California-based marijuana retailer MedMen (OTC:MMNFF) on Tuesday said it would terminate its merger with PharmaCann and appointed a new CFO, killing off a deal that would have made it one of the biggest cannabis companies in the U.S. MedMen stock plummeted, while Canadian marijuana stocks reclaimed gains.
The announcement came a little less than a month after MedMen said the deal cleared a regulatory hurdle that moved the transaction closer to completion. The merger had been expected to close at the end of the year.
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