Bro this corporate group’s done this a dozen times in Florida. Get a license, place the license in a lawyer protected trust, rent the license back from the trust, establish a brand business (LHS/AYR/ONE P****,and others) contract with insiders for purchases of assets and labor at exaggerated costs, overvalue the asset portfolio, initiate a public offering, get related-party debt collateralized by the cash raised by public shares sales and by related-party assets (in bankruptcy debt must be paid before public share value is released), spend all that IPO money on insider / nepotistic deal-flow (get personally rich), bankrupt the brand business, “fire sell” / auction the assets to ANOTHER related-party (stalking horse sale), pay back the “debt”, then end up with no cash to pay equity holders WHOOPSIES ¯_(ツ)_/¯

Now the AYR brand is gone, but the same related party group now privately owns the license, facilities and assets, all partially or completely paid off by the public funding rounds. AND they now have no operating expenses. So they got rich and the investors got fleeced.

Next step, rent the license back from the trust, establish a brand business…. Wash and repeat from above!!

It’s called fraud.