MJ Biz reports
Only days after The Parent Co. said it was purchasing California-based Coastal Holding Co., former MedMen executives Andrew Bierman and Andrew Modlin withdrew multiple state and federal lawsuits they had filed in an attempt to halt the sale.
The dismissals of the suits bring to a quick end a legal fight that had the potential to completely upend the acquisition. They also likely clear the path for a smooth sale closing.
Bierman and Modlin, who are partial owners of Coastal, first filed suit against five other owners of the company in Orange County Superior Court on Sept. 15, claiming that their rights as minority owners were being violated and that they did not consent to a sale of Coastal.
When the defendants objected to the state court’s jurisdiction, the case was moved to federal court, and multiple versions of the lawsuit wound up being filed in U.S. District Court in the central district of California.
