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Mystic Holdings restructuring approved after board presses company over roughly $500,000 in unpaid taxes
Summary
The Cannabis Compliance Board approved Mystic Holdings’ plan to move licenses out of Qualcan into new subsidiaries but conditioned the approval on monitoring and referred outstanding Department of Taxation liabilities for further review by the attorney general after board members pressed the company for a concrete repayment plan.
The Cannabis Compliance Board on March 20 approved Mystic Holdings’ internal restructuring to move licenses from Qualcan into separate, subsidiary LLCs but recorded concerns about the company’s outstanding tax liabilities and referred the issue to the attorney general.
Company counsel Michael Cristalio, speaking for Mystic Holdings, summarized the transaction as an internal reorganization intended to place three licenses — a Carson dispensary (SkyPoint), a production/cultivation entity (Univision), and other retail operations — in separate LLCs to simplify accounting and operations. He told the board the company had “paid…
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