Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
On Sunday, MedMen Enterprises Inc. (OTC:MMNFF) (CSE:MMEN) temporarily shuttered five of its eight Florida dispensaries, according to the company’s website.
The company has been experiencing financial setbacks lately, operating in states where prices for legal cannabis are skyrocketing due to high taxes and dispensary restrictions, according to Marijuana Business Daily.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Earlier this year, MedMen reached out to Gotham Green Partners, which supported it with a total of $147.5 million in financing.
In an attempt to restructure the enterprise, the Los Angeles-based cannabis retailer also turned to Sierra Constellation Partners. The management advisory firm brought in its executives to serve as MedMen’s interim CEO and COO.
A month later, MedMen medical marijuana sales accounted for barely 1% of total sales in the state, according to the Florida Health Department.
Don’t miss this opportunity to connect with THE cannabis movers and shakers from across the globe during Benzinga’s first Virtual Cannabis Capital Conference on June 1.
FREE REPORT: How To Learn Options Trading Fast
In this special report, you will learn the four best strategies for trading options, how to stay safe as a complete beginner, a 411% trade case study, PLUS how to access two new potential winning options trades starting today.Claim Your Free Report Here.
Nevertheless, the cannabis retailer is staying optimistic. Six additional MedMen dispensaries are coming in the near future, according to the company's website.
For now, the open dispensaries are in Pensacola, St. Petersburg and West Palm Beach.
The company's efforts to legalize recreational cannabis in the state by getting it on the 2020 ballot ended in mid-January.
Even though Make it Legal Florida gathered the signatures needed to place the measure on the ballot, the Florida Division of Elections has verified less than half.
Related Links:
MedMen Gets Support From Gotham Green, Withdraws Guidance Due To Coronavirus
MedMen President Sells LA Mansion To YouTuber After Laying Off 40% Of Personnel
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.