The largest U.S. retail cannabis chain, MedMen is entering the market in Canada, where non-medical use of marijuana will be legal later this year.
MedMen Canada will be a joint venture between MedMen and the Canadian company Cronos Group, the companies said in a statement released Monday. MedMen is the largest cannabis retail chain in California, which legalized non-medical use of marijuana at the first of the year. It also has operations in Nevada and New York.
MedMen Canada will sell branded products and open stores across Canada, the companies said.
“MedMen Canada will give us entry into an important emerging market for adult use and broaden our exposure worldwide,” MedMen CEO and Co-founder Adam Bierman said in the statement. “We always take a very disciplined and focused approach to our growth, and it was important that we find the right partner for our expansion into Canada.
“Cronos has been a leader in the Canadian medical cannabis space, and their international track record makes them the perfect partner,” Bierman said. “They have the right infrastructure and expertise to successfully execute this venture.”
Cronos operates two producers, Peace Naturals Project Inc. and Original BC Ltd., which are licensed under Canada’s current medical marijuana rules.
Medical marijuana has been legal in Canada since 2013 and the country has several large producers and suppliers. Non-medical use will become legal in the country later this year, but an exact date hasn’t been set.
“Cronos is focused on changing the perception of cannabis on an international scale, and we prioritize working with best-in-class partners who share our vision for the future,” Cronos CEO Mike Gorenstein said. “MedMen stores have been integral to mainstreaming cannabis, and they have become one of the most well-known and respected cannabis platforms in the U.S. We’re very excited to bring the MedMen experience to Canada.”