 Multi-state operator, MedMen, has sold all of it’s assets and left the the Florida medical cannabis market.
MedMen first announced the sale of it’s business license and all assets in Florida back in February, for $83 million dollars. The final sale income ended up $16 million lower than they hoped, closing out at $67 million instead of $83 million. MedMen sold the business license, their seven dispensaries, their cultivation operations, all existing inventory, and licensing of MedMen trademarks in the state to Green Sentry Holdings. MedMen CEO Ed Record said, “The sale of MedMen’s Florida assets marks an important step in the company’s restructuring efforts designed to provide greater financial flexibility and a stronger, leaner operating structure – and ultimately put us on a path to being [overall financially] EBITDA positive.” MedMen’s multi-state operations are still in to Arizona, California, Illinois, Massachusetts, Nevada, and New York. Recently MedMen had been in negotiations of selling it’s New York assets to Ascend Wellness Holdings. The two had been working on a deal for 17 months, when earlier in August Ascend Wellness announced they would be walking away from the deal, due to what they said was MedMen’s assets having “deteriorated materially.” MedMen CEO Ed Record said, “New York’s adult-use market will be game-changing for the entire industry, and we are considering all options to ensure strong shareholder return, “ and ““We are focused on maximizing our existing footprint, including our operations in New York.” Comments are closed.
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