01 May MedMen Closing 5 of its Florida Dispensaries
MedMen plans on closing 5 of their 8 Florida dispensaries. This is an interesting turn of events seeing how this Florida Medical Marijuana Treatment Center (MMTC) was a big contributor to the MILF campaign to legalize cannabis in Florida. MedMen caught a lot of criticism for funding this campaign, which seems like an effort to legalize the sale of cannabis but not the home cultivation of the plant. The employees at the closing locations will be laid off. Recently, but following the MILF campaign contribution, MedMen was forced to lay off a number of employees last December. Although it doesn’t seem like the employees being laid off from the company are worried about the financial success of MedMen, and the company hasn’t announced any major financial issues. But signs don’t look good for the MMTC.
The stores that will be closing include:
- Key West
- Jacksonville Beach
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.
MedMen’s locations that will remain open are:
- St Petersburg
- West Palm Beach
The company’s stock is not doing to well either. Also, according to StateSideCannabisInvestors.com, shares of MedMen were down 2.7% intraday. Shares of the company are trading down approximately 67% year-to-date.