Poor performance by pot stocks led to the scuttling of MedMen’s plan to purchase Illinois-based PharmaCann. The surprise announcement came only a month after the Department of Justice granted Culver City-based MedMen antitrust approval for the deal.
- When this all-stock deal as announced at this time last year, MedMen was trading at $4.45 a share. By Tuesday it had dropped 65 percent, to $1.52 per share.
- MedMen will step up its focus on California: 30 new stores are set to open by the end of 2020.