Connect with us

Marijuana Business Daily

Israeli cannabis company InterCure files lawsuit over nixed acquisition

Published

on


Israeli medical cannabis producer InterCure said it is suing Cann Pharmaceuticals, which does business as Better, over a failed merger.

InterCure’s $35 million all-stock acquisition of Better was announced in February 2022.

ADVERTISEMENT

However, the deal was terminated this year after a warning from InterCure in November 2022.

In a Tuesday news release, InterCure said the lawsuit intends “to recover funds loaned and invested in the course of their dealings in connection with the merger agreement.”

Herzliya-based InterCure said unspecified “fundamental disagreements arose” during the merger process, “which ultimately led to the termination of the agreement on (Jan. 31), as the closing conditions had not been satisfied prior thereto.”

InterCure added that it lent money to Better during the negotiations, “and also provided funding and cultivation services.”

ADVERTISEMENT

However, InterCure said Tel Aviv, Israel-headquartered Better has “refused to repay the company,” leading

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

Tim Conder appointed permanent CEO of marijuana MSO Tilt Holdings

Published

on

By


Tim Conder, interim CEO of marijuana multistate operator Tilt Holdings since April, has been given the job on a permanent basis.

Since taking the interim post after Gary Santo resigned, Condor has aimed to put the Phoenix-based company on a path to profitability.

ADVERTISEMENT

He has initiated significant cost reductions and reevaluated brand partnerships – including cutting ties with some social equity brands – while shifting focus to the cannabis company’s vape hardware business.

“When I took the interim CEO role, the company was cash-consumptive, really in an environment where that doesn’t make a lot of sense,” Conder told MJBizDaily earlier this month.

“Our immediate priorities were to reduce our cost structure and our expenses and increase operational efficiencies to ultimately achieve profitability.”

Art Smuck, Tilt’s newly appointed board chair, said in a news release that “Tim has been instrumental in bringing financial discipline to Tilt, and

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

Oklahoma high court declines to hear challenge to medical cannabis fees

Published

on

By


The Oklahoma Supreme Court declined to hear arguments challenging a new law that significantly raises fees for medical cannabis operators.

Filed in late June, the petition will now be sent to district court in Oklahoma County, The Oklahoman reported.

ADVERTISEMENT

The petition – filed by Jeb Green, founder of Oklahomans for Responsible Cannabis Action, as well as the Bingo 101, Oklahoma Natural Cures and Pharside dispensaries – claims the new fee structure violates the state constitution and is a “revenue-raising tax disguised as a fee.”

The challenge also alleges the bill wasn’t passed through the three-fourths majority required by state law and its approval came within the last five days of the legislative session.

Oklahoma law prohibits lawmakers from passing revenue-generating bills during the last five days of a legislative session.

The state attorney general’s office argued the bill was not a revenue generator subject to constitutional

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

New York will open adult-use marijuana retail to multistate operators

Published

on

By


New York regulators voted Tuesday to allow the state’s medical marijuana operators to apply for adult-use retail licenses.

That means the multistate operators who years ago snapped up a majority of the state’s 10 “registered organization” permits will enter what observers say could be the largest market on the East Coast.

ADVERTISEMENT

Under the resolutions the Office of Cannabis Management approved Tuesday, regulators will accept applications seeking a retail or microbusiness license from Oct. 4 through Dec. 23.

Regulators also will accept applications from registered organizations during a still-unspecified window “to be set by the Office.” That action was approved in a separate resolution.

“Today marks a pivotal step toward expanding and sustaining the state’s medical program and creation of an economically viable and equitable adult-use cannabis industry in New York,” Barry Carmody, a spokesperson for the New York Medical Cannabis Industry Association (NYMCIA), said after a

Read full article on Marijuana Business Daily



Source link

Continue Reading
Advertisement

Trending

Copyright © 2021 The Art of MaryJane Media