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 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 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 his legacy, recent events tell a different story. His latest cannabis venture, Megabud, collapsed within a year—leaving behind unpaid bills, lawsuits, and shuttered stores.

Launched in December 2022, Megabud branded itself as a "chain of cannabis convenience stores," with three locations in the San Francisco Bay Area. But by September 2023, the company had shut its doors indefinitely, with reports of inventory shortages, missed payments and legal disputes with business partners.

Megabud's downfall was eerily similar to MedMen's, raising questions about whether Bierman and co-founder Andrew Modlin ever learned from their past mistakes. By mid-2024, Megabud's business licenses had expired, effectively marking the end of another failed cannabis venture.

Read the full story here.

MedMen's Legacy: A Warning For The Industry

MedMen's story is a cautionary tale about hype-driven cannabis investments, unsustainable spending and leadership missteps. While Bierman's book may try to frame him as a misunderstood visionary, the industry has largely moved on—focusing instead on sustainable business models and financial discipline.

The key takeaway? Flashy branding and billion-dollar valuations mean little if a company can't balance its books.

Finance And Investment: Earnings, Expansions And Market Trends

Innovative Industrial Properties Reports $308.5 Million in Annual Revenue

Innovative Industrial Properties IIPR, a real estate investment trust (REIT) focused on the U.S. cannabis industry, reported total revenues of $308.5 million for 2024—a slight decline from 2023's $309.5 million.

Despite the drop, IIP's dividend payout remained strong, with $7.52 per share in annual dividends, continuing the company's track record of increasing payouts every year since its inception in 2016.

Key highlights from the report:

Net income for 2024 came in at $159.9 million, or $5.52 per share.
Adjusted funds from operations (AFFO) stood at $256.1 million, or $8.98 per share.
The company expanded its revolving credit facility to $87.5 million, improving liquidity.
IIP re-leased 530,000 square feet across its property portfolio, making up about 6% of its total space.

One of the biggest developments in IIP's portfolio was its renegotiation with PharmaCann, which had defaulted on leases covering eleven properties. Under the new agreement, PharmaCann will reduce its rent payments and transition two cultivation facilities to new tenants by August 2025. If it fails to do so, IIP will regain full control of those properties.

While the cannabis real estate market remains challenging due to tenant struggles, IIP's ability to secure rental income and restructure troubled leases suggests that the company is still in a strong financial position.

High Tide Named A Top 50 Company On The TSX Venture Exchange

High Tide HITI, a leading Canadian cannabis retailer, has once again been recognized as a Top 50 company by the TSX Venture Exchange (TSXV), marking its third time on the list in four years.

Founder and CEO Raj Grover credited the company's continued success to its Canna Cabana retail strategy, which has rapidly expanded across Canada and amassed over 1.7 million loyalty members.

High Tide has also set its sights on international expansion, with Germany being its next target. As Germany prepares to roll out adult-use cannabis reforms in 2025, the company aims to position itself as a leading supplier of Canadian cannabis brands in the European market.

Cannabis Salaries Drop, But Industry Job Growth Continues

The latest CannabizTeam Salary Guide revealed that U.S. cannabis salaries declined by 3% to 8% in 2024, reflecting economic challenges across the sector. However, the industry is still projected to reach 800,000 jobs by 2029, driven by new market openings and potential federal reform.

Key employment trends from the report:

States like Minnesota and Nebraska are expected to issue hundreds of new cannabis business licenses in 2025.
Rhode Island continues to expand its retail market despite regulatory uncertainty.
Hiring strategies are shifting, with companies focusing more on cultural fit, leadership adaptability, and financial sustainability.

Despite short-term setbacks, federal rescheduling efforts and new state markets could lead to a rebound in salaries and hiring in the coming years.

Latin America's Cannabis Controversies: Import Battles And Regulatory Uncertainty

Colombia and Argentina are both facing heated debates over cannabis regulations, with government decisions sparking backlash from industry leaders, legal experts and patient advocates. In Colombia, a proposal to allow imports of dried cannabis flower from Canada has raised alarms among local producers, while in Argentina, the government's plan to overhaul the country's medical cannabis program has left thousands of patients in limbo.

