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:
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.
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.
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