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Cannabis Watch: MedMen cuts fundraising round nearly in half, as CFO quits

U.S.-based marijuana producer MedMen Enterprises Inc. confirmed Monday that it had reduced a round of funding by nearly half, amid its chief financial officer’s resignation and a punishing week for the stock.

MedMen MMNFF, -3.63% said Friday that CFO James Parker quit and the company planned to reduce the size of its latest round of financing by roughly 40% to $75 million, from the $120 million it had announced Nov. 9. In a statement, MedMen Chief Executive Adam Bierman said the change in the financing was related to a “global market selloff” and declined to comment on the CFO’s departure.

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