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.

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.

5 comments on “MedMen pens $33 million deal to expand its reach in Arizona cannabis market
    • Sara J Boston MA on

      Karen, there is no time like the present to begin purchasing MJ stocks…but beware of the “newbies”.

      I started to purchase MJ stocks after reading up on the many companies out there…especially Canadian MJ stocks. Canada was and still is, way ahead of the U.S. as it has approved both medicinal and recreational use of marijuana throughout it’s provinces.
      The U.S. is dragging it’s feet.

      I purchased MedMen, [some in June, some in July] as it was very cheap and I had read good info on the company. I have not been disappointed even when the market took a tumble.

      Other good stocks are “CANOPY”, “TILRAY”, “CRONOS”, HEXO CORP (used to be HYDROAPOTHECARY), and many more.

      I have Fidelity Investments and they will allow you to trade “foreign” stocks. Generally, stocks outside of the U.S. are followed with an “F” as MedMen’s symbol is MMNFF.

      The trick to making money on MJ companies, is to buy good stocks with money that you can do without for the long-term; then eventually take your original cost off and let the remainder ride, because these stocks are aiming for the moon over the next 6-8 yrs.

      Good luck and happy trading, Karen

      Reply
  1. Josh Romano on

    they are on the verge of exploding. its all about distribution and medmen is locking down licenses to grow and distribute far beyond anyone else in the space.

    Reply

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