MedMen, a cannabis management consultancy in Los Angeles, said it raised $15 million in venture financing and will announce a “series of deals” in coming weeks as it expands its operations in California.
It marks one of the largest venture capital deals in the industry to date.
“With California being a central focus for us and a critical market in the U.S., we will continue to actively pursue management deals in California and expand our portfolio of facilities in the state,” a MedMen spokeswoman said in an email. The company helps cannabis businesses by managing day-to-day operations.
Cap-Meridian’s website doesn’t appear to be working, but according to a page on CrunchBase the firm has made four other investments in early-stage companies since 2012. The deals range from $500,000 to nearly $2 million, for a total of nearly $5 million invested before the MedMen infusion.
California has become a prized commodity in the cannabis industry following the passage of the state’s new medical marijuana regulations. The new rules will allow out-of-state investors to own MMJ companies, while for-profit businesses will be allowed to enter the industry for the first time.