When MedMen Enterprises agreed to purchase Chicago-based PharmaCann final 12 months, the $682 million deal was one of many largest within the historical past of the authorized marijuana business. Now, it’s one of many largest to collapse.
On Tuesday, the businesses introduced they had been abandoning a transaction that already had been delayed by regulatory hurdles, however MedMen just isn’t strolling away empty-handed.
It’s nonetheless getting a bit of PharmaCann’s Illinois enterprise — simply in time to organize for the Jan. 1 begin of leisure marijuana gross sales within the state. In change for forgiveness of sure debt, MedMen is getting one in every of PharmaCann’s two rising amenities, a retail retailer, and a license to open one other retail location.
That’s a win for MedMen, whose solely presence in Illinois is a retail location in Oak Park.
Below the legislation legalizing leisure marijuana, solely current operators will likely be allowed to develop weed for leisure clients till late 2020 on the earliest. The legislation additionally permits current operators to use to open a second storefront.
About The Writer: