After contributing $200,000 to a 2020 REC ballot initiative, Culver City-based MedMen announced that it won’t be doing business there after all. Selling the company’s three dispensary licenses in the state belongs to a bigger strategy of “earning credibility” from investors.
Phoenix New Times/MB Biz Daily
- In addition to selling its Scottsdale and Tempe dispensaries, MedMen is also getting rid of its Illinois factory, closing out a period of extensive purchasing and focusing on current market strongholds.
- “My biggest mistake of the last 12 months was not going through this restructuring sooner, and the market will tell you that, and the market has told us that for the last six months,” CEO Adam Bierman said. The company has laid off 300 in recent months.
- MedMen’s stock slid across 2019, ending the year at $.44 per share.
- Legalization and home growing in Peru, Colombia, and Argentina are something you likely only think about if you have relatives in those countries to show off for. However, companies such as Canopy, Aurora, and Cronos sure are thinking about those issues.