Abner Kurtin Archives - Green Market Report

Adam JacksonNovember 23, 2022
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Cannabis investment veteran Emily Paxhia has resigned from her post as board member of Ascend Wellness Holdings (CSE: AAWH.U) (OTCQX: AAWH).

The company on Wednesday said that Dan Neville, AWH’s interim co-CEO and CFO, as well as longtime investment strategist Joshua Gold, has been tapped to rotate into the board roster. Gold is a general partner of Boston firms Inverness LLC and Blue Flag Partners LLC. He served as a managing director at Jefferies & Co, as well as in various roles at Goldman Sachs and Bear Stearns. Gold was also on the board of the San Diego cannabis boutique chain Urbn Leaf.

In a statement, AWH said that it would be reshuffling its board, “in connection with the company’s ongoing leadership transition.”

“On behalf of the Board and everyone at AWH, we would like to thank Emily for her contributions and dedication during her tenure here,” said former CEO and now executive chairman Abner Kurtin. “Emily was one of our earlier investors and has supported Ascend from the beginning. We wish her the very best in her continued leadership in the industry.” The company went on to say that Paxhia’s resignation letter indicated that her decision to resign from the Board was not the result of any disagreement with the corporation’s operations, policies, or practices.

The news comes weeks since the ex-chief was charged with battery after a witness told authorities that they saw him “striking” his girlfriend while they were parked in a car. Police arrested him later that day based on the witness statement and the marks officers observed on his partner’s head. State prosecutors decided to forgo pursuing criminal charges while Kurtin transitioned to a post as executive chairman of the board.

In a statement after the case dismissal, Kurtin thanked Miami Beach police and the “due process of law,” adding that the two “were involved in a verbal argument that was never physical at any point.”

Domestic violence charges can be dropped if there are questionable facts or if the victim decides not to pursue charges.

“I have apologized to her privately for my verbal actions, and we both moved on with our relationship in a positive manner,” Kurtin said at the time.

Mum was the word from the board of directors as the company launched an internal investigation into the circumstances around his arrest.

“As the company prepares to enter the next phase of its growth story, the board determined that now was the right time to initiate this transition,” the Sept. 6 statement read.

Offering

After the market closed on Tuesday, Ascend filed for an offering to issue  $100 million of shares. The use of proceeds is stated for general corporate purposes, but the company could use the money to make acquisitions. Currently, 36% of the common stock voting power is held by former CEO and Co-Founder Kurtin and the current interim Co-CEO Francis Perullo.

“While we do not have immediate plans to issue Securities under the Registration Statement or the Canadian Prospectus, we deemed it prudent to prepare ourselves to take advantage of markets should they evolve into a more accretive financing alternative,” said Dan Neville, Interim Co-CEO and CFO. “This filing allows us the flexibility to pursue additional financing opportunities should they become in the best interest of our shareholders.”


StaffFebruary 20, 2019
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Vertically Integrated Cannabis Operator to Enter its Fourth State on East Coast

February 20, 2019 – BOSTON, MA /AxisWire/ Ascend Wellness Holdings (AWH), a multi-state, vertically integrated cannabis operator, today announced that the company secured $37 million in a bridge round of preferred equity and $18 million in a senior secured cultivation note. The $55 million in raised funds will be used to build out market leading operations in Massachusetts, as well as the continued expansion in limited license cannabis markets.

AWH is entering Ohio through an agreement to purchase a tier II cultivation license. It is also in advanced discussions for dispensary licenses. Ohio allowed medical cannabis use in January, and marks AWH’s fourth market. AWH will provide care to Ohio residents for different approved medical conditions, solidifying its commitments to limited license markets.

The capital will also fund construction of AWH’s adult-use flagship store. Located near the famed Faneuil Hall, the five-story building will be the first of its kind to operate within a major East Coast city. During the planning phase, the 16,000-square foot project garnered widespread support among the Boston community and state leaders. AWH is also building a 9.5 acre cannabis cultivation facility, called MassGrow. Located in Athol, Massachusetts, the campus is expected to produce 15 million grams of cannabis annually.

“AWH is excited to close on funding that will allow us to build out our market leading Massachusetts operations and to enter the newly legalized Ohio market,” said AWH Founder and CEO, Abner Kurtin. “We expect to be operating in all four of our markets by the end of 2019.”

This latest round of funding comes at a time when several Eastern states have legalized cannabis. AWH operates and has assets in Massachusetts, Illinois, Michigan and Ohio, an addressable cannabis market of over 40 million people. In its first year, AWH closed over $100 million of total capital, making it among the more well-funded consolidators in the space as it seeks opportunities to expand into other key markets.

For more information about AWH visit www.ascendwellness.com

About AWH AWH is a vertically integrated cannabis company operating in Massachusetts, Illinois, Michigan and Ohio. AWH is redefining the cannabis retail experience, offering a customer-centric environment and a curated selection of products with effect-based categorization. AWH will also operate a large-scale indoor cultivation facility in Massachusetts.

 


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