MedMen

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MM Enterprises USA, LLC
Public
Traded as
Industry Cannabis
Founder Adam Bierman (Founder & CEO)
Andrew Modlin (Founder & President)
Headquarters Los Angeles, CA, United States
Area served
California, Nevada, New York, and Florida
Website medmen.com

MedMen Enterprises is a publicly traded, United States-based cannabis company with operations in California, Nevada, New York, and Florida.[1][2] 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.[3] It also trades on the Frankfurt Stock Exchange.[4]

Based in Los Angeles, CA, MedMen has over 800 employees.[5]

History[edit]

The company was co-founded in 2010 by Adam Bierman and Andrew Modlin.[6] They saw a business opportunity in the emerging marijuana industry and a chance to redefine society's relationship with cannabis.

In December 2015, MedMen West Hollywood (the first store in California) opened its doors. New York followed suit in 2017 and in 2018, MedMen opened its first dispensary in Nevada.

In April 2018, the company opened MedMen Mustang, a greenhouse and manufacturing facility. The 45,000-square-foot facility outside of Reno. It is expected to produce 10,000 pounds of high-quality cannabis annually.[7]

In May 2018, MedMen broke ground on a 45,000-square-foot cannabis factory in Desert Hot Springs, California. It is scheduled to open in early 2019.[8]

MedMen went public on the Canadian Stock Exchange via a reverse takeover (RTO). The company listed under the ticker symbol MMEN on May 29, 2018.[9]

In June 2018, MedMen announced their acquisition of a nursery and retail license to build 25 stores in Florida.[9]

Funding[edit]

Prior to its CSE listing, MedMen raised approximately $110 million through a private placement at an implied enterprise valuation of $1.65 billion.[10]

Retail Stores and Facilities[edit]

There are currently 14 operating dispensaries serving both medical and recreational customers in California, Nevada and New York.[11]

Business Strategy[edit]

Domestic[edit]

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.[12]

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[edit]

In 2015, MedMen partnered with MedReleaf, 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.[13]

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

See also[edit]

References[edit]

  1. ^ "L.A. pot retailer MedMen has 12 shops, a $1.6-billion valuation and, coming soon, Canadian stock". LA Times. Retrieved 18 October 2018.
  2. ^ "MedMen inks $53 million acquisition of Florida cultivator, dispensaries". Marijuana Business Daily. 2018-06-06. Retrieved 2018-08-07.
  3. ^ "lA-based Medmen lists on the Canadian Securities Exchange with $1.6 Billion Valuation". Daily News. Retrieved 18 October 2018.
  4. ^ "MedMen Announces Listing on Frankfurt Stock Exchange". Financial Post. Retrieved 18 October 2018.
  5. ^ "MedMen's $1.65 Billion Listing Shows Cannabis Is Moving North". Bloomberg.com. Retrieved 2018-08-07.
  6. ^ Small, Jonathan (2018-07-09). "How MedMen Became the Starbucks of Pot". GreenEntrepreneur. Retrieved 2018-08-07.
  7. ^ "MedMen Cannabis Production Facility in Nevada Nearly Complete". Greenhouse Grower. 2017-05-18. Retrieved 2018-08-07.
  8. ^ "MedMen opens state-of-the-art marijuana cultivation facility outside Reno". The Cannabist. 2018-04-16. Retrieved 2018-08-07.
  9. ^ a b "MedMen inks $53 million acquisition of Florida cultivator, dispensaries". Marijuana Business Daily. 2018-06-06. Retrieved 2018-08-07.
  10. ^ "MedMen - The First Billion Dollar Marijuana Startup? - Nanalyze". Nanalyze. 2018-02-26. Retrieved 2018-08-07.
  11. ^ "Marijuana Dispensary Locations - MedMen Cannabis Dispensary". medmen.com. Retrieved 2018-08-07.
  12. ^ "High times for local smokers in WeHo – Park Labrea News/ Beverly Press". Park Labrea News/ Beverly Press. 2018-01-03. Retrieved 2018-08-07.
  13. ^ "MedMen and MedReleaf Partner to Expand Medical Marijuana Services – MedReleaf". shop.medreleaf.com. Retrieved 2018-08-07.

External links[edit]