MedMen to Arizona: Peace Out
Just over a year after entering the Arizona cannabis market, MedMen has announced they’ll be selling their AZ interests. The restructuring is reported by CNN Business and is meant to “shed excess weight” after a cannabis industry decline in 2019. The company will also be selling an Illinois factory to further cut costs.
MedMen has also dropped a deal to acquire PharmaCann, a multi-state cannabis business, and they’ve laid off corporate and store-level personnel in recent weeks. These moves to slim down will allow the company to focus on their core cannabis markets of California, Nevada, Florida, Illinois, Massachusetts, and New York. Compared to those markets, Arizona is an outlier for MedMen’s upscale brand image.