Can you say MedMen Monopoly? The company’s already overly large footprint in the cannabis industry just outdid Big Foot with its acquisition of Illinois-based Pharmacann in a $682 million all-stock transaction.
MedMen facilities can now be accessed in New York, Pennsylvania, Maryland, Massachusetts, Ohio, Virginia, and Michigan and of course its home base California. MedMen currently has 14 high-end stores in California, Nevada, and New York.
As the race to become the biggest multi-state weed industry player heats up, the Pharmacann acquisition nearly doubles the size of MedMen’s network. It now holds cannabis licenses in 12 states, which will permit the combined companies to operate 79 facilities transforming it into the largest cannabis company with a brick-and-mortar presence in America.
“This is a transformative acquisition that will create the largest U.S. cannabis company in the world’s largest cannabis market,” said Adam Bierman, MedMen’s chief executive officer, and co-founder.
The move also signals a departure from MedMen’s original business strategy, which was to stick with high-density locations like Los Angeles, Las Vegas and New York. MedMen opened a dispensary on 5th Avenue in New York on 4/20 of 2018.
“We get asked that question a lot,” MedMen’s Head of Communication, Daniel Yi, told MarketWatch. “Our plan was to establish ourselves and create a solid position in the three key areas. Now that we’ve accomplished that, it’s time to expand.”
Now, there’s an understatement for you.
