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According to a report by CNN Business, public cannabis companies aren’t seeing the success they expected.
The outlet reported the failed deal could be an indicator more turbulence is in the future for public cannabis companies.
Since last year, when the MedMen-PharmCann acquisition was first reported, CNN Business says MedMen's stocks have plummeted from $4.46 to $1.42.
CNN Business reported both companies realized they could progress more successfully without the other. PharmaCann has a major presence in the Northeast and Midwest while MedMen has dominated the California market.
Also included in the news of the failed deal, according to CNN Business - the firing of MedMen’s chief financial officer.
We've got our eyes on the public cannabis sector as the legalized market continues to evolve.