When MedMen Enterprises agreed to get Chicago-primarily based PharmaCann last year, the $682 million deal was one particular of the greatest in the history of the legal marijuana sector. Now, it is one particular of the greatest to fall apart.
On Tuesday, the providers announced they had been abandoning a transaction that currently had been delayed by regulatory hurdles, but MedMen is not walking away empty-handed.
It is nevertheless acquiring a piece of PharmaCann’s Illinois company — just in time to prepare for the Jan. 1 start off of recreational marijuana sales in the state. In exchange for forgiveness of particular debt, MedMen is acquiring one particular of PharmaCann’s two expanding facilities, a retail shop, and a license to open a different retail place.
That is a win for MedMen, whose only presence in Illinois is a retail place in Oak Park.
Below the law legalizing recreational marijuana, only current operators will be permitted to develop weed for recreational prospects till late 2020 at the earliest. The law also makes it possible for current operators to apply to open a second storefront.
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