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Cannabis Summary for Jan. 25, 2022

2022-01-25 20:23 ET - Market Summary

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by Stockwatch Business Reporter

The S&P/TSX Cannabis Index lost a fraction to 75.54, while the CSE Composite Index lost 1.23 to 457.26. South of the border, a courtroom battle is escalating in New York. The Serruya-backed Medmen Enterprises Inc. (MMEN), down 1.5 cents to 14.5 cents on 5.41 million shares, has filed a countersuit against Abner Kurtin's Ascend Wellness Inc. (AAWH.U), down five U.S. cents to $4.55 (U.S.) on 11,500 shares, as the companies wrestle for control of a coveted New York cannabis licence.

The legal wranglings revolve around a February, 2021, agreement in which Medmen agreed to sell a controlling interest in its New York operations to Ascend for $73-million (U.S.) (among other terms). They received regulatory approval on Dec. 16, 2021. On Jan. 2, 2022, Medmen claimed to terminate the deal, telling Ascend that the regulators' approval had been conditional, not final, and therefore the Dec. 31 deadline had not been met. Ascend and the regulators disagreed. On Jan. 13, Ascend filed a 16-page lawsuit in the New York Supreme Court, seeking to force Medmen to close the deal.

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