MedMen’s ends blockbuster deal adding to cannabis stock woes

LOS ANGELES (AP) — Marijuana stocks have come down hard from their highs a year ago, and the skid isn’t just spooking investors.

On Tuesday, MedMen Enterprises Inc., which sells legal cannabis in California and 11 other states, backed out of a blockbuster deal to buy PharmaCann, a Chicago-based marijuana company with operations in eight states.

In its announcement, Los Angeles-based MedMen cited the steep pullback in U.S. and Canadian cannabis stocks this year, noting the Horizons Marijuana Life Sciences Index, a Canadian exchange-traded fund that tracks cannabis stocks, is down 47% since March.

Associated Press

Associated Press

More News

STORM TEAM ABC FORECAST
Havana
45°
Macomb
Lincoln
46°
Lacon
45°
Bloomington
45°
Connect with HOI ABC
Top Stories
Scroll to top
Skip to content