Cannabis operator MedMen considers selling stores in Oak Park, Morton Grove

MedMen Enterprises said it is also reviewing other asset sales as it attempts to narrow losses.

SHARE Cannabis operator MedMen considers selling stores in Oak Park, Morton Grove
The line outside MedMen dispensary in Oak Park on Jan. 1, 2020, the first day of recreational marijuana sales in Illinois.

MedMen Enterprises is considering selling its store in Oak Park and a yet-to-open dispensary in Morton Grove.

Brian Ernst/Sun-Times file

Los Angeles-based MedMen Enterprises, a cannabis retailer that has acknowledged doubts that it can continue operating, said it will consider selling stores in Oak Park and Morton Grove.

The publicly traded company said the suburban locations are among “non-core assets” it is reviewing. It said it has retained ATB Capital Markets to advise it on possible sales and becoming an “asset-light” business.

The Oak Park store is at 1142 Lake St. A company spokesperson said the Morton Gove store was due to open in April at 6761 Dempster St.

MedMen said its review also includes a store in Scottsdale, Arizona; a cultivation site in Mesa, Arizona; and two dispensaries in Las Vegas.

In its report for the quarter ending Dec. 24, the company had a net loss of $17.3 million and reported cash and cash equivalents of $15.6 million. The results, it said, “raise substantial doubt” about the company’s ability to meet obligations in 2023.

It has sold operations in New York and Florida. Most of its stores are in California.

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