September 25, 2022

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Curaleaf chairman accused of squeezing troubled Portland marijuana firm ahead of its sale

Legal Adult Recreational Use Cannabis Sales Start in N.J.

Curaleaf purchased Portland-primarily based Cura Cannabis in 2020. Dave Hernandez | For NJ Progress

The 2020 sale of a troubled Portland marijuana firm was beset by disputes around the selling price, which fell by around $600 million amid preventing between investors and the consumer, according to new litigation.

Oregon entrepreneur Nitin Khanna, accused of securities fraud previously this yr by some of his former organization partners, filed a $516 million counterclaim this 7 days alleging he was really the target of a scheme that decreased the payout of his cannabis business enterprise.

The businesses

Curaleaf: Based in Massachusetts, Curaleaf is amid the nation’s major cannabis corporations. It obtained Portland-primarily based Cura Hashish in 2020 in an all-inventory offer valued at $400 million when it shut.

Cura Hashish: Portland-dependent marijuana corporation that emerged from Iris Funds, a Lake Oswego actual estate scam. Nitin Khanna served as CEO right up until 2018 and remained chairman until finally Cura’s sale to Curaleaf in 2020.

Sentia Wellness: Portland CBD company spun out of Cura Cannabis lifted $91 million in advance of its 2019 start but collapsed practically right away, blaming transforming regulatory disorders and the COVID-19 pandemic. It bought its Social CBD model in 2021.