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Operator of Elevate/Flowery Soho says Flowery holds 20% stake under social-equity advice; committee renews license
Summary
An NC Reports co-founder told the committee the store rebranded from Elevate Soho and accepted a 20% passive ownership stake by the Flowery chain after advice from the social-equity fund; the committee approved the renewal but the transcript records concerns about long-term contract terms and limited operational support.
An unnamed co-founder of NC Reports LLC told the Board 2 Cannabis Licensing Committee that the store formerly known as Elevate Soho now operates under Flowery Soho after advice from a social-equity fund and a transaction giving the Flowery chain a 20% equity stake.
The speaker said the original name created confusion with multiple operators and that the social-equity fund advised partnering with an experienced operator to survive market competition. "They own 20% of the dispensary," the co-founder said, and described the Flowery's contribution as capital, new signage…
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