MedMen puts New York business on selling block after Ascend scraps deal

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Los Angeles-based cannabis company MedMen Enterprises Inc. MMNFF, +7.02% MMEN, +14.29% said late Monday it’s currently exploring strategic alternatives for its New York business. The company owns a cultivation facility in New York and four dispensaries under the state’s existing medical cannabis program. “We are focused on maximizing our existing footprint, including our operations in New York,” said MedMen CEO Ed Record. “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. This includes the potential sale of assets and/or licensing of the MedMen trademark.” Ascend Wellness Holdings Inc. AAWH, +2.04% on Aug. 15 said it would no longer move ahead with its deal to buy MedMen’s New York properties. Ascend said scrapping the deal would leave it with $70 million in cash and that the New York market remains uncertain. Separately, MedMen said it closed a $67 million deal to sell its Florida properties to privately-held Green Sentry Holdings LLC. Shares of MedMen are down 65.2% in 2022 compared to a loss of 54.7% by the AdvisorShares Pure US Cannabis ETF MSOS, +0.35%.

This article was originally published by Marketwatch.com. Read the original article here.

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