With regulations governing Ohio's recreational cannabis program recently taking effect, Trulieve Cannabis Inc.'s TRUL TCNNF has resolved a legal dispute with Harvest of Ohio LLC that has been going on for nearly a year.
Cleveland-based Ohio Harvest said in a statement that “both parties have entered into an amicable agreement to enable each to continue to grow in the ever-changing Ohio market, with adult use on the horizon.” “We have agreed to a separation.''
Trulieve, a Florida-based medical cannabis company, said Thursday that the following are part of the settlement:
The company plans to acquire Harvest of Ohio LLC, which owns medical marijuana dispensary licenses in Columbus and Beaver Creek. Harvest of Ohio Medical Marijuana Dispensary in Athens will be sold to Arian Kirkpatrick and rebranded as Mavno. Separately, Kirkpatrick plans to sell its ownership interests in Harvest Grows, LLC and Harvest Processing, LLC, which operate production facilities in Ironton, to an unrelated third party. Trulieve will enter into a service agreement to provide operational support to the Ironton production facility. Trulieve plans to pay Kirkpatrick a huge amount of money.
Trulibe added that other provisions of the resolution remained confidential.
CEO Kim Rivers said, “We are pleased to announce a settlement of the lawsuit that will triple our footprint in Ohio. We look forward to serving medical patients and adult-use customers when permitted.” “There is,” he said.
Rivers recently welcomed country music legends David and Howard Bellamy, known as the Bellamy brothers, to the stage at the Benzinga Cannabis Capital Conference in Florida on Wednesday. The two-day event will return to Chicago this year on October 8th and 9th. Click this link to get your tickets now before prices go up.
“As the first Black and first woman-owned cannabis company to achieve 100% vertical integration in Ohio, the Harvest of Ohio team is breaking down barriers and paving the way for the cannabis market,” said Kirkpatrick. “It will forever remain a part of cannabis history.” A diverse and inclusive workforce and supply chain. ”
Trileve originally filed a civil lawsuit against Harvest of Ohio and Harvest Grows in July 2023, alleging nearly $25 million in unpaid debt.
See also: Ohio medical marijuana company files response to Trulieve loan default claim
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