Marijuana MSO MedMen evaluating sale of assets in three states

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California-based marijuana multistate operator MedMen Enterprises has hired ATB Capital Markets to review and potentially help the company divest assets in three states.

According to a news release, the assets under review include:

  • A retail outlet and cultivation and production facility in Arizona.
  • Two stores in Illinois.
  • Two retail outlets in Nevada.

According to the release, MedMen’s recent restructuring efforts and rightsizing have reduced payroll expenses by 34% and helped the company return to a positive adjusted earnings before interest, taxes, depreciation and amortization.

MedMen is also working to improve product quality and profitability in its cultivation facilities as well as implementing a loyalty program and new point-of-sale systems in its stores.

Earlier this month, MedMen warned shareholders in its quarterly earnings report that the company has a working capital deficit of $137.4 million and only $15.6 million in reserves.