March 9, 2023 – Opus Consulting Partners LLC (“Opus Consulting”), which is represented by Casner & Edwards, LLP, announced completion of the sale of the business operations and assets of Ermont, Inc. a vertically integrated medical cannabis operator, to an affiliate of multi-state cannabis operator MariMed, Inc.
According to an Opus Consulting press release announcing the completion, "The history-making transaction is a key milestone in the first-ever cannabis receivership in New England.
….Opus Consulting—a leading turnaround management and business improvement agency with extensive experience in managing and operating distressed assets in cannabis and other complex industries — serves as the court-appointed receiver for seller Ermont. The total consideration for the sale transaction was $13 million, in a combination of cash, stock, and debt.
Casner & Edwards partner John Morrier commented: “Because marijuana remains a Schedule I substance under the US Controlled Substances Act, the doors to the federal bankruptcy courts are closed to businesses engaged in the cultivation, manufacturing,
sale, or distribution of cannabis. Receivership is an alternative state-court process available to struggling cannabis businesses and creditors that allows the business to continue while the receiver restructures its operations and finances.”
Opus Consulting Partners is represented by Morrier and Michael Fencer of Casner & Edwards, LLP in the receivership.
Read more Bankruptcy News