Dispensary’s application rejected after material changes in company
According to a document obtained by Pasadena Now, a cannabis dispensary seeking a Conditional Use Permit has been removed from the city process due to personnel changes in the company that led to a change of control of the cannabis operation.
In an Aug. 27 letter addressed to officials at MedMen (which applied as MME Pasadena), City Manager Steve Mermell wrote, “ It is my finding that there has been a material change in ownership and/or management in MedMen such that the ev aluation and scoring of MedMen’s Application is no longer valid. As such, it is my decision that: there is a change of control, MedMen has lost the right to proceed through the cannabis permitting process, and MedMen’s Application is hearby rejected.”
The decision came after a remote interview in July. The company submitted more material shortly after the interview.
According to the city’s process, “A change of ownership and/or management is not allowed and is considered material where it constitutes a change of control.”
Gotham Green acquired a beneficial ownership in the control and maintains 31.9 percent of the company’s voting power and 575,434,313 shares, which makes it the second largest shareholder in the company.
Published: September 03, 2020
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