MedMen
| File:MedMen Logo TM.jpg | |
| Company type | Public |
|---|---|
| CSE: MMEN OTC: MMNFF | |
| Industry | Cannabis |
| Founder | Adam Bierman (Founder & CEO) Andrew Modlin (Founder & President) |
| Headquarters | , United States |
Area served | California, Nevada, New York and Florida |
| Website | medmen |
MedMen Enterprises is a cannabis company in the United States with assets and operations in California, Nevada, New York and Florida.[1] MedMen owns and operates 19 licensed cannabis facilities in cultivation, manufacturing and retail.
Based in Los Angeles, CA, MedMen employs over 800 workers across the country.[2]
History
The company was co-founded in 2010 by Adam Bierman and Andrew Modlin.[3] 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.[4]
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.[5]
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.[6]
In June 2018, MedMen announced their acquisition of a nursery and retail license to build 25 stores in Florida.[6]
Funding
Prior to its CSE listing, MedMen raised approximately $110 million through a private placement at an implied enterprise valuation of $1.65 billion.[7]
Retail Stores and Facilities
There are currently 14 operating dispensaries serving both medical and recreational customers in California, Nevada and New York.[8]
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.[9]
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, 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.[10]
On March 19, 2018, MedMen announced its cross-border, joint-venture partnership with Canadian company Cronos Group called "MedMen Canada."[citation needed]
See also
References
- ^ "MedMen inks $53 million acquisition of Florida cultivator, dispensaries". Marijuana Business Daily. 2018-06-06. Retrieved 2018-08-07.
- ^ "MedMen's $1.65 Billion Listing Shows Cannabis Is Moving North". Bloomberg.com. Retrieved 2018-08-07.
- ^ Small, Jonathan (2018-07-09). "How MedMen Became the Starbucks of Pot". GreenEntrepreneur. Retrieved 2018-08-07.
- ^ "MedMen Cannabis Production Facility in Nevada Nearly Complete". Greenhouse Grower. 2017-05-18. Retrieved 2018-08-07.
- ^ "MedMen opens state-of-the-art marijuana cultivation facility outside Reno". The Cannabist. 2018-04-16. Retrieved 2018-08-07.
- ^ a b "MedMen inks $53 million acquisition of Florida cultivator, dispensaries". Marijuana Business Daily. 2018-06-06. Retrieved 2018-08-07.
- ^ "MedMen - The First Billion Dollar Marijuana Startup? - Nanalyze". Nanalyze. 2018-02-26. Retrieved 2018-08-07.
- ^ "Marijuana Dispensary Locations - MedMen Cannabis Dispensary". medmen.com. Retrieved 2018-08-07.
- ^ "High times for local smokers in WeHo – Park Labrea News/ Beverly Press". Park Labrea News/ Beverly Press. 2018-01-03. Retrieved 2018-08-07.
- ^ "MedMen and MedReleaf Partner to Expand Medical Marijuana Services – MedReleaf". shop.medreleaf.com. Retrieved 2018-08-07.