Cannabis company Medmen Enterprises, whose $682 million merger with PharmaCann was scuttled last month, is expanding its Chicago presence while cutting more than 190 jobs.
Layoffs began Friday at the Culver City, California-based company, affecting 80 corporate employees. Reducing headcount is a component of Medmen’s five-part plan to break even next year. The company lost $79 million during the 12 months that ended June 29.
The company also said it will sell some assets, consolidate its corporate offices in Los Angeles and slow openings in certain locations.
But with recreational cannabis sales set to start Jan. 1 in Illinois, Medmen plans to grow its presence in the Chicago-area.
As part of a deal to relieve PharmaCann from its debt after the merger fell through, Medmen received a growing facility in Hillcrest, a retail store in Evanston and an additional license to operate in Chicago.
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