MedMen, a California-based multistate marijuana operator, said it will receive an investment of up to $250 million from private equity fund Gotham Green Partners (GGP). The investment – a convertible credit facility – is believed to be the largest to date by a single investor in a publicly traded cannabis company with U.S. operations. The money […]
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MedMen taking Miami Beach to court over cannabis dispensary regulations
Multistate marijuana operator MedMen is suing Miami Beach, Florida, claiming a local regulation – which requires medical cannabis dispensaries be at least 1,200 feet from each other – violates state law. According to the Miami Herald, MedMen is charging the city’s zoning ordinance would limit the number of dispensaries in Miami Beach to seven – which […]
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NY marijuana trade group expels MedMen; company says it hasn’t been notified
The New York Medical Cannabis Industry Association (NYMCIA) has expelled California-based MedMen from its ranks, an organization spokesman confirmed to Marijuana Business Daily, but the company said it has yet to be notified of such a move. “(MedMen) didn’t resign, but then we threw them out,” said the spokesman, who requested anonymity. “They are no […]
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Cannabis firm MedMen distances itself from stock promoter after OTC scrutiny
California-based marijuana retailer MedMen disclosed that a content production firm it paid wound up promoting the company’s stock through at least one online article, a move that drew scrutiny from U.S. over-the-counter trading officials. According to a news release, MedMen hired Winning Media in January to help bolster its image through online ads. Then, on […]
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Marijuana firm MedMen’s fiscal Q2 sales grow, losses shrink from previous quarter
Los Angeles-based MedMen reported revenue of $29.9 million and a net loss of $64.6 million for its fiscal second quarter ended Dec. 29, as the multistate cannabis company saw its sales grow and red ink recede versus the previous quarter.
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MedMen asked to resign from New York medical marijuana trade group
California-based cannabis retailer MedMen may be forced out of a medical marijuana trade group in New York, where it holds one of 10 MMJ business permits. According to the Daily News, the New York Medical Cannabis Industry Association (NYMCIA) asked the company to resign from the association because of allegations made by former MedMen CFO […]
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Former CFO sues cannabis firm MedMen, alleging breach of contract, other misdeeds
The former chief financial officer of MedMen Enterprises filed suit against the California-based company this week, alleging top executives forced him to “choose between complying with his fiduciary duty to the company and its shareholders or turning a blind eye and a deaf ear to improper and unlawful behavior.” James Parker, who resigned as CFO in November, […]
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Chart: Multistate cannabis operators rapidly expanding into new markets
The fragmented, state-by-state nature of the marijuana industry historically has been dominated by small, local players, but larger, publicly traded companies with multistate operations are becoming an increasingly prevalent force. Rapid consolidation and expansion among cannabis companies dominated 2018 with more than 300 mergers and acquisitions and a rash of reverse takeovers that allowed U.S. […]
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Marijuana firm MedMen, top execs face $20 million suit for allegedly breaching duties, enriching selves
Cannabis industry retail giant MedMen Enterprises and its top executives face a $19.8 million lawsuit by an early investor group who charge that senior execs enriched themselves at the expense of shareholders and breached their fiduciary duties.
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Marijuana investment trust raises $133M, will buy MedMen properties
MedMen Enterprises’ strategy to spin off additional real-estate holdings and invest the proceeds in its nationwide expansion has taken another big step. The Los Angeles-based cannabis company announced that Treehouse Real Estate Investment Trust, a collaboration between MedMen and the California-based investment firm Stable Road Capital, completed a $133 million raise and will use part of […]
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Marijuana retailer MedMen facing potential class action lawsuit from former employees
One of the biggest names in cannabis retail, California-based MedMen, is facing a potential class action lawsuit from former employees that allege multiple labor law violations.
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Marijuana firm MedMen scales back financing, appoints interim CFO
MedMen Enterprises is slashing its latest funding round as the firm’s stock tumbles and the California cannabis company hunts for a new chief financial officer. The multistate cannabis firm revealed Friday that CFO James Parker resigned. The company appointed Jim Miller, vice president of accounting, as interim CFO while the firm searches for a replacement […]
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