One particular of the most significant bargains in the cannabis business just fell apart. What the MedMen-PharmaCann breakup implies for marijuana in Illinois.

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When MedMen Enterprises agreed to acquire Chicago-primarily based PharmaCann last year, the $682 million deal was a single of the most significant in the history of the legal marijuana business. Now, it is a single of the most significant to fall apart.

On Tuesday, the providers announced they have been abandoning a transaction that currently had been delayed by regulatory hurdles, but MedMen is not walking away empty-handed.

It is nevertheless finding a piece of PharmaCann’s Illinois small business — just in time to prepare for the Jan. 1 start off of recreational marijuana sales in the state. In exchange for forgiveness of specific debt, MedMen is finding a single of PharmaCann’s two expanding facilities, a retail retailer, and a license to open one more retail place.

That is a win for MedMen, whose only presence in Illinois is a retail place in Oak Park.

Beneath the law legalizing recreational marijuana, only current operators will be permitted to develop weed for recreational shoppers till late 2020 at the earliest. The law also makes it possible for current operators to apply to open a second storefront.

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