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MedMen to Exit Arizona and Nevada, Sell Assets to Mint Cannabis

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MedMen to Exit Arizona and Nevada, Sell Assets to Mint Cannabis


The long-embattled Florida-based MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced Wednesday that it agreed to sell its cannabis assets in Arizona and Nevada to competitor Mint Cannabis, an Arizona-based multistate operator, and will exit those markets.

In total, MedMen will sell its subsidiary in Arizona and two dispensaries in Las Vegas. The terms of the deal were not disclosed, but the deals were a result of MedMen’s “strategic review and evaluation of divestiture opportunities,” according to a statement from the company.

MedMen CEO Ellen Deutsch Harrison, who took the reins at the struggling multistate operator in July, said the company has made “good progress in our restructuring efforts.”

“These transactions will bolster liquidity in the short term, reduce liabilities, and enable the company to focus on operating efficiencies and executing our long-term asset-light growth strategy in our core markets,” Harrison said.

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Mint Cannabis’ CEO, Eivan Shahara, celebrated the agreement, which gives the company MedMen’s Talking Stick dispensary in Scottsdale and a grow facility in the Arizona town of Mesa, along with the pair of Las Vegas shops.

“Mint Cannabis is pleased to have reached an agreement with MedMen and has strong ambitions to continue to build our footprint through both organic and strategic growth across various key markets in the U.S.,” Shahara said.

The exits leave MedMen with a marijuana industry footprint in just four states: California, Illinois, Massachusetts, and New York, according to the company’s website.

MedMen also notified stock regulators last month that it would be late in filing its third quarter financial reports for the three months that ended Sept. 30, but said it would have the filing in by Dec. 13. But the quarterly report has yet to appear on SEDAR, the Canadian database for all companies that trade on the Canadian Securities Exchange.

The company was issued a management cease trade order by the British Columbia Securities Commission on Nov. 1 as part of the filing delay.

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The last time the company reported quarterly earnings was in May, when it released its third quarter fiscal 2023 results for the three months that ended March 25. At that point, MedMen had a working capital deficit of $383 million and just $7.6 million cash on hand.



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Nevada

Thanksgiving traffic to stuff Southern Nevada roads

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Thanksgiving traffic to stuff Southern Nevada roads


Motorists should brace for heavy traffic around Las Vegas during Thanksgiving weekend as droves of people travel in and out of Southern Nevada to celebrate Turkey Day with family and friends.

Nearly 80 million people are expected to travel nationwide for the holiday. That’s 1.7 million more people than last year and 2 million more than pre-pandemic 2019, according to AAA.

AAA projects 79.9 million travelers will head 50 miles or more from home over the Thanksgiving holiday travel period. This year’s projection is an increase of 1.7 million people compared with last year’s numbers and 2 million more than in 2019.

Of those travelers, 71.7 million people will travel by car over Thanksgiving, which is 1.3 million people more than last year. Potentially aiding that increase are the lower gas prices this Thanksgiving compared with prices in 2023, including in Nevada where the average price for a gallon of regular unleaded gas is $3.70, about 58 cents cheaper than last year. In Las Vegas, the average price for a gallon of regular gas is $3.67, down 49 cents from Thanksgiving week in 2023.

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Hertz data reveals Las Vegas is among the cities showing the highest demand for rental cars for the holiday weekend. Others include Atlanta, Los Angeles, Miami, Oahu, Orlando and Phoenix.

Busiest commute times

The Regional Transportation Commission suggests anyone traveling by car during Thanksgiving should brace for heavier than usual traffic in Southern Nevada, especially on Interstate 15. That especially rings true during peak travel days, which include Wednesday, Saturday and Sunday, according to the RTC.

“The RTC recommends traveling outside peak hours to beat the rush, and for those traveling throughout the city, transit is a convenient and stress-free option that eliminates the hassle of parking,” the RTC said in a statement.

Looking to ensure travelers have as easy of a commute as possible, the Nevada Department of Transportation is halting work on multiple projects during peak travel times during Thanksgiving week.

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That includes:

■ I-15/Tropicana Project: Work will be paused from 5 p.m. Wednesday to 9 p.m. Sunday;

■ I-15 North widening project work will be halted from Wednesday to Sunday;

■ I-15 South widening project work will also pause from Wednesday to Sunday;

“This effort aims to ensure smoother travel for residents and visitors during the holiday period,” NDOT spokeswoman Kelsey McFarland said in a statement.

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RTC buses will operate on a Sunday schedule for transit service across the Las Vegas Valley on Thanksgiving Day and on a Saturday schedule on Friday.

Driving safety tips

The American Red Cross of Southern Nevada reminds motorists to drive safely and pay attention to the road, to ensure everyone has a safe holiday weekend.

