MedMen has Officially Lost its Virginia Medical Cannabis Dispensary License
The vote to take MedMen’s medical marijuana dispensary license happened less than a month after the state’s governor signed a bill to legalize it. This was for a conditional license that had originally been given to PharmaCann, a Chicago-based company that MedMen planned to merge with in 2019.
However, after dodging the merger, California-based MedMen purchased the conditional license in December 2019 for just $10 as part of the settlement agreement. After the deal was dropped, the 6.64-acre Staunton local was never developed. This violated the necessary conditions to get the license and start selling medical marijuana.
During the time Virginia has had a medical marijuana market, only five conditional licenses have been granted. One license has been given in each of this state’s five “health regions,” allowing these licensed dispensaries to offer a maximum of 10 miligrams of THC for products. However, flower and edibles are still not allowed for sale.
At this point, the other four regions have medical cannabis facilities being built. However, there is still no medical marijuana for sale. MedMen could have brought their products to market and helped many patients. But instead, they squandered the license and violated the conditions.
MedMen has been having problems for quite some time now. The most recent issue was how the co-founders completely left the company as they gave up their seats as part of the board of directors.
What does this mean for MedMen? Will Virginia begin selling medical marijuana to patients in need? As we learn more, we’ll post more information highlighting what’s happening in Virginia’s medical marijuana market.