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.