Plus   Neg

Report: Virginia Regulators Rescind MedMen's Medical Marijuana Dispensary License

Virginia regulators have voted to rescind the medical marijuana dispensary license held by California-based multi-state marijuana operator MedMen Enterprises in the town of Staunton, according to a report by Staunton's News Leader.

The move comes less than a month after Virginia Governor Ralph Northam signed the bill to legalize medical marijuana in the state.

The conditional license was originally awarded to Chicago-based PharmaCann LLC, which was set to merge with MedMen in 2019, the report said. However, MedMen said in October 2019 that the company and PharmaCann mutually agreed to terminate their $682 million merger.

As part of a settlement package following termination of the merger, MedMen acquired the business license for the Staunton facility from PharmaCann for only $10, according to the report.

However, the 6.64-acre Staunton location was not developed after the merger deal was terminated, violating the conditions required to receive a license. Virginia regulators rescinded the license.

The Virginia Board of Pharmacy, in 2018, granted five conditional licenses to open medical marijuana dispensaries in five health regions in the state.

For comments and feedback contact: editorial@rttnews.com

Health News

Follow RTT