AWH Receives Final New York State Approval for Investment Agreement with MedMen NY Inc.

Rhea-AI Summary

Ascend Wellness Holdings (AAWH) has received final approval from the New York Cannabis Control Board to invest in MedMen NY Inc., the New York subsidiary of MedMen Enterprises. This approval allows AWH to close the investment transaction imminently, enhancing its position in the cannabis market. AWH, a vertically integrated cannabis operator with assets across several states, aims to improve lives through cannabis. This move demonstrates AWH's commitment to strategic growth and reinforces its operational footprint in the cannabis industry.

Positive

• Final approval received from the New York Cannabis Control Board for investment in MedMen NY Inc.
• Transaction closing is imminent, strengthening AWH's market presence.
• AWH operates in multiple states, enhancing business diversification.

Negative

• None.

AWH received final approval to invest into MedMen's New York subsidiary and is requesting to close the transaction imminently

NEW YORK, Dec. 30, 2021 /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 received final approval from the New York Cannabis Control Board (the "CCB") and the Office of Cannabis Management of the CCB for its previously announced definitive investment agreement (the "Investment Agreement") with MedMen NY Inc., the New York subsidiary of MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) ("MedMen"). AWH has given notice to MedMen of its intent to close the transactions contemplated by the Investment Agreement imminently.

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.

View original content:https://www.prnewswire.com/news-releases/awh-receives-final-new-york-state-approval-for-investment-agreement-with-medmen-ny-inc-301451843.html

SOURCE Ascend Wellness Holdings, LLC

FAQ

What approval did Ascend Wellness Holdings receive regarding MedMen?

Ascend Wellness Holdings received final approval from the New York Cannabis Control Board to invest in MedMen NY Inc.

What is the significance of the investment in MedMen for AAWH?

The investment in MedMen is significant as it allows AWH to enhance its market position and operational footprint in the cannabis industry.

When will AWH close the transaction with MedMen?

AWH has indicated that it will close the transaction with MedMen imminently.

What states does Ascend Wellness Holdings operate in?

AWH operates in Illinois, Michigan, Ohio, Massachusetts, and New Jersey.

What is the market focus of Ascend Wellness Holdings?

AWH is focused on bettering lives through cannabis as a vertically integrated operator.