“Before hitting the road this holiday season, ensure your vehicle is well-maintained and your route is planned ahead of time,” Rachel Flanigan, executive director of the American Red Cross Southern Nevada Chapter, said in a statement. “Let’s all buckle up, drive responsibly and make Thanksgiving a time of joy, not regret.”

Motorists should drive speeds that match road conditions; avoid distractions, especially while using smart phones while driving; always wear safety belts, ensure children are secured correctly in safety seats for their age and size; and never drive under the influence.

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Emergency kits

With many Thanksgiving weekend travelers planning to go 50 miles or more, the Red Cross of Southern Nevada recommends drivers keep an emergency kit in their vehicles.

Emergency kits should include snacks, water, a first-aid kit, flashlight, a battery-operated radio, blankets, jumper cables, a map, a cellphone charger and an emergency contact card containing names and phone numbers.

“You never know when an emergency can happen,” Flanigan said. “Having the right supplies and information can help you navigate through any emergency situation.”

Contact Mick Akers at makers@reviewjournal.com or 702-387-2920. Follow @mickakers on X. Send questions and comments to roadwarrior@reviewjournal.com.

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Third quarter surge leads to victory over Morgan State 66-56

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Third quarter surge leads to victory over Morgan State 66-56


RENO, Nev. (Nevada Athletics) – In the second of a five-game home-stand, a third quarter surge by Nevada women’s basketball led to a victory over Morgan State, 66-56.

Tori Davis led the team with a career high 24 points, while grabbing five rebounds. Lexie Givens went 10-10 from the line and led both teams with eight boards. 

Within the first 12 seconds of the game, Nevada was already up as Audrey Roden drove to the basket for a good layup.

Morgan State then tied it up, but Nevada went on a seven-point scoring run to take control of the opening 10. The Wolf Pack ended the first quarter holding the Bears to under 10 points, as well as only shooting 7% from the field. After not giving up the lead once, Nevada took a 14-7 advantage into the second quarter.

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Morgan State began to find its rhythm before the half, as Nevada found itself down for the first time with just over four minutes remaining. From there, the rest of the game saw eight lead changes and 10 ties. 

A second-half push from Nevada allowed the Pack to jump back in front in the third quarter. Momentum continued to swing back-and-forth well into the third as both teams battled for the advantage.

The Pack closed it out with a ten-point run that allowed them to grab the lead, which they didn’t give up for the remainder of the game. 

Nevada will next host the Nugget Classic from November 29 to December 1, with Central Michigan, Southern Utah and Portland participating.

The Pack will first take on Central Michigan on Friday at 1 PM.

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OSU Basketball: Cowboys Close Charleston Classic with Loss to Nevada

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OSU Basketball: Cowboys Close Charleston Classic with Loss to Nevada


The Cowboys went 1-2 in their trip to Charleston.

Oklahoma State fell to Nevada 90-78 on Sunday afternoon in the Charleston Classic’s consolation final. It was a game dominated by a pair of Nevada players, as Kobe Sanders and Nick Davidson combined to score 50 of the Wolf Pack’s points (27 from Sanders and 23 from Davidson). Nevada shot 59% from the field and 39% from 3.

OSU was playing from behind all afternoon, as the Cowboys never held a lead, and the Wolf Pack led for about 38 of the 40 minutes. After going into the break down 40-33, OSU made a few runs at it in the second half, but the Pokes couldn’t get over the hump. Nevada extended its lead to 19 with about 14 minutes to play before the Cowboys stormed back with an 11-0 run to cut it to 62-54. The teams traded baskets for the next few minutes before OSU ripped off another 7-0 run to cut Nevada’s lead to 70-66. But when the Wolf Pack needed a basket, they got one.

As much success as Nevada was having shooting the ball, the Cowboys ran into some struggles, hitting just 42% of their shots from the field and 29% of their 3-point attempts. It continues the trend to start this season where OSU has either shot in the 40% range from 3 or in the 20s.

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The Cowboys forced Nevada into 10 turnovers, the fewest OSU has forced this season. OSU also had a season-low four steals.

OSU had four players score in double figures. Chi Chi Avery led the way with 15. Arturo Dean hit double digits for the first time as a Cowboy, finishing with 13. Robert Jennings II and Abou Ousmane each had 11.

The Wolf Pack are a good squad, winning 26 games last season and 22 the year before. Nevada made the NCAA Tournament on both of those occasions, and KenPom projects the Wolf Pack to finish this regular season with 24 wins.

At 4-2 in the young season, the Cowboys have some time to recalibrate after being tested in Charleston. OSU’s next game is Dec. 4 in Tulsa.

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