The town of Pasadena awarded six licenses for brand new industrial cannabis dispensaries this week, and right now MedMen Enterprises Inc. (CSE: MMEN; OTCQX: MMNFF; FSE: A2JM6N) introduced the corporate managed to snag a kind of coveted supply and retail licences.
Integral Associates, a subsidiary of competing firm Inexperienced Thumb Industries Inc. (CSE: GTII; OTCQX: GTBIF), yesterday revealed that it was one of many different 5 firms awarded a Pasadena retail license.
MedMen now operates 13 storefronts in California, with licenses formally in hand for a complete of 14. Citing the strategic rationale in persevering with to develop throughout the corporate’s dwelling state, MedMen CEO Adam Bierman commented:
The town ran a really aggressive course of and we’re honored to be amongst these chosen to function in Pasadena. We stay up for turning into a part of the group and providing good jobs, excellence in compliance and entry to an elevated and protected cannabis buying expertise.
Securing rights to the upcoming Pasadena location isn’t the one California growth seen from MedMen this week, as the corporate additionally simply signed an settlement to accumulate 100% of MattnJeremy, Inc. LLC (extra generally recognized by its d/b/a reputation One Love Seashore Membership).
One Love Seashore Membership is located in Lengthy Seashore, the place the corporate has been working for the previous 10 years, at present citing an un-audited gross income of $6 million.
The money and inventory acquisition deal — valued at a complete of $13 million — consists of $10 million in voting shares, $1 million in money, and an extra $2 million in deferred money.
When it closes throughout the subsequent 45 days, that acquisition will embrace a brand new storefront location for MedMen located between the corporate’s present websites at Santa Ana and LAX. The corporate will use that new location to lure in out of state guests, with an estimated 7.9 million vacationers hitting the Lengthy Seashore space final 12 months for numerous occasions and conferences.
Apart from the brand new retail location progress, MedMen additionally simply scored a win on the authorized entrance this week, with a gaggle of earlier buyers voluntarily dismissing their lawsuit in opposition to the corporate. A full assertion from MedMen concerning the lawsuit and its present standing will be learn right here.