MedMen Enterprises Inc. MMNFF, -3.43% MMEN, -2.99%, a U.S. marijuana retail chain, announced Friday afternoon that it is cutting more than 20% of its staff and looking to sell some of its assets amid a cash crunch. MedMen said it would lay off 190 workers, scale back marketing and outsource functions such as human relations in an effort to reduce spending on selling, general and administrative efforts to an annualized rate of $85 million. In the fiscal year that ended June 29, MedMen reported general and administrative costs of $244 million and sales and marketing expenses of $27.5 million. MedMen also announced that it has agreed to sell its stake in a pot-focused real estate investment trust for $14 million, exit various venture investments for a net return of $8 million, and will look to sell “certain operations and licenses in states that are currently deemed not critical to the company’s retail footprint.” MedMen also will slow down on certain planned initiatives, including indefinitely postponing some retail buildouts and expansions, renegotiating a previous acquisition to turn a $15 million cash payout into $10 million in stock, and slowing down M&A activity. MedMen said at the end of its last fiscal year that it had less than $34 million in cash and equivalents, after burning through $45.4 million in a year that included several financing activities. MedMen’s over-the-counter shares have lost more than 65% of their value in 2019.