MedMen takes strategic stake in California cannabis flower brand Old Pal

MedMen Enterprises (CSE:MMEN; OTCQB:MMNFF) announced Tuesday that it is taking a minority investment in Old Pal, a popular California cannabis  company that sells cannabis flower.

The company isn’t disclosing the value of its investment, but its CEO Adam Bierman said the new strategic stake in Old Pal, which is one of the most established cannabis flower brands in California, will boost MedMen’s reach.

“This is a strategic investment, the third of its kind to date, to broaden MedMen’s reach with consumers in this quickly evolving space,” Bierman said in a statement.

READ: MedMen Enterprises and PharmaCann announce more details on buyout

MedMen has been on the acquisition trail lately, scooping up a slew of dispensaries.

The Los Angeles-based cannabis company is expanding its reach in its home state of California, with the recent announcement of its acquisition of Viktorya’s Medical Supplies, better known as Buddy’s Cannabis.

The two-story dispensary in San Jose is the company’s second retail location in northern California.

READ: MedMen expands its reach into California’s cannabis market, scooping up a San Jose dispensary

MedMen also recently reached deals to acquire Monarch, an Arizona-based medical cannabis dispensary, and Seven Point dispensary just outside of Chicago.

The cannabis company is also working out the details of its massive plan to acquire the Chicago-based medical cannabis company PharmaCann LLC, which is a deal valued at $682 million.

MedMen shares slipped 2.45% to $5.57 before the opening bell on Tuesday.

Contact Ellen Kelleher at [email protected]

Story by ProactiveInvestors