Culta owner owes ex-partner over $6 million.
Maryland-based cannabis company Culta is in the news for two reasons today: buying two dispensaries while not paying a court judgement or taxes.
Culta announced that it would buy two female-owned dispensaries, Growing Ventures (dba Greenhouse Wellness) and K&R Holdings (dba Kannavis) for an undisclosed amount. But, the company is also in trouble for not paying a court judgment with an ex-partner and for not paying taxes.
Acquisitions
Culta said in a statement that the acquisition of Greenhouse Wellness comes just one year after Culta partnered with its founders, Gina Dubbé and Leslie Apgar, M.D., to bring Blissiva products to more women across the state.
The company also stated that the acquisitions of Greenhouse Wellness and Kannavis would allow Culta to continue to ensure patient access to Culta’s top-shelf cannabis and its partner brands, such as Old Pal, Robhots, and Blissiva.
With adult-use legalization launching in its home state on July 1, refining the patient experience has never been more important to existing cannabis dispensaries in the state.
“During the process of bringing Blissiva to market with Culta earlier this year, we got to know Culta and were excited when they approached us and asked if we would want to join their family,” Dubbé said.
Culta said there are no plans to immediately relocate the dispensaries, and it intends to onboard and retain the staff. The official date of the acquisition is dependent on state approval of the transfer of ownership.
Court Drama
Last week, Law360 reported that Culta owner Mackie Barch was ordered to use his “best efforts” to sell shares of his Baltimore-based cannabis wholesale dispensary in order to settle the $6 million debt owed to his co-owner plus $665,000 for federal and state taxes.
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Culta Buys Dispensaries Despite Ongoing Nonpayment of Court Judgment
Sean Hocking
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