MedMen Founders Drop Suits To Stop Sale Of Pot Company

By Sarah Jarvis (October 8, 2021, 6:09 PM EDT) -- 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...

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