The biggest weed company in the United States is on its way.
Marijuana retailer and cultivator MedMen has agreed to purchase medicinal cannabis provider PharmaCann for $682 million in an all-stock transaction.
Once the two combine, the combined company will have licenses in 12 U.S. states that will allow it to operate 79 cannabis facilities.
MedMen CEO Adam Bierman stated, “This is a transformative acquisition that will create the largest U.S. cannabis company in the world’s largest cannabis market.”
He added, “The transaction adds tremendous scale to our vertically integrated business model by expanding our U.S. retail footprint across important growth markets while strengthening our cultivation and production capabilities.”
MedMen currently operates 14 retail stores in California, Nevada and New York and also has acquired a license to open and operate 30 retail stores in Florida. The company also has agreements to acquire an operating retail store in Illinois, cultivation and retail operations in Arizona, and an additional nonoperating retail license in California.
PharmaCann currently operates 10 retail stores and three cultivation and production facilities across multiple states. In Illinois the company is the largest holder of medical cannabis licenses.