MedMen Enterprises Inc., a Florida-based multistate hashish operator (MSO), announced on Wednesday that it’s exiting the Arizona and Nevada state markets and can unload its property to Mint Hashish, an Arizona-based MSO.
The sale covers MedMen’s wholly-owned working subsidiary in Arizona and its two dispensaries positioned in Clark County, Nevada, in response to a press launch. The corporate stated that the transactions are a part of its “strategic evaluate and analysis of divestiture alternatives of its non-core property,” and will probably be carried out “topic to customary closing situations, together with … the receipt of relevant regulatory approvals.”
MedMen bought off its Florida-based operations final 12 months following the earlier departure of its embattled co-founders over unpaid loans.
“MedMen is happy with the end result of our strategic evaluate and has made good progress in our restructuring efforts. These transactions will bolster liquidity within the brief time period, scale back liabilities, and allow the Firm to give attention to working efficiencies and executing our long-term asset-light development technique in our core markets.” – Ellen Deutsch Harrison, MedMen CEO, in an announcement
Mint Hashish co-founder and CEO Eivan Shahara stated the sale will “broaden our portfolio of flagship dispensaries” in Arizona and proceed to bolster the corporate’s vertical presence in Nevada.
Following the sale, MedMen’s remaining operations will embody the California, Illinois, Massachusetts, and New York adult-use hashish markets.
The corporate had beforehand thought of promoting off its New York-based property to Ascend Wellness however the deal finally fell via final August.
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