Two major cannabis companies – Los Angeles-based MedMen and Ontario-based Cronos Group – have announced a joint venture to bring MedMen’s retail expertise to Canada.
According to a news release, the collaboration will result in the formation of MedMen Canada.
MedMen currently has operations in California, Nevada and New York; Cronos has concerns throughout Canada as well as Australia, Germany and Israel.
Here’s what you need to know:
- The joint venture plans to develop branded products, conduct research and development and open a chain of retail stores across Canada.
- MedMen Canada will use Cronos’ 350,000-plus square feet of production facilities.
- The arrangement is structured as a 50-50 partnership between the two companies.
- MedMen, which has 18 facilities in the United States and employs nearly 700 workers, anticipates going public in Canada in the second quarter of this year.
- Cronos owns and operates two licensed producers: Peace Naturals Project and Original BC.