MedMen Is (Desperately) Selling Its 3 Arizona Dispensary Licenses
January 2, 2020 by erfa5t8
MedMen Enterprises, a marijuana dispensary chain with operations throughout the U.S., is dumping numerous properties because a recent recession for openly traded marijuana business in The United States and Canada has actually left the company’s financial resources in the red.
MedMen announced it is selling its marijuana business holdings in Arizona after just one year of operating in the state, CNN reported. The assets consist of 3 vertically incorporated dispensary licenses in the Phoenix metro location that might provide tens of millions of dollars for the business.
” We are no longer in the land-grab growth stage of this industry,” Adam Bierman, MedMen’s co-founder and CEO stated. “In the high-growth stage or life of business, we were reliant upon the capital markets to sustain that development. In this chapter, we need to rely upon ourselves, our assets and how we select to generate income from those possessions.”
The business is likewise offering a property in Illinois to cut costs and get cash.
MedMen means to focus mainly on cannabis markets in California, Florida, Illinois, Massachusetts, Nevada and New York.
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