November 29, 2022 12:21 ET (17:21 GMT)
But as the regulatory picture in New York grew more uncertain, both Verano Holdings Corp. and Ascend Wellness Holdings Inc. (AAWH) scrapped acquisitions.
Verano in October said it would no longer acquire Goodness Growth Holdings , a cannabis company in New York, New Mexico and Minnesota, for $413 million in stock.
Ascend Wellness in August scrapped its $88 million acquisition of MedMen's (MMNFF) New York business. MedMen then put the business back on the selling block.
Also read:Cannabis M&A cools but deals remain on the table despite scuttled Verano acquisition, analyst says
Among the regulatory uncertainty in New York, U.S. District Judge Gary Sharpe this month temporarily blocked the state from issuing 63 of the 150 licenses in Brooklyn and parts of upstate New York, citing a lawsuit by Variscite NY.
The suit alleges that New York state's plan -- to award the first 150 licenses for business applications to state residents affected by the war on drugs -- breaches the state constitution's dormant commerce clause that protects interstate commerce.
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