MedMen Enterprises signs deal for cannabis dispensary in California

MedMen Enterprises Inc (CSE:MMEN) (OTCQB:MMNFF) announced on Wednesday it has signed an agreement to acquire a licensed dispensary from Berkeley Patients Group in Emeryville, California.

The dispensary is located in a young professional hub of the East Bay, between Oakland and Berkeley.

“California is the world’s largest legal cannabis market,” said Adam Bierman, MedMen’s CEO and co-founder. “We are very proud of the footprint we’ve already established in our home state and look forward to expanding our reach to all corners of the Golden State, starting with our first store in Northern California.”

As a result of the transaction, MedMen will have one of only two adult-use licenses issued in Emeryville, just outside of San Francisco.

READ: Nevada declares ‘MedMen Day’ as cannabis company continues its expansion

Shares of MedMen closed in New York on Tuesday up 1.1% at $4.52. In Canada, the stock climbed 5.8% to finish on Tuesday at C$5.83.

MedMen is based in Los Angeles and operates eight dispensaries in southern California. The new store is expected to open in 2019.

The company will pay a combination of cash at closing and shares of MedMen in an undisclosed amount. The transaction is expected to close within 90 days of signing.

Emeryville is home to the national headquarters of corporations such as Pixar Animation Studios, Peet’s Coffee & Tea, Jamba Juice and Cliff Bar. 

MedMen is a leading cannabis company in the US. MedMen brings expertise and capital to the cannabis industry and is one of the nation’s largest financial supporters of progressive marijuana laws.

Story by ProactiveInvestors