MedMen’s merger with Pharmacann, filed in December 2018, was approved on September 11, 2019,and announced before 2 PM. DOJ approval of the Medmen-Pharmacann merger was apparently delayed because only two people were assigned to the marijuana cases, and their work mounted as several other companies, such as Cresco Labs and Curaleaf, filed with the DOJ for approval. Since then, more people have been assigned to the cannabis mergers still stacking up, and things are beginning to happen.
DOJ Approves MedMen-Pharmacan Merger: What Took So Long
One reason some MSO execs say the DOJ requested a second round of questions from them was that they were trying to determine how the cannabis industry works, not looking for anti-trust cases. This is appearing to be more likely, so is a good sign for US MSOs and even Canadian companies who want to acquire businesses or merge with another one.
But it was not good for MedMen, which closed down nearly 3% one the news, or for other US MSO stock prices. Cresco Labs closed down more than 5%, Origin House by more than 2%, and Harvest Health by more than 4%. Curaleaf, however, was up nearly 3%.
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