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MedMen completes acquisition to open first store in Arizona

The cannabis company gained control of Monarch, a dispensary, cultivator and processor of medical cannabis

Marijuana with a stethoscope
Arizona is estimated to have around 180,000 medical marijuana patients

MedMen Enterprises Inc (CSE:MMEN) (OTCQX:MMNFF) completed its acquisition of Omaha Management Services LLC, one of the top medical marijuana operators in Arizona.

MedMen gains control of Monarch, an Arizona-based dispensary, cultivator and processor of medical cannabis.

READ: MedMen’s latest acquisition to expand its presence in the Arizona cannabis market

The cannabis company financed the deal with 80% in stock and 20% in cash.

Monarch, one of Scottsdale’s first dispensaries, opened under MedMen management on Monday and will be rebranded as a MedMen store.

“As we look to operationalize the acquisitions we have made in recent months, our team has focused on timely and seamless transitions,” said CEO Adam Bierman in the company’s press release.

MedMen also operates a 20,000 square foot cultivation and manufacturing facility in Mesa, which distributes branded products to over 60 dispensaries in the state.

The company’s agreement with WhiteStar Solutions LLC grants exclusive co-manufacturing and licensing agreements for other popular brands in Arizona including Kiva, Mirth Provisions, HUXTON and Old Pal.

MedMen views Arizona as one of the largest medical marijuana markets in the US, with more than 180,000 patients, especially with a legalization ballot expected to be introduced again in 2020 after a failed attempt in 2016.

Shares of MedMen slipped more than 5% to C$4.16 in Wednesday morning trading.

 

Contact Lenore Fedow at [email protected]

Follow her on Twitter@LenoreMariee

Quick facts: Medmen Enterprises Inc.

Price: 0.16 CAD

CSE:MMEN
Market: CSE
Market Cap: $64.76 m
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