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MedMen founders drop suits to stop sale of pot company

A company run by the ousted co-founders of cannabis giant MedMen has voluntarily dismissed a pair of suits against a California dispensary chain it had invested in, Coastal Holding Co. , which they had accused of planning to sell off the company without consulting the shareholders.

LMAJ LLC’s one-page dismissal notices, filed Thursday in both cases, do not indicate why the entity opted to drop the suits. The dismissals come the same week that Jay-Z-backed California cannabis company the Parent Co. announced its plans to acquire Coastal for up to $56. 2 million in cash and company shares. Counsel for the parties didn’t…

To Read The Rest Of This Article By Sarah Garvis on Law360

Published: October 11, 2021

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