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.