Virginia regulators voted to rescind the medical marijuana dispensary license held by embattled multistate cannabis firm MedMen Enterprises within the city of Staunton, lower than a month after the state’s governor signed a invoice to legalize MMJ.
The conditional license was initially granted to Chicago-based PharmaCann, with whom MedMen was set to merge in 2019.
California-based MedMen ended up shopping for the conditional license in December 2019 for less than $10 as a part of a settlement when the 2 corporations scuttled the merger, in keeping with Staunton’s News Leader.
But when the deal fell aside, the 6.64-acre Staunton location was not developed, violating the circumstances required to obtain a license and start MMJ gross sales.
In the restricted Virginia medical marijuana market – which permits a most of 10 milligrams of THC for merchandise and no flower or edibles – 5 conditional licenses have been granted, with one in every of the state’s 5 “health regions.”
Medical cannabis services within the different 4 areas are beneath building, although no MMJ is but accessible on the market.
MedMen has been turmoil for months: Most just lately, the co-founders completely exited the corporate by giving up their seats on the board of administrators.