MedMen Enterprises Inc., a Florida-based multistate cannabis operator (MSO), announced on Wednesday that it is exiting the Arizona and Nevada state markets and will sell off its assets to Mint Cannabis, an Arizona-based MSO.
The sale covers MedMen’s wholly-owned operating subsidiary in Arizona and its two dispensaries located in Clark County, Nevada, according to a press release. The company said that the transactions are part of its “strategic review and evaluation of divestiture opportunities of its non-core assets,” and will be carried out “subject to customary closing conditions, including … the receipt of applicable regulatory approvals.”
MedMen sold off its Florida-based operations last year following the previous departure of its embattled co-founders over unpaid loans.
“MedMen is pleased with the outcome of our strategic review and has made good progress in our restructuring efforts. These transactions will bolster liquidity in the short term, reduce liabilities, and enable the Company to focus on operating efficiencies and executing our long-term asset-light growth strategy in our core markets.” – Ellen Deutsch Harrison, MedMen CEO, in a statement
Mint Cannabis co-founder and CEO Eivan Shahara said the sale will “expand our portfolio of flagship dispensaries” in Arizona and continue to bolster the company’s vertical presence in Nevada.
Following the sale, MedMen’s remaining operations will include the California, Illinois, Massachusetts, and New York adult-use cannabis markets.
The company had previously considered selling off its New York-based assets to Ascend Wellness but the deal ultimately fell through last August.
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