PharmaCann, which is due to merge with MedMen via a $682 million stock deal, received an state extension till October to comprehensive the improvement of a cultivation facility in Buckeye Lake, Ohio.
The $20 million cultivation center have to be operational ahead of California-primarily based MedMen can comprehensive the acquisition of PharmaCann, according to Columbus Company Initial. That is simply because Ohio demands a licensee have certification to commence operating ahead of it is permitted to transfer a license to an additional owner, the publication noted.
The acquisition is anticipated to take up to an additional 12 months to comprehensive simply because of the numerous states in which PharmaCann operates.
MedMen trades on the Canadian Securities Exchange as MMEN and on U.S. more than-the-counter markets as MMNFF.
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