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

Rhea-AI Summary

Ascend Wellness Holdings (AWH) has received conditional approval from the New York Cannabis Control Board for an investment agreement with MedMen NY, Inc., which will grant AWH an 86.7% controlling interest in MedMen's New York subsidiary. This approval is pending a review by the Office of Cannabis Management to ensure compliance with state cannabis laws. AWH is a vertically integrated cannabis operator with assets across several states, focusing on enhancing patient access and maintaining operations.

Positive

• Conditional approval for an investment in MedMen NY for 86.7% controlling interest.
• Enhances AWH's presence in New York's cannabis market.

Negative

• Approval is conditional and subject to further review by the Office of Cannabis Management.
• Risks associated with compliance with state cannabis regulations.

AWH received conditional approval to invest into MedMen's New York subsidiary for 86.7% controlling interest

NEW YORK, Dec. 16, 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 conditional approval from the New York Cannabis Control Board for its previously announced definitive investment agreement with MedMen NY, Inc., the New York subsidiary of MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF), pending the review of the proposed transaction by the Office of Cannabis Management staff for compliance with the Cannabis Law and its corresponding rules and regulations, and further conditioned the approval on the registered organization continuing current operations to maintain patient access and supply.  

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-new-york-state-conditional-approval-for-investment-agreement-with-medmen-ny-inc-301446896.html

SOURCE Ascend Wellness Holdings, Inc.

FAQ

What investment did AWH receive approval for in New York?

AWH received conditional approval for an investment agreement with MedMen NY, Inc. for an 86.7% controlling interest.

What is the significance of the conditional approval for AWH and AAWH?

The conditional approval enhances AWH's position in New York's cannabis market, allowing for greater operational control.

When was the conditional approval for AWH's investment announced?

The conditional approval was announced on December 16, 2021.

What conditions must AWH meet following the approval of their investment?

AWH's approval is contingent upon a review by the Office of Cannabis Management for compliance with cannabis laws and maintaining patient access.