A group that includes Little Rock billionaire businessman Warren Stephens and his family will be the majority owner of Berner’s by Good Day Farm dispensary after winning approval from state regulators Thursday afternoon.
Stephens and his wife, Harriet Stephens, are among the owners of Stephens MM LLC, which will own 52.69% of the Little Rock dispensary. Warren Stephens and Harriet Stephens will each own 2.66% of the dispensary, while John Stephens, Laura Stephens and Warren Miles Stephens will each own 11.59%.
Stephens MM LLC is made up of 24 people from Arkansas, Texas, Georgia and North Carolina. Two members of the group were labeled in commission documents as “non-AR,” but a state wasn’t listed. The LLC also has ownership in Good Day Farm Arkansas, a marijuana cultivator in Pine Bluff.
Donald Thomas “Boysie” Bollinger, a prominent Louisiana shipbuilder and Republican donor, will continue to be the largest single shareholder in Berner’s with 12.64%. Before the transaction, Bollinger held 28.09% of the business.
According to Medical Marijuana Commission spokesman Scott Hardin, Capital City Medicinals — the legal name of the dispensary — described the transaction as a conversion of debt obligations owed by the dispensary to the new ownership group.
In other business, Greenlight Helena withdrew its request to move to Stuttgart after the commission and staff received more than 30 letters in opposition.
The commission also approved a transfer of ownership for Native Green Little Rock to Wallis Blair Allen Jr., who will own all of the business through a limited liability company. The previous owners were Kattie Hansen, Walter Koon and Leslie Duncan.
The commission approved the transfer of Native Green Hensley to Todd Denton, who will be the sole owner through a limited liability company. The previous owners were Diane Koon, Fredrik Hansen, Anita Koon and Samantha Duncan.
At The Hill dispensary in Fayetteville, Joseph Jansen of Little Rock will sell nearly all of his stake in a limited liability company that owns 3.67% of the dispensary. The new owners will be Matthew Jansen of Coral Gables, Flo., and James “Jim” Jansen of Mountain Home.
The commission set its next meeting for Wednesday, Oct. 11 at noon.