MedMen expands into Arizona medical marijuana market via acquisition

Los Angeles-based MedMen Enterprises is expanding  into Arizona’s large medical marijuana market after striking a deal with WhiteStar Solutions to acquire Monarch, a vertically integrated MMJ business with operations in Scottsdale and Mesa.

The deal – inked for an undisclosed sum – will pay 80% in stock and 20% in cash and underlines the fact investors are scouring Arizona for potential opportunities in the state’s thriving MMJ market.

The agreement with WhiteStar includes:

• Monarch Wellness Center, a Scottsdale MMJ dispensary with estimated annual revenue of $10 million.
• Monarch’s 20,000-square-foot cultivation and processing operations in Mesa.
• Monarch’s branded products and wholesale operations, which include distribution to more than 60 dispensaries in the state.
• WhiteStar’s exclusive co-manufacturing and licensing agreements with Kiva, Mirth Provisions and Huxton for product distribution in Arizona.

MedMen shares trade on the Canadian Securities Exchange under MMEN, and the company has operations in California, Nevada and New York. In June, MedMen announced it was snapping up assets in Florida.