Michigan, MedMen Showcase Upheaval in Legal Cannabis
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Michigan Hits Municipal Road Blocks
Michigan will officially go legal on Dec. 1, but that doesn’t mean the legal cannabis industry will be up and running without issue any time soon, according to a report by the Detroit Metro Times.
Last week, Detroit followed in the footsteps of other dispensaries in the state, banning growers and dispensary retail.
The Metro Times reported 47 businesses in the city have met the threshold for a recreational licenses, but won’t be able to do business until Detroit’s City Council amends their ban.
According to the Metro Times, legal cannabis sales were projected to generate upwards of $180M.
MedMen Continues to Flounder
Meanwhile, in California, cannabis giant MedMen is still feeling the heat.
Back in October, MedMen made headlines when it was reported the company had a failed business deal with PharmaCann, which also resulted in the firing of the company’s chief financial officer.
On Monday, Green Market Report said MedMen has a “market cap of $170M and has laid off 20% of its workforce in an effort to be profitable.
Additionally, the cannabis giant will consolidate offices, cut expansion plans and cut expenses in an effort to achieve profitability.