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'''MedMen Enterprises''' or '''MedMen''' is a publicly traded, [[United States | United States-based]] [[cannabis]] company with operations in California, Nevada, New York, and [[Florida]].<ref name = latimes>{{cite web | url = http://www.latimes.com/business/la-fi-medmen-public-20180525-story.html | publisher = LA Times | title = L.A. pot retailer MedMen has 12 shops, a $1.6-billion valuation and, coming soon, Canadian stock| accessdate = 18 October 2018}}</ref><ref>{{Cite news|url=https://mjbizdaily.com/medmen-acquisition-florida-cultivator-dispensaries-treadwell/|title=MedMen inks $53 million acquisition of Florida cultivator, dispensaries|date=2018-06-06|work=Marijuana Business Daily|access-date=2018-08-07|language=en-US}}</ref> MedMen owns and operates 19 licensed cannabis facilities in cultivation, manufacturing, and retail. Its stock trades on the [[Canadian Securities Exchange]] under the ticker symbol MMEN.<ref name = dailynews>{{cite web | url = https://www.dailynews.com/2018/05/29/la-based-medmen-lists-on-canadian-securities-exchange-with-1-6-billion-valuation/ | publisher = Daily News | title = lA-based Medmen lists on the Canadian Securities Exchange with $1.6 Billion Valuation | accessdate = 18 October 2018}}</ref> It also trades on the [[Frankfurt Stock Exchange]].<ref name = financialpost>{{cite web | url = https://business.financialpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/medmen-announces-listing-on-frankfurt-stock-exchange | publisher = Financial Post | title = MedMen Announces Listing on Frankfurt Stock Exchange| accessdate = 18 October 2018}}</ref>
'''MedMen Enterprises''' or '''MedMen''' is a publicly traded, [[United States | United States-based]] [[cannabis]] company with operations in California, Nevada, New York, and [[Florida]].<ref name = latimes>{{cite web | url = http://www.latimes.com/business/la-fi-medmen-public-20180525-story.html | publisher = LA Times | title = L.A. pot retailer MedMen has 12 shops, a $1.6-billion valuation and, coming soon, Canadian stock| accessdate = 18 October 2018}}</ref><ref>{{Cite news|url=https://mjbizdaily.com/medmen-acquisition-florida-cultivator-dispensaries-treadwell/|title=MedMen inks $53 million acquisition of Florida cultivator, dispensaries|date=2018-06-06|work=Marijuana Business Daily|access-date=2018-08-07|language=en-US}}</ref> MedMen owns and operates 19 licensed cannabis facilities in cultivation, manufacturing, and retail. Its stock trades on the [[Canadian Securities Exchange]] under the ticker symbol MMEN.<ref name = dailynews>{{cite web | url = https://www.dailynews.com/2018/05/29/la-based-medmen-lists-on-canadian-securities-exchange-with-1-6-billion-valuation/ | publisher = Daily News | title = lA-based Medmen lists on the Canadian Securities Exchange with $1.6 Billion Valuation | accessdate = 18 October 2018}}</ref> It also trades on the [[Frankfurt Stock Exchange]].<ref name = financialpost>{{cite web | url = https://business.financialpost.com/pmn/press-releases-pmn/business-wire-news-releases-pmn/medmen-announces-listing-on-frankfurt-stock-exchange | publisher = Financial Post | title = MedMen Announces Listing on Frankfurt Stock Exchange| accessdate = 18 October 2018}}</ref>


