Los Angeles-based MedMen announced its second acquisition of the week to expand its national footprint – this time into the Illinois medical marijuana market.
The multistate marijuana business agreed to acquire Seven Point, a licensed medical cannabis dispensary in the Chicago suburb of Oak Park.
The Illinois acquisition – along with the Arizona purchase – would expand MedMen’s reach into a sixth state. In June, MedMen announced it was snapping up assets in Florida.
“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,” MedMen CEO Adam Bierman said in a news release.
MedMen reported in the release that since the beginning of the year the number of qualifying medical marijuana patients in Illinois has increased 41%, to 42,203.
Illinois also recently expanded its MMJ program to allow people who have been prescribed opioids to obtain temporary medical cannabis cards.
MedMen already has operations in California, Nevada and New York, and its shares trade on the Canadian Securities Exchange as MMEN.