MedMen marijuana, MedMen pens $33 million deal to expand its reach in Arizona cannabis market

Los Angeles-based MedMen inked a $33 million deal to acquire an Arizona-based vertically integrated marijuana firm.

The cash and stock deal will give MedMen a controlling interest in cannabis cultivator, producer and retailer Kannaboost Technology and CSI Solutions – referred to collectively as Level Up.

Here are the basics behind the deal:

  • MedMen expands its Arizona footprint with two retail locations in Scottsdale and Tempe as well as 25,000 square feet of cultivation and production capacity in Tempe and Phoenix.
  • The agreement, of which 51.5% will be paid in cash and 48.5% in MedMen shares, is expected to close in 90 days.
  • Last month, the firm announced a deal to acquire Monarch – a vertically integrated medical marijuana business with operations in  Scottsdale and Mesa.
  • In total, MedMen’s Arizona portfolio now includes three retail locations and a total of 65,000 square feet of cultivation and production capacity.

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MedMen, which trades on the Canadian Securities Exchange as MMEN, has operations in California, Nevada and New York.

In June, MedMen announced it was snapping up assets in Florida.