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Jushi settles lawsuit with Curaleaf

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TheQueen
(@gtosali1967)
Reputable Member
Joined: 11 months ago
Posts: 180
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Jushi Holdings Inc. said Monday it settled a lawsuit with Curaleaf Holdings Inc. and with its former CFO Edward Kremer. Curaleaf on Monday named Kremer as its new CFO. Curaleaf also named Camilo Lyon as chief investment officer and Mitch Hara as chief strategy officer, which is a new role at the cannabis company. Filed on July 15, the Jushi lawsuit alleged breach of Kremer's employment agreement. The suit also lodged a complaint against Curaleaf for "tortious interference." The cannabis company said Kremer has agreed to abide by his other continuing obligations to the company in exchange for a limited waiver of his non-compete to allow him to accept employment with Curaleaf. Curaleaf has also committed to strengthen the commercial relationship between Jushi and Curaleaf, the company said. Shares of Jushi are down about 37% in 2022 compared to a loss of 54% by the AdvisorShares Pure U.S. Cannabis ETF (MSOS) and a drop of 19.1% by the Nasdaq . Curaleaf shares are down 38% in 2022.


   
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Jeff Spahn
(@jeffspahn2011gmail-com)
Estimable Member
Joined: 11 months ago
Posts: 98
 

wish I knew some of the settlement that Jushi decided it was worth it it not to pursue. Not that I like lawsuits but when you settle that fast it's always good to know what the settlement was.


   
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TheQueen
(@gtosali1967)
Reputable Member
Joined: 11 months ago
Posts: 180
Topic starter  

Maybe a future merger???....


   
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D. H. Taylor
(@dhtaylor)
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Joined: 2 years ago
Posts: 1053
 

Not sure we will ever get to see the what the terms were on the settlement.  But, likely, before Curaleaf lured that individual into the company, they already knew that there was going to be a non-compete issue.  So, that was factored into the equation.  I'd be dead certain on that.  But, what was it?  We'll never know.  


   
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Jeff Spahn
(@jeffspahn2011gmail-com)
Estimable Member
Joined: 11 months ago
Posts: 98
 

Here you go DH a major MSO move in Germany like you wanted to see more of

Curaleaf Announces Majority Stake, Forms Partnership with Germany's Four 20 Pharma, an EU-GMP/GDP Licensed Producer and Distributor of Medical Cannabis

 

10:10 AM EDT, 08/09/2022 (MT Newswires) -- Curaleaf Holdings (CURLF) , a U.S. provider of consumer products in cannabis, on Tuesday said Curaleaf International Holdings, the company's European holding company, has signed a definitive agreement to acquire a 55% stake in Four 20 Pharma GmbH, an EU-GMP & GDP licensed German producer and distributor of medical cannabis with its own product line.

The partnership creates a strategic pathway for Curaleaf (CURLF) to acquire complete control of Four 20 Pharma within two years of the start of adult use in Germany and ensures alignment between Curaleaf (CURLF) and Four 20 Pharma's current management team to build a best-in-class German business and a strong platform for Germany's eventual adult use market. Germany represents the largest medical cannabis market in Europe, with a total addressable market of over 200 million euros in 2022 and expected to grow to nearly 1 billion euros by the end of 2024 via adult-use legalization, which is slated to begin in late 2023 or early 2024.

Four 20 Pharma is among the largest cannabis operators in Germany, with a greater than 10% market share.


   
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Gary Osborne
 Gary Osborne
(@Gary Osborne)
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Joined: 1 year ago
Posts: 24
 

Curaleaf Waiting To See More Color On German Rec Market

"A NASDAQ listing of Curaleaf International could create significant value. In the early days, we thought that if Curaleaf International (68.5% owned by US multi-state operator Curaleaf) were listed on NASDAQ, the value creation could be significant. But we would assume the company would prefer to wait for investors to have better visibility on German rec[reational] legalization first. Given that Curaleaf International operates in markets where plant touching is legal (for medical purposes now), the company could be NASDAQ listed, unlike its MSO parent," added Zuanic.


   
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