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MedMen Enterprises Inc

MedMen expands its reach into California’s cannabis market, scooping up a San Jose dispensary

The cannabis company has acquired Buddy’s Cannabis for an undisclosed amount

MedMen bag
MedMen holds licenses for 67 retail stores and 14 cultivation and production facilities

MedMen Enterprises Inc (CSE:MMEN; OTCQB:MMNFF) has been on a roll lately, scooping up a slew of dispensaries.

The cannabis company is expanding its reach in its home state of California, announcing the acquisition of Viktorya’s Medical Supplies, better known as Buddy’s Cannabis.

READ: MedMen Enterprises and PharmaCann announce more details on buyout

“MedMen continues to expand its market share in California, the largest and most advanced cannabis market in the world,” said CEO Adam Bierman in the company’s press release. “Our next phase of growth will be focused on going deeper in the markets where we already have a presence and brand equity."

The two-story dispensary in San Jose is the company’s second retail location in northern California.

The all-cash deal is expected to close within 90 days, but the company does not plan to disclose the “immaterial” purchase price.

MedMen has also inked deals in October to acquire Monarch, an Arizona-based medical cannabis dispensary, and Seven Point dispensary just outside of Chicago.

The cannabis company is working out a deal to acquire Chicago-based medical cannabis company PharmaCann LLC in a deal valued at $682 million.

Taking into account its pending acquisitions, the company holds licenses for 67 retail stores and 14 cultivation and production facilities.

Shares of MedMen were down nearly 6% to $6.49 by Friday’s closing bell.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

Quick facts: MedMen Enterprises Inc

Price: $2.25

Market: CSE
Market Cap: $352.8 m
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