Founded in 2010 by Adam Bierman and Andrew Modin, Los Angeles-based MedMen is one of the largest cannabis companies in the United States with nineteen permitted facilities in California, Nevada, Florida, and New York.
Now, in addition to the fourteen licensed dispensaries that MedMen currently operates in legal states, the company has signed an agreement to acquire the Seven Point dispensary located in Chicago’s historic Oak Park suburb.
According to a recent report, Illinois’ medicinal cannabis program has experienced rapid growth over the past year, with PTSD being the most common qualifying condition.
“This acquisition brings the MedMen brand to yet another major stage,” said Bierman in a press release. “MedMen has established a presence in the primary markets of California, Nevada and New York. 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.”
The Seven Point dispensary is located in a busy shopping district in Oak Park among a variety of popular restaurants, cafes and other shops.
“Seven Point is proud of its strong commitment to the local medical patient community and the loyal following we have built over the years,” said the dispensary’s Chief Executive, Brad Zerman. “MedMen will continue that tradition while bringing its industry-leading retail operations and commitment to quality and service.”
As consideration, MedMen will pay a combination of cash at closing, deferred cash, and shares of MedMen Enterprises Incorporated for the deal which they expect to close within 90 days.
According to their website, MedMen will also be opening a third Las Vegas dispensary on The Strip at South Highland Drive sometime in the near future.
