Little Rock, Arkansas – The Arkansas regulatory body granted approval for a significant change in the ownership structure of Berner’s by Good Day Farm dispensary on Thursday. The majority stake, amounting to 52.69%, will now be under the control of Stephens MM LLC, a group that prominently features Little Rock billionaire, Warren Stephens, and his family.
Warren Stephens and his spouse, Harriet Stephens, are among the stakeholders of Stephens MM LLC. Both will individually possess a 2.66% stake in the dispensary. Additionally, John Stephens, Laura Stephens, and Warren Miles Stephens will each have a share of 11.59%.
Stephens MM LLC, comprising 24 individuals from states including Arkansas, Texas, Georgia, and North Carolina, also has interests in Good Day Farm Arkansas, a cannabis cultivator based in Pine Bluff. Notably, two members of this LLC were identified as “non-AR” in commission documents, though their specific state affiliations were not mentioned.
Donald Thomas “Boysie” Bollinger, a recognized shipbuilder from Louisiana, will remain the most significant individual shareholder of Berner’s, owning 12.64%. Prior to this reshuffling, his stake stood at 28.09%. Scott Hardin, the spokesman for the Medical Marijuana Commission, conveyed that Capital City Medicinals, Berner’s legal moniker, views this change as a debt obligation conversion towards the incoming ownership.
In related developments, Greenlight Helena retracted its relocation request to Stuttgart due to significant opposition, evidenced by over 30 dissenting letters. Furthermore, the commission sanctioned ownership transfers for two dispensaries: Native Green Little Rock, now entirely owned by Wallis Blair Allen Jr., and Native Green Hensley, wholly acquired by Todd Denton.
In Fayetteville, Joseph Jansen will divest most of his ownership in a firm that holds a 3.67% stake in The Hill dispensary. The beneficiaries of this change will be Matthew Jansen, based in Coral Gables, Florida, and James “Jim” Jansen from Mountain Home.
The commission has scheduled its subsequent meeting for Wednesday, October 11, at noon.
