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MedMen Temporarily Closes 5 Florida Dispensaries

MedMen Temporarily Closes 5 Florida Dispensaries

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

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.

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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


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