Mary's Medicinals, Dixie Revived as Ex-Curaleaf CEO Takes Helm

DENVER, CO – January 12, 2026 – In a significant move signaling a new chapter for some of the cannabis industry's most recognized brands, KEY Investment Partners announced today its acquisition of the BellRock Brands portfolio out of receivership. The deal resurrects iconic names like Mary’s Medicinals and Dixie Elixirs, placing them under a new entity, MM Brands, to be led by former Curaleaf CEO Joe Bayern.

The acquisition provides essential working capital to revitalize the brands, which also include Rebel Coast and Défoncé, at a pivotal moment for the U.S. cannabis industry. With federal rescheduling on the horizon, the strategic buyout positions MM Brands to capitalize on a growing national interest in cannabis for health and wellness.

The Fall and Rise of an Edibles Empire

The acquisition marks the culmination of a tumultuous period for BellRock Brands. The Denver-based multi-state operator, once a powerhouse in the consumer packaged goods (CPG) sector of cannabis, was placed into receivership in March 2024. Court records from the Denver District Court reveal that the action was initiated by senior secured creditors who alleged a breach of prevailing secured notes.

This legal step followed a period of escalating financial distress. Despite reporting positive EBITDA in the first half of 2023, the company struggled against what it termed "industry headwinds." Signs of strain were evident long before the receivership filing. In September 2022, BellRock sold its Denver real estate for $2.5 million in an effort to deleverage its balance sheet. By April 2023, the company's financial precarity was highlighted by its acceptance of a promissory note with a staggering 25% interest rate as it scrambled to restructure maturing debt.

The portfolio, which includes a diverse range of edibles, beverages, topicals, and transdermal patches, languished under the weight of these financial challenges. For KEY Investment Partners, a Denver-based asset manager specializing in cannabis, BellRock's distress represented a unique opportunity to acquire established brand equity at a discount.

"The growing consumer interest in wellness products combined with the potential for cannabis rescheduling on the horizon makes this the perfect deal at the perfect time,” said Jordan Youkilis, Founding Partner of KEY Investment Partners. The firm, with over $50 million in assets under management, saw immense value in the science-driven reputation of brands like Mary's Medicinals. “We believe the current environment and rescheduling will really unlock its potential, and this will be a huge focus of the newly formed MM Brands with Joe at the helm.”

A New Strategy with a Veteran Leader

The newly formed MM Brands will operate under a brand-focused, "asset-lite" model. This approach sheds the capital-intensive burdens of cultivation and manufacturing that have plagued many vertically integrated cannabis companies, allowing the firm to focus exclusively on brand building, marketing, and intellectual property licensing. This strategy is designed for agility and national expansion, leveraging manufacturing partners in its 11 current markets, which include major states like California, Michigan, Missouri, and Maryland.

At the center of this strategic pivot is incoming CEO Joe Bayern. A seasoned executive with over two decades of leadership experience, Bayern brings a powerful combination of CPG acumen and high-level cannabis industry expertise. His career includes pivotal roles in the creation of the Dr. Pepper Snapple Group and executive positions at global brands like VOSS of Norway.

Most notably, Bayern served as President and later CEO of Curaleaf Holdings, one of the largest and most influential multi-state cannabis operators in the United States. His tenure at Curaleaf was marked by aggressive expansion and strategic transformation, experience that will be critical in navigating the complex regulatory landscape and scaling MM Brands' portfolio.

“Our mission at MM Brands is simple but hugely important: To improve people’s lives through the use of cannabis," said Bayern. He emphasized a renewed commitment to the core values that made Mary's Medicinals a trusted name. "We will build on Mary’s Medicinals legacy of being the most trusted brand in cannabis to advance the accessibility of cannabis as a quality-of-life issue through partnerships with veteran organizations, patient advocacy groups and wellness-focused advocates.”

Leaning into Science as the Market Matures

A core pillar of the new company's strategy is to elevate the science-backed narratives behind its products, particularly those from Mary's Medicinals. Known for its pioneering work in transdermal patches, topicals, and tinctures that deliver precise and consistent dosing, Mary's is uniquely positioned to lead in a market increasingly focused on therapeutic benefits over pure recreation.

As policymakers and healthcare stakeholders seek clarity and reliable data, MM Brands plans to differentiate itself as an education-first leader. By emphasizing trusted formulations and real-world consumer outcomes, the company aims to build confidence among a new wave of consumers who may be exploring cannabis for the first time for specific wellness goals. This focus on responsibility and scientific validation could prove to be a significant competitive advantage as the industry moves away from its legacy roots and toward mainstream acceptance.

Bayern's appointment is seen by industry observers as a clear signal of this intent. "We could not be more proud to have Joe join MM Brands as its CEO and to see the energy and excitement he will bring to these brands,” Youkilis stated. “His combination of experience and passion for the cannabis consumer is unrivaled in the industry. The current environment bodes well for cannabis brands that focus on science, wellness and healthy living – and Joe is the best person to bring that message to the world.”

With the federal government's move toward rescheduling cannabis from a Schedule I to a Schedule III substance, the legal and commercial landscape is poised for dramatic change. Such a shift would ease research restrictions, potentially open pathways for FDA oversight, and provide significant tax relief for cannabis businesses. For a company like MM Brands, built on the revival of trusted wellness brands and led by an executive with a track record of navigating regulatory evolution, the timing appears to be impeccable. The company is now positioned not just to reclaim market share, but to help shape the next era of cannabis in America.