2 Arizona Dispensaries Cost $33 Million on Nov 1
November 2, 2018 by erfa5t8
MedMen Enterprises Inc. has actually signed a definitive agreement to get control of Level Up dispensaries in a money and stock deal valued at $33,000,000.
Level Up holds licenses for two vertically-integrated operations in Arizona, which include retail areas in Scottsdale and Tempe, as well as 25,000 square feet of growing and production capacity in Tempe and Phoenix, and as part of the deal, MedMen will also receive a 40% stake in the brand K.I.N.D. Focuses, which is currently dispersed in over 90% of Arizona dispensaries.
” This acquisition strengthens our existence in among the top marijuana markets in the U.S.,” stated Adam Bierman, MedMen chief executive and co-founder. “We will continue to recognize extremely accretive deals in core states and stay laser concentrated on executing our retail playbook.”
In Arizona, MedMen now controls 3 dispensaries, 65,000 square feet in total growing and production capability, and circulation and co-manufacturing rights for several top brand names, consisting of K.I.N.D., Kiva, Mirth Provisions, and HUXTON. MedMen also has plans to introduce its line of top quality items to the Arizona market over the next 12 to 18 months.
” We have worked significantly tough to construct a company that puts the needs of clients in our regional communities first,” said Michael Colburn, co-founder of Level Up. “This marks an exciting brand-new chapter for our brands and for the medical marijuana patients who have actually supported us,” included Daryll DeSantis, Level Up co-founder.
Inclusive of Level Up and other pending acquisitions, MedMen’s footprint consists of licenses for 69 stores and 17 cultivation and production centers across 12 states.
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