Colombia's Import Proposal Sparks Industry Backlash

The Colombian Agricultural Institute (ICA) released a draft resolution outlining requirements for importing dried cannabis flower from Canada, triggering widespread criticism. Industry experts argue that the move would harm local producers, who already face challenges exporting their own cannabis.

Lucas Nosiglia, a cannabis industry veteran, questioned the logic behind the proposal, arguing that Colombia can produce high-quality cannabis at far lower costs than Canada. The core issue is Canada's massive cannabis oversupply—since legalization, Canadian companies have destroyed nearly 1,700 tons of unsold flower and are now looking for new markets to offload excess inventory.

Another major concern is the lack of trade reciprocity. Canada does not allow the import of Colombian cannabis, yet Colombia is considering opening its doors to Canadian imports. Attorney Efraín López called it an unfair trade policy that could flood the market with low-cost Canadian cannabis, pushing local businesses out.

After intense pushback, ICA's general manager, Paula Andrea Cepeda Rodríguez, clarified that the regulation for importing cannabis has existed since 2016 and that the agency is not making new changes. However, she acknowledged industry concerns and confirmed that discussions will continue.

Argentina's Medical Cannabis Program Under Threat

In Argentina, the government's plan to overhaul its medical cannabis registry, REPROCANN, has left patients, doctors and legal experts worried. Security Minister Patricia Bullrich announced that all registrations under the program would be revoked due to the alleged "diversion" of cannabis to the illicit market, though she provided no evidence to support the claim.

The backlash was immediate. REPROCANN currently allows over 300,000 registered patients, caregivers and physicians to cultivate cannabis for medical use. Critics argue that dismantling the system would violate patient rights and force people into the illegal market. Legal expert Ivana Sol Vigilante warned that a mass revocation of registrations would be unconstitutional and likely face legal challenges.

Following the outcry, presidential spokesperson Manuel Adorni softened the government's stance, stating that REPROCANN would not be eliminated but rather "reformulated." Despite this, the lack of clarity has left many wondering if the government's real intent is to restrict access to medical cannabis.

U.S. Cannabis Politics: Rescheduling Battles And Federal Uncertainty

The cannabis industry in the U.S. continues to face political headwinds as key government agencies and lawmakers clash over rescheduling, regulation, and enforcement. The Drug Enforcement Administration (DEA) is under fire for alleged bias in its handling of cannabis rescheduling hearings, while newly appointed officials in the Trump administration are signaling a tougher stance on marijuana policy.

Lawsuit Alleges DEA Manipulated Rescheduling Hearings

A nonprofit group of pro-cannabis doctors, Doctors for Drug Policy Reform, has filed a lawsuit against the DEA, claiming the agency conducted an unfair review of witnesses for the ongoing rescheduling process. The lawsuit argues that DEA officials engaged in private communications with anti-cannabis groups and selectively chose witnesses who opposed rescheduling while rejecting pro-reform experts.

According to the filing, former DEA Administrator Anne Milgram approved only 25 out of 160 applicants to testify, prioritizing those against reform. The lawsuit claims that the DEA even sent "cure letters" to anti-reform witnesses, helping them strengthen their applications, while no such assistance was given to pro-reform experts. If successful, the lawsuit could force the DEA to redo its selection of witnesses, potentially creating a more balanced discussion on cannabis reform.

Trump's Health Nominee Calls Marijuana A ‘Genetically Engineered Hard Drug’

President Donald Trump's pick for general counsel of the Department of Health and Human Services, Mike Stuart, has a long history of opposing cannabis legalization. As a former U.S. attorney and West Virginia senator, Stuart has called marijuana a gateway drug, accused today's cannabis products of being genetically engineered, and pledged to aggressively enforce federal prohibition.

Stuart has also voiced support for maintaining federal banking restrictions on cannabis businesses, arguing that financial institutions working with the industry could be guilty of money laundering. If confirmed, he would hold a key role in advising HHS on cannabis policy, raising concerns about whether the agency will continue supporting rescheduling efforts.

