Here;s a write up on the Tilray Medmen deal at the time. The below are the closing paragraphs.
To refresh your memory - Tilray bought the debt from Gotham Green.
https://mjbizdaily.com/how-tilray-medmen-deal-could-impact-either-cannabis-company/
Consider Gotham Green’s motivation for this transaction.
There’s an old saying: If you can’t figure out who the chump at the poker table is, it’s you. Frankly, GGP is not the chump here.
- GGP stubbed its toe on MedMen, but its strategy has been quite clear for some time: Conserve optionality by maintaining a secured debt position while continually negotiating higher conversion positions in the company. Where necessary, GGP has been willing to provide extra liquidity to keep that optionality alive.
- Viridian’s analysts believe GGP was holding on, hoping that federal legalization would happen and a rich, dumb investor would pay up for the chance to take over MedMen. Some cracks in GGP’s certainty appeared with the sale of its New York assets in the face of an imminent adult-market conversion.
Along comes Tilray, willing to pay a hefty premium years ahead of legalization. And we imagine that GGP would not mind taking the cash instead of the 9 million Tilray shares.