Cannabis dispensary brand MedMen acquired dispensary chain PharmaCann in a $682 million stock transaction on Thursday, according to Business Insider.
It is the largest acquisition yet in the U.S. cannabis industry.
“This is a transformative acquisition that will create the largest US cannabis company in the world’s largest cannabis market. 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.” — MedMen CEO Adam Bierman, via Business Insider
MedMen already operates 14 dispensaries in California, Nevada and New York — often in landmark locations, such as Fifth Avenue in New York City and on the Las Vegas Strip. With the acquisition of PharmaCann, they now have possession of dispensaries—and more importantly, licenses — around the Midwest, including Illinois and Michigan. Combined, MedMen now has access to 79 licenses: 66 retail and 13 cultivation, in 12 states.
MedMen is traded publicly on the Canadian Securities Exchange as MMEN. In the single day since the announcement, company stock has risen more than 15 percent.
Get daily cannabis business news updates. Subscribe
End
