Curaleaf chairman accused of squeezing troubled Portland marijuana firm ahead of its sale

Curaleaf bought Portland-based Cura Cannabis in 2020. Dave Hernandez | For NJ Advance

The 2020 sale of a troubled Portland marijuana company was beset by disputes over the price, which fell by roughly $600 million amid fighting among investors and the buyer, according to new litigation.

Oregon entrepreneur Nitin Khanna, accused of securities fraud earlier this year by some of his former business partners, filed a $516 million counterclaim this week alleging he was actually the victim of a scheme that reduced the payout of his marijuana business.

The companies

Curaleaf: Based in Massachusetts, Curaleaf is among the nation’s largest marijuana companies. It acquired Portland-based Cura Cannabis in 2020 in an all-stock deal valued at $400 million when it closed.

Cura Cannabis: Portland-based marijuana company that emerged from Iris Capital, a Lake Oswego real estate scam. Nitin Khanna served as CEO until 2018 and remained chairman until Cura’s sale to Curaleaf in 2020.

Sentia Wellness: Portland CBD company spun out of Cura Cannabis raised $91 million ahead of its 2019 launch but collapsed almost immediately, blaming changing regulatory conditions and the COVID-19 pandemic. It sold its Social CBD brand in 2021.

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