MedMen, one of the booming cannabis
industry’s most recognizable brands, acquired medical marijuana
retailer PharmaCann in a $682 million stock transaction, the
companies announced on Thursday.
- It’s the largest cannabis acquisition in the US to
- The acquisition gives the combined firm access to 79 retail
and cultivation licenses in 12 states.
MedMen, one of the most recognizable brands in the rapidly
expanding cannabis industry, acquired the medical marijuana
dispensary chain PharmaCann in a $682 million all-stock
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
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.
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