MedMen‘s $682M bid for Chicago-based PharmaCann fell apart this week amid industry turbulence and cratering stock prices. For California retailer MedMen, PharmaCann was supposed to be an entry point into the Illinois REC market, which opens on Jan 1.
- MedMen’s stock is trading around $1.58 per share. Last October it reached $9.
- MedMen is walking away with one of PharmaCann’s two Illinois grows, a shop and a retail license.
In response to a tough parody on South Park, MedMen CEO Adam Bierman said he was “humbled to be considered the most culturally relevant cannabis brand.“
Javier Hasse, Forbes
- New Cannabis Ventures weighs in on the tumult.