadline will now be withdrawn, reports AP.
“After we provided documentary evidence proving MedMen’s assertions were demonstrably wrong, they indicated they will withdraw their false allegations,” said Ascend’s attorney Mylan Denerstein in a statement. “Like any house of cards, MedMen’s claims collapsed when exposed to the slightest scrutiny. Ascend will continue to correct the record and looks forward to entering New York’s cannabis market once its rights are vindicated in court.”
MedMen attorney Alex Spiro said they will amend the company’s filing and take out the “very specific allegations that are the subject of the very carefully worded and very limited denials by Ascend and the governor’s office.”
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TIMES THEY ARE A-CHANGIN
Canadian retail to undergo massive change in 2022
Several updates from the Canadian cannabis retail scene show markets are right-sizing, evolving and still coping with unlicensed stores:
- Cannabis store consolidation in Ontario has begun, including Superette’s acquisition of Cannoe Cannabis and Dimes Cannabis (Globe and Mail)
- Privately run stores in Alberta are prepping to take over online sales from the province in March (CBC)
- The trial involving the landlord of one of the locations where persistent unlicensed store CAFE operated took a strange turn when he appeared to change his testimony mid-trial. Now, his lawyer has signaled he may need to recuse himself (CBC)
By the numbers
There are almost 1,400 cannabis stores in Ontario, compared to Alberta with about 800, and just over 400 in B.C. “I think the next year will be devastating for a lot of retailers,” Mercari Agency’s Lisa Campbell told the Globe and Mail.
CTRL + ALT + DELETE
Hexo’s board hits the refresh button
In an emotional thread posted to Twitter, co-founder Adam Miron shared that he has resigned from the Hexo Corp. board and supports the company’s move to nominate two new candidates and reduce the size of the board to seven members amidst ongoing challenges. (See details here).
“I am incredibly proud of what we have done together at Hexo,” Miron wrote, which included:
- Helping his father, the company’s first customer, find some comfort in his final days
- Creating innovative products, brands and partnerships
- Becoming a #1 market leader
That said, Hexo’s current challenges are well-documented. “Today, there is no doubt that the company is not in a state any of us wanted,” he wrote. “While there are many things I would have done differently, my only regret is not making changes sooner.”
EU CBD FOODS
European Commission validates its first CBD food products
After a two-year delay, the European Commission quelled fears it would reverse its decision on CBD by listing at least five companies whose CBD products have made it to the final stage of the Novel Food application process, writes BusinessCann.
They include:
- CBDepot (Czech Republic)
- PharmaHemp (Slovenia)
- Linnea (Switzerland)
- Spectrums Europe (France)
- The UK arm of Brains Bioceutical
