Federal prohibition is what makes M&A in the cannabis space difficult, said John Moynan. (Photo: 420MediaCo/Shutterstock)
Many mergers and acquisitions in the cannabis space this year have either been changed significantly or abandoned entirely. Experts in the field say M&A in the cannabis industry has been difficult largely because of the volatile ever-changing cannabis market, federal prohibition and a patchwork of state laws.
In October 2018, MedMen Enterprises planned an all-stock acquisition of PharmaCann valued at approximately $682 million. A year after plans for the acquisition was announced, MedMen pulled out of the deal entirely. MedMen reportedly cited the changing market and how long it took for regulators to approve the deal. In May, Curaleaf reworked its all-stock deal with Cura Partners. Cura Partners was supposed to be given 95.6 million shares of Curaleaf stock, worth approximately $950 million at the time, in the deal. However, the deal was amended so Cura Partners could be bought for 55 million shares of stock valued at approximately $293 million.
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Dan Clark
Dan covers cyber security, legal operations and intellectual property for Corporate Counsel. Follow him on Twitter @Danclarkalm.