Based in [[Los Angeles, California]], MedMen has over 800 employees.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2018-05-29/medmen-s-listing-on-cse-shows-a-northward-migration-for-cannabis|title=MedMen’s $1.65 Billion Listing Shows Cannabis Is Moving North|work=Bloomberg.com|access-date=2018-08-07|language=en}}</ref> Due to federal regulations around cannabis consumption, MedMen is limited to selling edibles and extracts but not smokable products, such as a plant.<ref name=":0" />
Based in [[Los Angeles, California]], MedMen has over 800 employees.<ref>{{Cite news|url=https://www.bloomberg.com/news/articles/2018-05-29/medmen-s-listing-on-cse-shows-a-northward-migration-for-cannabis|title=MedMen’s $1.65 Billion Listing Shows Cannabis Is Moving North|work=Bloomberg.com|access-date=2018-08-07|language=en}}</ref> Due to federal regulations around cannabis consumption, MedMen is limited to selling edibles, extracts, and plants.<ref name=":0" /><ref name = wellandgood>{{cite web | url = https://www.wellandgood.com/good-advice/medmen-products-statemade-launch/ | publisher = Well and Good | title = EXCLUSIVE: MEDMEN, THE “APPLE STORE OF CANNABIS,” LAUNCHES ITS FIRST WELLNESS-FOCUSED PRODUCT LINE | accessdate = 26 November 2018}}</ref>


== History ==
== History ==
Line 40: Line 40:


== Retail Stores and Facilities ==
== Retail Stores and Facilities ==
Medmen currently operates 15 dispensaries serving both medical and recreational customers in California, Nevada, and New York.<ref>{{Cite web|url=https://medmen.com/stores/|title=Marijuana Dispensary Locations - MedMen Cannabis Dispensary|website=medmen.com|language=en|access-date=2018-08-07}}</ref> In November 2018, The Real Deal reported that MedMen planned to open a second Manhattan-based dispensary in New York's [[Meatpacking District]].<ref name = therealdeal>{{cite web | url = https://therealdeal.com/2018/11/20/medical-marijuana-dispensary-to-open-second-manhattan-outpost/ | publisher = The Real Deal | title = Medical marijuana dispensary to open second Manhattan outpost | accessdate = 25 November 2018}}</ref>
Medmen currently operates 15 dispensaries serving both medical and recreational customers in California, Nevada, and New York.<ref>{{Cite web|url=https://medmen.com/stores/|title=Marijuana Dispensary Locations - MedMen Cannabis Dispensary|website=medmen.com|language=en|access-date=2018-08-07}}</ref><ref name = therealdeal>{{cite web | url = https://therealdeal.com/2018/11/20/medical-marijuana-dispensary-to-open-second-manhattan-outpost/ | publisher = The Real Deal | title = Medical marijuana dispensary to open second Manhattan outpost | accessdate = 25 November 2018}}</ref>


== Business Strategy ==
== Business Strategy ==

Revision as of 00:01, 27 November 2018

MM Enterprises USA, LLC
Company typePublic
IndustryCannabis, Medical marijuana
FounderAdam Bierman (Founder & CEO)
Andrew Modlin (Founder & President)
Headquarters
Los Angeles, CA
,
United States
Area served
California, Nevada, New York, and Florida
RevenueIncrease $39.8 million (2018)[1]
Total assetsIncrease $282.2 million[1]
Websitemedmen.com

MedMen Enterprises or MedMen is a publicly traded, United States-based cannabis company with operations in California, Nevada, New York, and Florida.[2][3] MedMen owns and operates 19 licensed cannabis facilities in cultivation, manufacturing, and retail. Its stock trades on the Canadian Securities Exchange under the ticker symbol MMEN.[4] It also trades on the Frankfurt Stock Exchange.[5]

Based in Los Angeles, California, MedMen has over 800 employees.[6] Due to federal regulations around cannabis consumption, MedMen is limited to selling edibles, extracts, and plants.[7][8]

History

MedMen was co-founded in 2010 by CEO Adam Bierman and President Andrew Modlin.[9] In an interview with Green Entrepreneur the pair said they saw a business opportunity in the emerging cannabis industry and a chance to redefine society's relationship with cannabis. In December 2015, MedMen West Hollywood opened as the first cannabis retail store in California. MedMen opened retail outlets in New York and Nevada in 2017 and 2018, respectively.

