The long and slow dumpster fire that is the story of MedMen, once one of the largest and the most valuable cannabis companies in the United States, is burning down to the last ashes.
Virginia regulators voted to rescind the medical marijuana dispensary license held by embattled multi-state cannabis company MedMen Enterprises in the town of Staunton, less than a month after the state’s governor signed a bill to legalize MMJ.
The conditional license was originally granted to Chicago-based PharmaCann, with whom MedMen was set to merge in 2019.
California-based MedMen ended up buying the conditional license in December 2019 for only $10 as part of a settlement when the two companies scuttled the merger, according to Staunton’s News Leader.
But when the deal fell apart, the 6.64-acre Staunton location was not developed, violating the conditions required to receive a license and begin MMJ sales.
In the limited Virginia medical marijuana market – which allows a maximum of 10 milligrams of THC for products and no flower or edibles – five conditional licenses were granted, with one in each of the state’s five “health regions.”
Medical cannabis facilities in the other four regions are under construction, though no MMJ is yet available for sale.
MedMen has been turmoil for months: After watching the beleaguered multi-state cannabis company lose 95 percent of its value and tens of millions of dollars per quarter, the beleaguered and increasingly isolated co-founders, Adam Bierman and Andrew Modlin, quietly and finally exited their now-former company’s board.