MJ Stocks Drop on Big MedMen Announcement
Marijuana stocks plunged Tuesday after news that cannabis giant MedMen Enterprises has nixed a deal to buy PharmaCann LLC.
“The cannabis sector has evolved tremendously since we first announced the PharmaCann transaction and based on the current macro-environment and future opportunities that exist for our business, we believe it is now in the best interest of our shareholders to deepen, rather than widen, our company’s reach,” MedMen Chief Executive Adam Bierman explained (Forbes).
MedMen’s stock dropped 6%, continuing a rough year for the company. Over the past 12 months, its shares have fallen 68%.