High Turnover Costs MedMed Permit in Pasadena
Cannabis retail giant MedMen was recently rejected for a conditional use permit in Pasadena. High turnover and instability appear to have been driving motivators for the city.
Pasadena Now obtained a document from the city that cites “a material change in ownership and/or management.” Nine out of ten owners listed on the company’s application have since changed. A large stake in the company by Gotham Green Partners’ Investments was also cited as a hindrance to “the ability to control management and the direction of MedMen.”
Read more about Pasadena’s rejection and what it may mean for cannabis companies grappling with instability at Marijuana Moment.