A single of the most significant bargains in the cannabis business just fell apart. What the MedMen-PharmaCann breakup indicates for marijuana in Illinois.

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When MedMen Enterprises agreed to invest in Chicago-primarily based PharmaCann last year, the $682 million deal was one particular of the most significant in the history of the legal marijuana business. Now, it is one particular of the most significant to fall apart.

On Tuesday, the organizations 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 nonetheless obtaining a piece of PharmaCann’s Illinois enterprise — just in time to prepare for the Jan. 1 commence of recreational marijuana sales in the state. In exchange for forgiveness of particular debt, MedMen is obtaining one particular of PharmaCann’s two increasing facilities, a retail shop, and a license to open a further 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 shoppers 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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