MedMen Enterprises, a cannabis dispensary chain with operations across the U.S., is unloading multiple assets because a recent downturn for publicly traded cannabis companies in North America has left the company’s finances in the red.
MedMen announced it is selling its marijuana business holdings in Arizona after just one year of operating in the state, CNN reported. The assets include three vertically integrated dispensary licenses in the Phoenix metro area that could provide tens of millions of dollars for the company.
“We are no longer in the land-grab growth phase of this industry,” Adam Bierman, MedMen’s co-founder and CEO stated. “In the high-growth phase or life of the business, we were reliant upon the capital markets to fuel that growth. In this chapter, we have to rely upon ourselves, our assets and how we choose to monetize those assets.”
The company is also selling an asset in Illinois to cut costs and get cash.
MedMen intends to focus primarily on marijuana markets in California, Florida, Illinois, Massachusetts, Nevada and New York.