MedMen Enterprises Inc. (CSE: MMEN) (OTCQB: MMNFF) (FSE: A2JM6N) today announced that it has signed a definitive agreement to acquire Seven Point, a licensed medical cannabis dispensary located in the historic Chicago suburb of Oak Park, Illinois.
Illinois is one of the fastest growing medical marijuana markets in the country. Since the beginning of the year the number of qualifying patients increased 41 percent to 42,203, and retail cannabis sales grew 35 percent, according to the state. Illinois also expanded its medical cannabis program recently to allow people who have been prescribed opioids the opportunity to obtain temporary medical cannabis cards.
“This acquisition brings the MedMen brand to yet another major stage,” said MedMen CEO and Co-founder Adam Bierman. “MedMen has established a presence in the primary markets of California, Nevada and New York. Our strategy has been to put our brand in high visibility commercial districts in popular locations like Beverly Hills, Manhattan, Las Vegas, and Oak Park, just outside Chicago, fits the mold perfectly.”
Seven Point is located in a high foot traffic shopping district among popular restaurants, cafes and major retailers like Whole Foods, Gap and Pier 1. This week, MedMen also announced the acquisition of a medical marijuana dispensary in Scottsdale, Arizona, as well as cultivation and processing operations. Currently, MedMen operates dispensaries in three states, including seven in the Los Angeles area and one in Manhattan.
“Seven Point is proud of its strong commitment to the local medical patient community and the loyal following we have built over the years,” said Brad Zerman, chief executive of Seven Point. “MedMen will continue that tradition while bringing its industry-leading retail operations and commitment to quality and service.”
As consideration for the acquisition, the Company will pay a combination of cash at closing, deferred cash and shares of MedMen Enterprises, Inc., an amount not deemed material. The transaction is expected to close within 90 days and is subject to customary closing conditions, including state approval.
MedMen Enterprises is a leading cannabis company in the U.S. with assets and operations across the country. Based in Los Angeles, MedMen brings expertise and capital to the cannabis industry and is one of the nation’s largest financial supporters of progressive marijuana laws. Visit http://www.medmen.com
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