Connect with us

Marijuana Business Daily

Marijuana MSO MedMen evaluating sale of assets in three states

Published

on


California-based marijuana multistate MedMen Enterprises has hired ATB Capital Markets to review and potentially help the company divest assets in three states.

According to a news release, the assets under review include:

ADVERTISEMENT

A retail outlet and cultivation and production facility in Arizona. Two stores in Illinois. Two retail outlets in Nevada.

According to the release, MedMen’s recent restructuring efforts and rightsizing have reduced payroll expenses by 34% and helped the company return to a positive adjusted earnings before interest, taxes, depreciation and amortization.

ADVERTISEMENT

MedMen is also working to improve product quality and profitability in its cultivation facilities as well as implementing a loyalty program and new point-of-sale systems in its stores.

Earlier this month, MedMen warned shareholders in its quarterly earnings report that the company has a working capital deficit of $137.4 million and only $15.6 million in reserves.

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

Connecticut’s cannabis sales decline 12% in September

Published

on

By


Total cannabis sales in Connecticut dropped 12% in September, according to recently released data.

Recreational and medical marijuana sales declined from a $25.6 million in August to $23.4 million in September, according to the state’s Department of Health and Human Services.

ADVERTISEMENT

Adult-use sales fell 7.6%, from $18 million in August to $16.6 million in September.

Medical marijuana sales dropped 10.9%, from $7.7 million to $6.8 million.

Ben Zachs, owner of recreational and medical marijuana retailer Fine Fettle, said sales were lower than expected.

“Our metrics showed that, just in terms of fundamentals, September should have been a month that was about 8.5% below August,” Zachs told CT Insider.

“But to see 12% was not what we’d love to necessarily see as we’re

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

Massachusetts fines marijuana MSOs Ascend, Curaleaf a combined $165,000

Published

on

By


Massachusetts regulators fined New York-based marijuana multistate operators Ascend Wellness Holdings and Curaleaf Holdings a combined $165,000 for neglecting consumer safety practices.

The Massachusetts Cannabis Control Commission (CCC) fined Ascend $85,000 on Thursday for omitting roughly 900 marijuana products from the state’s required track-and-trace system, The Boston Globe reported.

ADVERTISEMENT

The allegations, which date as far back as 2021, included failing to seal gaps in doors and ducts as well as workplace deficiencies that led to at least three contaminated cannabis samples.

The CCC fined Curaleaf $80,000 on Thursday for systemic failures limiting contamination from pesticides at its Amesbury and Webster cultivation facilities, according to the Globe.

ADVERTISEMENT

Meanwhile, the CCC expects to conclude its search

Read full article on Marijuana Business Daily



Source link

Continue Reading

Marijuana Business Daily

Florida cannabis businesses shut down, halt delivery as Hurricane Milton nears

Published

on

By


Florida cannabis businesses began shutting down this week in anticipation of Hurricane Milton, which was expected to make landfall late Wednesday on the state’s west coast.

Milton’s wrath didn’t sway Florida Gov. Ron DeSantis to extend the Oct. 7 deadline to register to vote in the Nov. 5 election.

ADVERTISEMENT

In addition to casting votes for president, Florida voters will decide whether to legalize adult-use marijuana in the state.

“People can register today,” DeSantis told the Florida Phoenix on Monday.

“There’s nothing inhibiting you from registering today. The storm has not hit yet.”

Voters’ rights groups had asked DeSantis to extend the deadline as Florida residents continued to deal with the aftermath of Hurricane Helene ahead of Milton making landfall.

Meanwhile, cannabis operators were

Read full article on Marijuana Business Daily



Source link

Continue Reading
Advertisement

Trending

Copyright © 2021 The Art of MaryJane Media