Meanwhile, newly appointed HHS Secretary Robert F. Kennedy Jr., who has previously voiced support for legalization, recently stated that he is worried about the normalization of high-potency cannabis. After a private meeting with Senator Pete Ricketts, Kennedy reportedly committed to "following the science on the harms of marijuana," raising speculation about whether he may shift toward a more restrictive stance.

Political Battles Over Cannabis Reform Continue

Beyond executive appointments, lawmakers are still fighting over cannabis tax policy and industry protections. Republican senators Pete Ricketts and James Lankford have introduced a bill to block cannabis businesses from claiming federal tax deductions, even if marijuana is moved to Schedule III. This proposal would prevent operators from accessing standard business write-offs, making it more difficult for legal cannabis companies to compete with illicit markets.

At the same time, anti-cannabis congressman Andy Harris has indicated he will push for further restrictions, stating that the best way to "make Americans healthy" is by limiting marijuana use.

With a divided Congress and an election year ahead, federal cannabis policy remains in flux. While some lawmakers push for reform, others appear determined to maintain prohibition-era restrictions.

Events, Culture And Product Drops

Benzinga's Cannabis Market Spotlight Returns to New Jersey

Benzinga is gearing up for its Cannabis Market Spotlight: New Jersey, set to take place on March 4 in Somerset. The event will bring together industry leaders, investors, and policymakers to discuss the future of cannabis in the Garden State.

Key topics will include regulatory updates, retail expansion and the evolving role of cannabis lounges in the region. With speakers from major cannabis companies and regulatory agencies, the conference is expected to provide valuable insights into one of the fastest-growing markets on the East Coast.

Spannabis, C-Days And ICBC Take Over Barcelona In March

Barcelona will once again become the center of the global cannabis industry in mid-March, with multiple high-profile events lined up.

C-Days 2025 kicks things off on March 12, featuring panels and keynotes led entirely by women. Organized by CannabisHUB, the event will cover key topics like the impact of German cannabis clubs, social media censorship and compliance challenges in the industry.

On March 13, the International Cannabis Business Conference (ICBC) returns, aligning with Spannabis to create one of the largest cannabis networking events in the world. ICBC has built a reputation as a must-attend event for European cannabis professionals looking to connect with policymakers, investors and industry veterans.

From March 14-16, Spannabis will take over Fira de Cornellà, drawing thousands of attendees from across the cannabis sector. With Spain still navigating the regulatory landscape, discussions on legalization and market expansion will be front and center.

STIIIZY And Rolling Loud Team Up For Exclusive Cannabis Drop

STIIIZY is once again partnering with Rolling Loud for an exclusive cannabis release ahead of the festival's return to Hollywood Park on March 15-16.

The limited-edition Loud Cherry Gelato strain will be available in multiple product formats, including live resin pods and pre-roll multipacks. Festival-goers can also visit STIIIZY's on-site activation, which will feature a cannabis-friendly lounge experience.

This marks the second year of collaboration between the two brands, reinforcing the connection between cannabis and hip-hop culture.

Brittney Griner Cancels Women Grow Keynote After Disturbing Hotel Incident

WNBA star Brittney Griner was scheduled to deliver a keynote at the Women Grow Leadership Summit, but she abruptly left after finding a threatening message in her hotel room.

According to Women Grow CEO Chanda Macias, the note—reading “Gay Baby Jail”—was left inside Griner's room at the Gaylord Hotel in Maryland. While hotel staff claimed it was an old joke note left by a previous guest, the incident was alarming enough for Griner to withdraw from the event.

Macias called the situation an attack on the Women Grow community and reaffirmed the organization's commitment to empowering women in the cannabis industry. Despite the unsettling circumstances, the summit continued as planned, with attendees rallying around the message that intimidation would not silence their advocacy.

1906 Introduces THC-Infused Beverage Additive

Cannabis wellness brand 1906 has launched Off Duty, a THC beverage additive that allows consumers to mix cannabis into any drink of their choice. Unlike traditional canned THC beverages, Off Duty comes in individual pouches containing 5mg THC and 5mg CBD per packet.

Designed for portability and discretion, the unflavored elixir is aimed at consumers looking for a customizable cannabis experience without alcohol's downsides. The product is available in select markets for $45 per box.

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