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Marijuana MSO MedMen evaluating sale of assets in three states

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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:

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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.

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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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Florida marijuana licenses overdue as adult-use vote looms

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By law, the Florida marijuana industry – the largest medical-only cannabis market in the country with $2 billion in projected annual sales – is supposed to have nearly twice as many businesses involved as are operating today.

But with state voters set to decide on adult-use marijuana legalization in November, potentially inflating the value of coveted vertically integrated business licenses, the mandated expansion of Florida’s market remains on indefinite hold.

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The state accepted applications for 22 available permits in April 2023.

More than a year later, there’s no clear answer from state officials as to when those new licenses will be issued.

“There is literally nothing coming back to applicants. Nothing,” Dustin Robinson, a Fort Lauderdale-based attorney who filed one of the 73

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Marijuana lab testing accuracy improving, study in new science journal finds

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Marijuana testing labs’ ability to detect pesticides on plant material improved over the course of a four-year study.

The study, shared exclusively with MJBizDaily and reMind in conjunction with the launch of the Cannabis and Psychedelic Science Journal (CAPS Journal), analyzed nearly 350 pesticide test results collected from accredited testing labs between 2019 and 2023.

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The number of tests found to accurately measure pyrethrin and pyrethroid compounds – common insecticides that are part of some states’ mandated third-party marijuana testing regimen – improved from 89% in spring 2019 to an overall average of 94% across all eight data points.

“The ability of ATLs (analytical testing laboratories) in the cannabis industry to detect and quantify pesticides has improved over a four-year period,” according to

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New York court issues record $15 million fine to unlicensed cannabis operator

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A New York court has ordered David Tulley to pay a $15.2 million fine for operating six unlicensed cannabis stores in Cayuga, Oswego and Wayne counties, the largest penalty levied in a multiagency effort to curb illicit operations statewide.

Tulley, the owner of the I’m Stuck stores and two additional unlicensed shops in Monroe County, had been operating without a license since early 2022, according to a news release.

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Despite receiving cease-and-desist letters from the Office of Cannabis Management (OCM) and notices of violations, he continued to operate his stores, describing them as “consulting” businesses, state regulators said.

In response to Tulley defying the cease-and-desist order, the OCM inspected his stores in June and July 2023 and seized an undisclosed amount of

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