San Francisco (CNN Business) MedMen Enterprises is continuing to slim down following an acquisition binge and industry downturn that left the cannabis retailer's finances in the red.

MedMen MMNFF is selling its holdings in Arizona — a state it entered a little more than a year ago. It is also selling a factory in Illinois to help the multi-state operator cut costs and shore up cash.

The restructuring at MedMen comes as some of the largest businesses in cannabis resolve to shed excess weight, narrow their focus, and be less spendthrift.

"We are no longer in the land-grab growth phase of this industry," Adam Bierman, MedMen's chief executive officer and co-founder, said in an interview with CNN Business.

From 2018 to early 2019, cannabis companies raced to acquire assets and bought up multiple licenses across several US states with the aim of gaining scale. MedMen and others turned to reverse takeovers that landed them on Canadian stock exchanges , and they gained the use of stock as currency.

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