MedMen said Friday it has closed on its $53 million acquisition of a dispensary and cultivation license in Florida and has secured leases on properties in several cities there.
Florida becomes the fourth state for the retail marijuana giant, following California, Nevada and New York.
The license it acquired from Treadwell Simpson Partnership gives MedMen the ability to open potentially as many as 35 medical cannabis dispensaries in Florida, as well as operations for cultivation, delivery and manufacturing. As part of the deal, MedMen also bought Treadwell Nursery’s cultivation facility in central Florida.
The license is one of only 14 issued by the state of Florida.
“Our entry into Florida through this acquisition demonstrates our growing national footprint as well as our ability to execute,” said Adam Bierman, MedMen chief executive and co-founder. “Our real estate team is hard at work preparing to put MedMen branded stores in the most coveted locations in Florida – locations in highly desirable and defensible market areas with high foot traffic and proximity to popular brand retailers.”
With the Florida stores, MedMen will have 45 across the nation soon, most in the nation.