(This story has been updated with comment from MedMen.)
Multistate cannabis operator Ascend Wellness Holdings called off its tumultuous acquisition of MedMen Enterprises’ New York operation, citing concerns over the state of the company’s assets.
Ascend CEO Abner Kurtin announced the canceled acquisition on a Monday quarterly earnings call, according to Cannabis Business Times.
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The deal was first announced in February 2021.
In a regulatory filing, Ascend said the companies’ amended deal required Los Angeles-based MedMen to make:
Certain warranties that MedMen New York’s assets had not materially changed since the end of 2021. “An acknowledgement that the representations and warranties from the investment agreement will survive” three months after closing.
“(Ascend) has determined that MedMen cannot make or provide the representations and warranties it is required to as part of the contemplated transactions,” the filing noted.
MedMen CEO Ed Record said in a statement
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