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MED COMPANY VIREO SUED BY FORMER PARTNER

In a case highlighting tensions between small businesses and multi-state operators (MSOs), A Maryland physician and MED entrepreneur is suing Minnesota-based MED company Vireo Health.

Dr. Mark Schneyer started MaryMed in 2015 with Vireo as a majority partner. Schneyer’s company obtained a state MED license; Now he claims Vireo improperly stripped him of his ownership stake. Maryland regulators are investigating the deal.

Vireo CEO Dr. Kyle Kingsley declined to answer the Baltimore Sun‘s questions. The company accused Schneyer of trying to disrupt its stock sale.

Vireo operates in 10 states. Two former Vireo executives face criminal charges for allegedly smuggling $500,000 of MED oil from Minnesota to New York in an armored vehicle in 2015.
LoHud.com

Also in Maryland: A consultant is suing cannabis-private equity firm Privateer Holdings for shortchanging her on promised compensation. Privateer said it was not familiar with the allegations and expects to be removed from the complaint.
Cannabis Wire

Quick Hits

  1. MSOs Surterra and Curaleaf are accusing Florida of giving unfair preference to Trulieve, the state’s largest dispensary player. Together the three companies dominate Florida’s MED market.
    Orlando Sentinel, MJBiz
  2. Hedge fund Marcato, which holds 2.7% of multi-state operator Acreage Holdings, opposes its proposed $3.4B acquisition by Canopy Growth. Marcato says the company agreed hastily to a deal for too little money. Canopy CEO Bruce Linton guaranteed the deal would go through. ????WW Canada has more.
    Reuters, Business Inside
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  3. Ozy profiles Dan Ahrens, who’s behind AdvisorShares’ pure cannabis exchange-traded fund, (ticker:YOLO.) He’s got “an $80B Wall Street weed plan.
  4. Former MedMen CFO James Parker added more allegations to his lawsuit against the company. MedMen has called the suit baseless.
    MJBiz Daily
  5. New Cannabis Ventures’ Alan Brochstein explains why some pot stocks flop.
  6. Caliva chairwoman and former Yahoo CEO Carol Bartz compared the green rush to the tech boom.
    MJBiz
  7. Macro-microbrewery The Boston Beer Co., (parent of Sam Adams), is acquiring competitor Dogfish Head Brewery in a cash and stock deal valued around $300M.