Breaking: MedMen Acquires PharmaCann to Become Largest Cannabis Company in U.S.
This deal nearly doubles MedMen's network to 79 cannabis facilities in 12 states.
MedMen just got a little more manly.
The marijuana company announced this morning that it acquired Pharmacann in an all-stock transaction valued at $682 million. This makes it the largest acquisition transaction in U.S. cannabis history. It also makes MedMen the largest brick-and-mortar cannabis company in America.
Founded in 2014, Pharmacann is a vertically-integrated medical marijuana company that operates 10 dispensaries and three cultivation and production facilities in Illinois, New York, Massachusetts, and Maryland. The merger increases MedMen's reach, which was already significant, into 12 states with 79 cannabis facilities.
MedMen, which listed on the Canadian Secutiry Exchange earlier this year with a valuation of $2.2 billion has been on an expansion spree. Last week, they opened their 14th store in Las Vegas, minutes away from McCarren Airport. They also launched their first branded product line, [statemade], which includes tincture drops, vaporizer pens, flower and pre-rolls.
More to Come...
We'll be talking to MedMen founder and CEO, Adam Bierman, in the next hour so stay tuned.