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When MedMen Enterprises agreed to purchase Chicago-primarily based PharmaCann last year, the $682 million deal was 1 of the most significant in the history of the legal marijuana business. Now, it is 1 of the most significant to fall apart.

On Tuesday, the firms announced they have been abandoning a transaction that currently had been delayed by regulatory hurdles, but MedMen is not walking away empty-handed.

It is nevertheless obtaining a piece of PharmaCann’s Illinois small business — just in time to prepare for the Jan. 1 start off of recreational marijuana sales in the state. In exchange for forgiveness of specific debt, MedMen is obtaining 1 of PharmaCann’s two expanding facilities, a retail shop, and a license to open an additional retail place.

That is a win for MedMen, whose only presence in Illinois is a retail place in Oak Park.

Beneath the law legalizing recreational marijuana, only current operators will be permitted to develop weed for recreational prospects till late 2020 at the earliest. The law also permits current operators to apply to open a second storefront.

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