As rules to guide recreational marijuana program in Ohio are taking effect these days, Trulieve Cannabis Corp. (CSE:TRUL) (OTCQX:TCNNF) resolved its legal dispute with Harvest of Ohio LLC that's been ongoing for nearly a year.
"The parties have agreed upon an amicable separation that will allow each to continue growing in the ever-changing Ohio market, as adult use is on the horizon," the Cleveland-based Harvest of OH separately confirmed.
The Florida-based medical marijuana company Trulieve said on Thursday that the following is part of the settlement:
- It will acquire Harvest of Ohio, LLC, which will hold licenses for medical cannabis dispensaries in Columbus and Beavercreek;
- The Harvest of OH medical cannabis dispensary in Athens will be transferred to Ariane Kirkpatrick and be rebranded under the name Mavuno;
- Separately, Kirkpatrick will divest ownership of Harvest Grows, LLC and Harvest Processing, LLC, which operate a production facility in Ironton, to unrelated third parties;
- Trulieve will enter into service agreements to provide operational support to the Ironton production facility;
- Trulieve will pay an immaterial amount to Kirkpatrick.
Other terms of the resolution remained confidential, Trulieve added.
“We are happy to announce the resolution of our litigation that triples our footprint in Ohio," CEO Kim Rivers said. "We look forward to serving medical patients and adult use customers when permitted.”
Rivers recently welcomed country music legends David and Howard Bellamy, known as The Bellamy Brothers, on the stage Wednesday at the Benzinga Cannabis Capital Conference in Florida this past April. The two-day event returns to Chicago this Oct. 8-9. Get your tickets now before prices surge by following this link.
Kirkpatrick said, “As the first Black and the first woman-owned cannabis company to achieve 100% vertical integration in the state of Ohio, the Harvest of OH team will forever be a part of cannabis history having broken barriers and paved the way for a diverse and inclusive workforce and supply chain.”
Trilieve initially filed a civil lawsuit against Harvest of Ohio and Harvest Grows in July 2023, alleging unpaid debts to the tune of nearly $25 million.
See also: Ohio Medical Cannabis Company Files Response To Trulieve’s Loan Default Claims
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