John Schroyer
A Maryland medical marijuana company was granted a proverbial stay of execution on Monday when a Baltimore Circuit Court judge approved a temporary restraining order that halted a planned auction of the company’s assets.
According to the Baltimore Business Journal, the company – Temescal Wellness, which does business as Evermore Cannabis – won the reprieve after filing a last-minute lawsuit on Friday against two of its creditors who had been pushing for the auction, which had been slated for noon on Monday.
If the auction had gone forward, up for bid would have been:
- Evermore’s The Living Room dispensary in Baltimore.
- Its cultivation facility, also in Baltimore.
- Its production facility in Owings Mills.
Not included in the auction were the company’s trio of marijuana business licenses, the Journal reported, which are non-transferrable for another five years under state law because they’ve already been transitioned to adult-use classification.
Because of the judge’s order, Evermore will now be able to participate in the recreational marijuana sales launch on Saturday, the Journal reported.
“I think the court made the right decision this morning,” Evermore CEO Craig Schulman said. “We’re excited and hopeful that we’ll be able to work this out to avoid any more issues in the future.”
The auction had been scheduled after Evermore defaulted on a $15.5 million loan secured by AFC Gamma Inc., while Ascend Maryland 2 was the lender.
Ascend declined to comment to the Journal, and a spokesman for the group that would have overseen the auction said it was unclear how long the restraining order would last.
