- MedMen, one of the booming cannabis industry’s most recognisable brands, acquired medical marijuana retailer PharmaCann in a $US682 million stock transaction, the companies announced on Thursday.
- It’s the largest cannabis acquisition in the US to date.
- The acquisition gives the combined firm access to 79 retail and cultivation licenses in 12 states.
MedMen, one of the most recognisable brands in the rapidly expanding cannabis industry, acquired the medical marijuana dispensary chain PharmaCann in a $US682 million all-stock transaction.
It’s the largest cannabis acquisition in the US to date.
Based in Los Angeles, MedMen has 14 high-end marijuana dispensaries – which some have compared to Apple Stores – in California, Nevada, and New York. It’s publicly listed on the Canadian Securities Exchange.
The brand has positioned its stores on some of the world’s trendiest shopping streets. There are locations on Venice Beach’s Abbot Kinney Boulevard, the Las Vegas Strip, and New York’s Fifth Avenue.
The PharmaCann acquisition nearly doubles MedMen’s footprint in the US. The Illinois-based firm operates 10 facilities across the Midwest, including in Michigan, which is set to vote on legal marijuana on November 6th.
The combined company will have a portfolio of 79 cannabis licenses across 12 states, including 66 retail stores and 13 cultivation licenses, according to the company.
“This is a transformative acquisition that will create the largest U.S. cannabis company in the world’s largest cannabis market,” MedMen CEO Adam Bierman said in a statement.
“This would not have been possible even two years ago and is a testament to how far both the industry and these two companies have evolved,” he added.
Read more of our cannabis industry coverage:
- Hedge fund legend Leon Cooperman is investing in the marijuana industry – and it’s another sign the sector is heating up
- Famous short seller Andrew Left is creating a cannabis fund. He explains why the market’s not in a bubble, but does need to ‘chill out’
- ‘The new avocado toast’: A former Coca-Cola and AB InBev executive reveals why every food and beverage boardroom needs to be talking about cannabis
- Some of the hottest companies in the booming cannabis sector are going on hiring sprees – and it shows how competition among the biggest players is ramping up
- The rising stars of marijuana’s investment scene that everyone from Wall Street to Silicon Valley should know
Business Insider Emails & Alerts
Site highlights each day to your inbox.