Ascend Wellness Holdings, Inc. Announces the Filing of a Lawsuit and a Motion for Preliminary Injunction for Specific Performance to Close Transaction with MedMen

Rhea-AI Summary

Ascend Wellness Holdings, Inc. (AAWH) has filed a lawsuit against MedMen NY, Inc. and MM Enterprises USA, LLC in the New York Supreme Court. The company seeks injunctive relief to compel the closing of transactions outlined in an Investment Agreement with MedMen. AWH requests a preliminary injunction to maintain the status quo and prevent any actions that could further encumber MedMen's assets. This legal action underscores AWH's commitment to finalize the anticipated investment, vital for its business growth.

Positive

• AWH seeks to finalize investment transactions with MedMen to enhance its operational capabilities.
• The lawsuit indicates AWH's proactive approach to secure its business interests.

Negative

• The lawsuit reflects potential complications in finalizing the investment, which may delay operational expansion.
• Legal actions can lead to uncertainties affecting investor confidence and stock performance.

AWH is seeking to compel injunctive relief to close the transactions contemplated by the Investment Agreement between AWH and MedMen

NEW YORK, Jan. 14, 2022 /PRNewswire/ - Ascend Wellness Holdings, Inc. ("AWH" or the "Company") (CSE: AAWH.U) (OTCQX: AAWH), a multi-state, vertically integrated cannabis operator focused on bettering lives through cannabis, announced it has filed a complaint commencing a lawsuit in the Commercial Division of the Supreme Court of the State of New York in New York County against MedMen NY, Inc. and MM Enterprises USA, LLC (CSE: MMEN) (OTCQX: MMNFF) ("MedMen") in which AWH is seeking an order compelling specific performance of the transactions contemplated by the Investment Agreement among AWH and MedMen.  In addition, AWH has made an application for a preliminary injunction and temporary restraining order to maintain the status quo between the parties and to prevent any actions by the MedMen parties that would result in additional encumbrances on the equity or assets of MedMen NY, Inc. 

About AWH:
AWH is a vertically integrated operator with assets in Illinois, Michigan, Ohio, Massachusetts and New Jersey. AWH owns and operates state-of-the-art cultivation facilities, growing award winning strains and producing a curated selection of products. AWH produces and distributes Ozone branded products. For more information, visit www.awholdings.com. 

Forward-Looking Statements
This news release includes forward-looking information and statements, which may include, but are not limited to, information and statements regarding the plans, intentions, expectations, estimates, and beliefs of the Company. Words such as "expects", "continue", "will", "anticipates" and "intends" or similar expressions are intended to identify forward-looking statements. These forward-looking statements are based on the Company's current projections and expectations about future events and financial trends, and on certain assumptions and analysis made by the Company in light of experience and perception of historical trends, current conditions and expected future developments and other factors management believes are appropriate.

Forward-looking information and statements involve and are subject to assumptions and known and unknown risks, uncertainties, and other factors which may cause actual events, results, performance, or achievements of the Company to be materially different from future events, results, performance, and achievements expressed or implied by forward-looking information and statements herein. Such factors include, among others: the risks and uncertainties identified in the Company's Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, and in the Company's other reports and filings with the applicable Canadian securities regulators and the U.S. Securities and Exchange Commission. Although the Company believes that any forward-looking information and statements herein are reasonable, in light of the use of assumptions and the significant risks and uncertainties inherent in such information and statements, there can be no assurance that any such forward-looking information and statements will prove to be accurate, and accordingly readers are advised to rely on their own evaluation of such risks and uncertainties and should not place undue reliance upon such forward-looking information and statements. Any forward-looking information and statements herein are made as of the date hereof, and except as required by applicable laws, the Company assumes no obligation and disclaims any intention to update or revise any forward-looking information and statements herein or to update the reasons that actual events or results could or do differ from those projected in any forward looking information and statements herein, whether as a result of new information, future events or results, or otherwise, except as required by applicable laws.

The CSE has not reviewed, approved or disapproved the content of this news release.

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SOURCE Ascend Wellness Holdings, LLC

FAQ

What is the lawsuit filed by Ascend Wellness Holdings about?

Ascend Wellness Holdings filed a lawsuit to compel MedMen to close transactions under an Investment Agreement.

When did Ascend Wellness file the lawsuit against MedMen?

The lawsuit was filed on January 14, 2022.

What is the goal of Ascend Wellness's legal action against MedMen?

The goal is to obtain specific performance of the Investment Agreement and maintain the status quo regarding MedMen's assets.