The Florida Medical Marijuana Treatment Center by the name of MedMen is closing 5 of it's 8 Florida dispensaries. You may remember hearing about MedMen and Suterra's contribution of $1 million to the Make if Legal Florida (MILF) campaign to legalize adult use cannabis in Florida. You also may have heard that this organization doesn't endorse the MILF campaign, since their petition encourages a closed vertically integrated system where home grows would remain illegal.
Be that as it may, MedMen has announced that it will be closing 5 of its Florida dispensaries due to the Coronavirus. The employees of these locations will be laid of, are planning on filing for unemployment and seem to be optimistic that the locations will reopen.
The stores that will be closing include:
Tallahassee
Key West
Sarasota
Jacksonville Beach
Orlando
MedMen’s locations that will remain open are:
St Petersburg
Pensacola
West Palm Beach
A situation that sparks curiosity since Florida has announced that the state will be working to reopen. Also the fact that MedMen has recently been in the news due to money issues following the MILF campaign contributions. MedMen was forced to lay off a number of employees last December. Currently, MedMen is looking to seize the deed of it's formers CEO's Los Angeles home in order to settle a debt with the companies Co-Founder.
According to StateSideCannabisInvestors.com, the employees seem confident that the close is only “temporary”, some even optimistic that it will only be for a “couple of months”. Another staff member explained that they will be laying off these employees, and they personally planed on filling for unemployment.
The employees were told that the closures were related to COVID-19 but were given no specific reasons beyond that. They also were not given a time when they can expect the stores to reopen or when they will be rehired.
The company’s stock is not doing to well either. Also, according toStateSideCannabisInvestors.com, shares of MedMen were down 2.7% intraday. Shares of the company are trading down approximately 67% year-to-date.
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