MedMen loses Virginia medical cannabis dispensary license

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Virginia regulators voted to rescind the medical marijuana dispensary license held by embattled multistate cannabis company MedMen Enterprises in the town of Staunton, less than a month after the state’s governor signed a bill to legalize MMJ.

The conditional license was originally granted to Chicago-based PharmaCann, with whom MedMen was set to merge in 2019.

California-based MedMen ended up buying the conditional license in December 2019 for only $10 as part of a settlement when the two companies scuttled the merger, according to Staunton’s News Leader.

But when the deal fell apart, the 6.64-acre Staunton location was not developed, violating the conditions required to receive a license and begin MMJ sales.

In the limited Virginia medical marijuana market – which allows a maximum of 10 milligrams of THC for products and no flower or edibles – five conditional licenses were granted, with one in each of the state’s five “health regions.”

Medical cannabis facilities in the other four regions are under construction, though no MMJ is yet available for sale.

MedMen has been turmoil for months: Most recently, the co-founders totally exited the company by giving up their seats on the board of directors.