As part of the transaction, MedMen will acquire Treadwell Nursery’s cultivation facility situated on 5 acres in Eustis, Florida and the right to open 25 medical marijuana dispensaries in the State of Florida.
“For nearly a decade we have been positioning ourselves to capitalize on enormous market opportunities like this,” said MedMen Co-founder and CEO Adam Bierman. “This acquisition is right in line with our strategy of establishing a presence early on in high potential markets with limited licenses and large populations. Florida is the third most populous state in the country with a medical marijuana market estimated to reach $1 billion in annual sales by 2020. MedMen has built the best-in-class brand, and we continue to invest in premium assets that solidify our dominant position in the most important cannabis markets in the world.”
The transaction is expected to close within 90 days and is subject to customary closing conditions, including receipt of state regulatory approvals. If certain regulatory approvals are not obtained, the company and Treadwell Nursery will have the right to terminate the agreement.