FIRST NEW ENGLAND CANNABIS RECEIVERSHIP APPROVED

by | Apr 3, 2024 | Cannabis

The first cannabis receivership in New England was approved in March, with multi-state operator MariMed purchasing the business operations and assets of Ermot, a vertically integrated medical cannabis operator. Opus Consulting Partners completed the sale.

Approved by the Massachusetts Cannabis Control Commission and the Massachusetts Superior Court, the transaction preserves the Ermont jobs, its cultivation and medical dispensary operations. 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.

“Through the receivership, we were able to streamline Ermont’s operations and procedures, negotiate a restructuring of its debts, maintain jobs, and provide uninterrupted service to medical marijuana patients,” Jacques Santucci, a partner at Opus Consulting, explained in a press release.

The total consideration for the sale transaction was $13 million, in a combination of cash, stock, and debt.

A receivership is a legal mechanism appointed by the court that can serve multiple purposes such as helping creditors to reclaim defaulted funds, aiding struggling companies in avoiding bankruptcy, which is unavailable to cannabis companies due to the federal illegality of the product, and streamlining the process for lenders to retrieve owed funds in case a borrower defaults on a loan…

Read the full article here

<a href="https://opuscg.com/about/team/" target="_blank">Jacques Santucci</a>

Jacques Santucci

As the President of Opus Consulting, Jacques brings years of leadership experience in the entertainment, tourism, financial services and technology industries. His expertise lies within business strategy and management, new business ventures, due diligence, accounting, process improvement, financial systems, planning and analysis, and sales and marketing strategy. Prior to founding Opus Consulting, Jacques began his career at Ernst & Young and Universal Pictures in Paris, France. Since moving to Maine in 1999, Jacques has held several executive positions and engaged in an array of consulting assignments. In his free time, Jacques enjoys riding his motorcycle, skiing, traveling, and spending time with his wife and two daughters. Jacques holds a degree from EDHEC School of Management in Lille, France with a concentration in Finance.
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