MJBiz - July/August 2024 - 15

COMPANY NEWS
building on an Ocala property
that will be converted to a
marijuana cultivation facility,
according to a news release. The
build-out adds to Ayr's growing
footprint in Florida, where the
MSO operates 64 medical marijuana
dispensaries and 745,000
square feet of production
capacity.
IIP and Ayr have a similar
lease arrangement on an
11,000-square-foot processing
facility in Ohio.
Trulieve Settles in Ohio
Trulieve
Cannabis Corp.
scooped up two
retail licenses in Ohio ahead of
the launch of adult-use sales in
that state as part of a lawsuit
settlement with a Black-owned
company.
For nearly a year, Harvest of
Ohio and Trulieve have been
at odds over an alleged debt of
nearly $24 million.
Under the settlement:
* Trulieve will acquire Harvest
of Ohio and its dispensary
permits in Beavercreek and
Columbus.
* Ariane Kirkpatrick, Harvest
of Ohio's current majority
owner, will receive a medical
cannabis dispensary in
Athens. That store will be
rebranded Mavuno.
* A Harvest of Ohio production
facility in Ironton will be
sold off to " unrelated third
parties. "
Other terms of the settlement
were not disclosed.
Sun Theory Acquires
Terrapin Stores
Sun Theory Holding Co., a Denver-based
vertically integrated
marijuana operator, acquired
five of Terrapin Care Station's
retail locations in Colorado for
an undisclosed sum. The sale will
allow Boulder, Colorado-based
Terrapin Care Station to focus on
growing its operations in Pennsylvania,
according to a news
release.
Terrapin's headquarters will
remain in Boulder, and Sun
Theory will now have eight
retail locations in the state.
Terrapin Care Station grew its
presence in Colorado's adultuse
market after acquiring
Denver Relief, one of the
state's earliest medical cannabis
entrants, in 2016.
Peter Marcus, vice president
of communications for Terrapin,
told MJBizDaily the company
sold its cultivation and retail
operations in Aurora, Colorado,
to Best Buds.
Schwazze Settles $525,000
Wage-theft Claim
A Denver-based cannabis multistate
operator has settled a
lawsuit in New Mexico with budtenders
who claimed wage theft
and is facing a similar case in its
home state of Colorado.
Medicine Man Technologies,
which operates as Schwazze,
agreed to pay $525,000 to
Justin Fowler, a budtender at
its G. Greenleaf dispensary
in Albuquerque, and 19 other
budtenders in New Mexico and
Colorado.
The lawsuit filed in August
2023 alleged:
* Schwazze violated federal
and state laws by allowing
managers to unevenly pool
and split budtender tips.
* The company used some
of those funds for all-staff
meals.
* The retailer redirected
tips from budtenders to
managers.
The Cannabist Co.
to Exit Florida
The Cannabist
Co. announced
a restructuring
plan expected
to save the
marijuana multistate operator
$10 million in annual operational
expenses. The cost-cutting initiatives
include:
* Divesting all assets and
licenses in Florida.
* Closing an underperforming
retail store in Trinidad,
Colorado.
* Shuttering two stores in New
York and reducing hours at
two others.
The Florida restructuring,
implemented June 14, includes
the divestiture of 14 MMJ dispensaries,
three cultivation and
manufacturing facilities and its
license. The assets have drawn
letters of intent from several
buyers and $2.75 million transferred
in escrow, according to a
news release.
Agrify Returns to NASDAQ
Cannabis
technology
firm Agrify
Corp. regained compliance with
Nasdaq's stock listing rules after
converting $13.8 million of debt
to equity.
" The $13.8 million debt-toequity
conversion is a very
significant commitment from the
management and the leading
shareholders to ensure the ongoing
Nasdaq listing, " Agrify Chair
and CEO Raymond Chang said in
a statement.
" In the last few months, we
have made tremendous progress
towards cleaning up our balance
sheet, reducing our cash burn
and growing our business, " Chang
said.
mjbizdaily.com | July-August 2024 15
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MJBiz - July/August 2024

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