Staff members work inside MedMen, a California-based cannabis company store serving medical prescription patients with cannabis products, on the store's opening day on 5th Avenue in Manhattan in New York City.Struggling cannabis companies with licenses in New York are likely acquisition targets.There may be other deals to come as New York moves toward cannabis legalization.
Struggling companies that operate in New York's medical cannabis market could be attractive acquisition targets for companies looking to enter New York,MedMen has struggled to turn its operations around in recent years and analysts have pointed to the possibility of such a sale as the company looks for ways to stabilize its balance sheets. Recently, MedMen hired investment bank Moelis & Company to look at"strategic alternatives.
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