In April 2018, the company opened MedMen Mustang, a 45,000 square foot greenhouse and manufacturing facility near Reno, Nevada with expectations of producing 10,000 pounds of high-quality cannabis annually.[10]

In May 2018, MedMen began construction on a second 45,000-square-foot cannabis factory in Desert Hot Springs, California. It is scheduled to open in early 2019.[11]

MedMen went public on the Canadian Stock Exchange via a reverse takeover (RTO). The company listed under the stock ticker symbol MMEN on May 29, 2018.[7]

In June 2018, MedMen announced its acquisition of a nursery and retail license to build 25 stores in Florida.[7]

Funding

Prior to its Canadian Stock Exchange listing, MedMen raised approximately $110 million through a private placement at an implied enterprise valuation of $1.65 billion.[12]

Retail Stores and Facilities

Medmen currently operates 15 dispensaries serving both medical and recreational customers in California, Nevada, and New York.[13][14]

Business Strategy

Domestic

MedMen West Hollywood was one of two licensed dispensaries operating in time for recreational use in the Greater Los Angeles area on January 2, 2018.[15]

According to Bureau of Cannabis Control records, the first state license for a cannabis business in the city of Los Angeles went to MedMen Beverly Hills on January 19, 2018.

International

In 2015, MedMen partnered with MedReleaf -- now Aurora Cannabis -- Canada's largest producer and distributor of medical marijuana, to open opportunities for collaboration on product development and market penetration with MedReleaf CEO Neil Closner joining MedMen's Board of Advisors.[16]

On March 19, 2018, MedMen announced its cross-border, joint-venture partnership with Canadian company, Cronos Group, called "MedMen Canada."[17]

See also

References

  1. ^ a b "MedMen Generates $20.6 Million Revenue in Fiscal Q4". New Cannabis Ventures. Retrieved 20 October 2018. {{cite web}}: Cite has empty unknown parameter: |1= (help)
  2. ^ "L.A. pot retailer MedMen has 12 shops, a $1.6-billion valuation and, coming soon, Canadian stock". LA Times. Retrieved 18 October 2018.
  3. ^ "MedMen inks $53 million acquisition of Florida cultivator, dispensaries". Marijuana Business Daily. 2018-06-06. Retrieved 2018-08-07.
  4. ^ "lA-based Medmen lists on the Canadian Securities Exchange with $1.6 Billion Valuation". Daily News. Retrieved 18 October 2018.
  5. ^ "MedMen Announces Listing on Frankfurt Stock Exchange". Financial Post. Retrieved 18 October 2018.
  6. ^ "MedMen's $1.65 Billion Listing Shows Cannabis Is Moving North". Bloomberg.com. Retrieved 2018-08-07.
  7. ^ a b c "MedMen inks $53 million acquisition of Florida cultivator, dispensaries". Marijuana Business Daily. 2018-06-06. Retrieved 2018-08-07.
  8. ^ "EXCLUSIVE: MEDMEN, THE "APPLE STORE OF CANNABIS," LAUNCHES ITS FIRST WELLNESS-FOCUSED PRODUCT LINE". Well and Good. Retrieved 26 November 2018.
  9. ^ Small, Jonathan (2018-07-09). "How MedMen Became the Starbucks of Pot". GreenEntrepreneur. Retrieved 2018-08-07.
  10. ^ "MedMen Cannabis Production Facility in Nevada Nearly Complete". Greenhouse Grower. 2017-05-18. Retrieved 2018-08-07.
  11. ^ "MedMen opens state-of-the-art marijuana cultivation facility outside Reno". The Cannabist. 2018-04-16. Retrieved 2018-08-07.
  12. ^ "MedMen - The First Billion Dollar Marijuana Startup? - Nanalyze". Nanalyze. 2018-02-26. Retrieved 2018-08-07.
  13. ^ "Marijuana Dispensary Locations - MedMen Cannabis Dispensary". medmen.com. Retrieved 2018-08-07.
  14. ^ "Medical marijuana dispensary to open second Manhattan outpost". The Real Deal. Retrieved 25 November 2018.
  15. ^ "High times for local smokers in WeHo – Park Labrea News/ Beverly Press". Park Labrea News/ Beverly Press. 2018-01-03. Retrieved 2018-08-07.
  16. ^ "MedMen and MedReleaf Partner to Expand Medical Marijuana Services – MedReleaf". shop.medreleaf.com. Retrieved 2018-08-07.
  17. ^ Mary Carreon. "MedMen Leaps Into Canadian Cannabis Market For Joint Venture With Cronos Group". Forbes.
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