This Week In Cannabis: The MedMen Saga, Multi-Million-Dollar Financings, Controversies In LatAm And More
It’s been a week packed with high-stakes political maneuvering, major market shifts and fresh controversies in the cannabis industry. From the U.S. government’s evolving stance on marijuana policy to a high-profile industry collapse, here’s everything you need to know.
At the top of the headlines, Benzinga’s Cannabis Market Spotlight: New Jersey is set to return on March 4, bringing together investors, entrepreneurs, and regulators to unpack the future of cannabis in the Garden State. Meanwhile, MedMen’s implosion is back in the spotlight with the release of former CEO Adam Bierman’s upcoming memoir, offering a behind-the-scenes look at the company’s meteoric rise and spectacular fall.
In government and policy, cannabis reform is facing new challenges, as Trump’s pick for the top health lawyer at HHS has a long track record of anti-cannabis rhetoric. At the same time, the DEA’s handling of the rescheduling process is under legal fire, with pro-reform doctors alleging the agency unfairly favored opponents of reform in witness selection.
On the business side, Greenlane Holdings (NASDAQ:GNLN) took a hit after announcing a $25 million stock offering, with shares dropping 37% in a single day. Meanwhile, Story Cannabis Co. secured a $15 million loan to expand its retail footprint in Ohio, and Minnesota’s cannabis market is in limbo as state regulators prepare to issue business licenses through a lottery system.
In events and culture, Spannabis, C-Days and ICBC are all set to bring global cannabis leaders to Barcelona in March, while Rolling Loud and STIIIZY team up again for an exclusive cannabis product drop tied to the upcoming festival. But not all industry events went smoothly—WNBA star Brittney Griner abruptly pulled out of a Women Grow keynote after discovering a disturbing message in her hotel room.
Let’s dive into the biggest stories shaping the cannabis world this week.
Markets And Business
Greenlane’s $25 Million Stock Offering Sends Shares Plummeting
Greenlane Holdings announced a $25 million stock offering, triggering a sharp market reaction. Shares of the company fell about 37% on February 18 following the announcement.
The deal includes the sale of common stock and investor warrants, priced at $1.19 per unit. The company expects to use the funds to repay debt, cover general corporate expenses, and boost working capital.
The move comes as cannabis-related companies continue to struggle with liquidity and capital constraints, particularly those operating in ancillary sectors.
Story Cannabis Secures $15 Million For Ohio Expansion
Story Cannabis Co. is expanding its footprint in Ohio’s growing adult-use market with a $15 million loan from Advanced Flower Capital (NASDAQ:AFCG). The funds will support the development and acquisition of new dispensaries in the state.
The company, which already operates in Arizona, Maryland and New Jersey, is positioning itself as one of the strongest private multistate operators in the industry.
Daniel Neville, CEO of Advanced Flower Capital, highlighted Story’s track record, calling it a “top private multistate cannabis operator” that has successfully navigated volatility in the market.
Minnesota’s Cannabis Market Faces Delays And A Potential Lottery
Minnesota is set to start accepting cannabis business license applications, but the process is already facing potential roadblocks.
State officials plan to issue licenses by May or June through a lottery system, but experts warn that litigation could delay the process even further. Additionally, due to supply constraints, retail stores may not open until later in the year.
Industry consultant Leili Fatehi noted that if the market does launch in 2025, it will likely be on a small scale, as supply shortages remain a major concern. Meanwhile, tribal nations in Minnesota continue to operate dispensaries ahead of state-licensed businesses, raising questions about competitive disadvantages for non-tribal operators.
Simplifya Partners With INCBA To Offer Compliance Solutions For Cannabis Attorneys
Simplifya has partnered with the International Cannabis Bar Association (INCBA) to provide its members with discounted access to RegFinder, a searchable database that simplifies cannabis compliance across multiple jurisdictions.
“With regulations changing rapidly, our goal is to simplify compliance for businesses and attorneys,” said Marion Mariathasan, Simplifya CEO.
INCBA President David Ruskin called RegFinder “an invaluable resource” for legal professionals navigating the evolving cannabis landscape. This partnership enhances regulatory support for attorneys advising cannabis businesses.
MedMen’s Rise And Fall: A Cannabis Empire In Ruins
Former CEO Adam Bierman Breaks His Silence In Explosive Memoir
Few companies in cannabis history have experienced a rise and fall as dramatic as MedMen. Once valued at $2 billion, the high-end dispensary chain was seen as a trailblazer in the legal weed industry—until it all came crashing down.
Now, former CEO Adam Bierman is telling his side of the story in his upcoming memoir, “Weed Empire: How I Battled Gangsters, Investment Banks, and the Department of Justice to Build the Cannabis Industry in America,” set for release in April.
Bierman describes MedMen’s early success as a mix of bold vision and Wall Street ambition, but he also acknowledges that the company’s high-end branding masked deeper financial struggles. MedMen burned through cash at an unsustainable rate, spending heavily on expansion, executive perks and prime retail locations while failing to turn a profit.
The book also claims that MedMen faced politically motivated interference from the Department of Justice (DOJ), particularly under Attorney General Bill Barr, who Bierman accuses of using antitrust investigations to block major cannabis mergers. However, while DOJ scrutiny of cannabis deals was real, many industry analysts argue that MedMen’s collapse was primarily due to financial mismanagement rather than government sabotage.
Read the full story here.
Megabud: The Latest Failure For MedMen’s Co-Founders
If Bierman’s book attempts to rewrite …