MedMen Acquires Florida License, Right to Open 25 Stores

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June 06, 2018

MedMen signed a $53 million deal to acquire one of only thirteen Florida medical marijuana licenses, which will allow the company to open 25 stores across the state, as well as a cultivation facility on five acres outside Orlando. This marks MedMen’s entry into its fourth state following California, Nevada and New York.

Through this acquisition, MedMen now has a path to 45 stores nationwide by 2020. No other cannabis company has this kind of footprint.

Green Rush Daily calls the deal “a major shakeup for the landscape of Florida’s legal marijuana business.” Florida’s medical marijuana market is expected to reach $1 billion in annual sales by 2020.

“For nearly a decade we have been positioning ourselves to capitalize on enormous market opportunities like this,” said MedMen Co-founder and CEO Adam Bierman. “As the third most populous state, Florida is already demonstrating that it can sustain a strong medical marijuana market. And when adult use is legalized we expect the market to grow exponentially, especially considering the state's tourist population.”

Read what others are saying about MedMen’s entrance into the Florida marijuana market:

MedMen Acquires One of Florida’s Thirteen Marijuana Licenses (Green Rush Daily)

MedMen inks $53 million acquisition of Florida cannabis cultivator, dispensary sites (Marijuana Business Daily)

MedMen to Pay $53 Million for Florida Pot Nursery and Dispensary Rights (Los Angeles Journal)

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