Los Angeles-based MedMen Enterprises temporarily closed five of its eight Florida medical marijuana dispensaries on May 3, according to the company’s website.
A spokesperson for the multistate marijuana operator didn’t offer much clarity on the closures, which were first reported by Florida Politics.
MedMen has been struggling financially and recently announced it had hired a management advisory firm, SierraConstellation Partners, to help develop a turnaround plan.
Two of the advisory firm’s executives are serving as MedMen’s interim CEO and chief operating officer.
MedMen aggressively expanded its retail presence in Florida after a ban on smokable products in the state was lifted last year.
In addition to the five temporarily closed outlets and three that are open, the company’s website lists six dispensaries as “coming soon.”
But making market inroads in Florida has been difficult.
MedMen garnered only 1% of total medical marijuana sales in the state for the week ended April 30, according to the Florida health department’s weekly update.
The dispensaries that are temporarily closed are in Jacksonville Beach, Key West, Orlando, Sarasota and Tallahassee; the outlets that remain open are in Pensacola, St. Petersburg and West Palm Beach.
MedMen also has been betting on and lobbying hard for recreational cannabis sales in Florida, but efforts to place a referendum on the state’s fall ballot were abandoned in January.
