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PharmaCann and Medmen mutually cancel their $682 Million acquisition deal

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Earlier this week on Tuesday, PharmaCann, a fitness, health, and wellness group based out of the US announced in a press release it would cancel the acquisition of MedMen, a cannabis company. 

The $682 million deal fell due to regulatory hurdles and an overall meltdown of the Cannabis Sector.

MedMen cultivates cannabis in over 19 licensed facilities in the US and is a publically traded company.

According to the press release, termination of the acquisition was done mutually. The reports published stated that PharmaCann would pay $21 million of debt to the Cannabis company for its assets in Virginia and Illinois.

Michael Kramer, the Chief Financial Officer for MedMen would no longer be working for the company. 

The cannabis industry in the US has been in shock since the companies announced the termination of the deal and cannabis stock price has been moving in a downward direction after this announcement.  

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Ralph Jennings

Ralph has been writing articles since the age of 16. He is an expert when it comes to financing and stock market-related articles. He also covers articles related to economic trends for the publication. He is not only an author for FinanceDe but also the Co-Founder of the publication. He writes articles that cover the in-depth facts and figures of the articles. He loves watching football during his free and plays with his kids during the weekends.

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