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Cannabis Summary for Jan. 14, 2022

2022-01-14 19:37 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index added a fraction to 88.72, while the CSE Composite Index added 2.22 to 514.99. South of the border, two U.S. MSOs (multistate operators) are taking their New York beef to court. Abner Kurtin and Frank Perullo's Ascend Wellness Holdings Inc. (AAWH.U) lost 25 U.S. cents to $5.55 (U.S.) on 71,400 shares, after announcing that it has filed a lawsuit against the Serruya-backed Medmen Enterprises Inc. (MMEN), up half a cent to 21 cents on 3.72 million shares, to enforce the closing of a previously announced New York asset sale.

The lawsuit, filed in the commercial division of the Supreme Court of the State of New York, comes about two weeks after Medmen claimed to have terminated the asset sale. The sale involves a controlling interest in Medmen's New York operations. Ascend and Medmen agreed last February that Ascend would invest $73-million (U.S.) (among other terms) to acquire an 86.7-per-cent interest in the operations, with the option to acquire the rest later. The deal received regulatory approval in mid-December. On Jan. 3, Medmen announced the abrupt termination of the deal, without providing a reason.

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