MedMen offered everything of its Florida holdings to Inexperienced Century Holdings LLC, in response to a press release printed Monday. Within the $83 million money deal, Inexperienced Century will take over MedMen’s Florida license, dispensaries, stock, and rising amenities, the discharge says.
Michael Serruya, MedMen’s chairman and interim CEO, stated the deal is a part of the corporate’s “go-forward technique” that envisions MedMen working an “asset-light mannequin” that permits the agency “to leverage the facility and energy of the MedMen model.”
Along with their license and bodily belongings, the deal features a advertising settlement wherein MedMen will license their logos for a quarterly revenue-based payment. The deal is anticipated to shut in late April and early Might, barring any regulatory setbacks.
“We really feel assured this mannequin will ship sturdy monetary outcomes and alternatives for progress throughout many states and can proceed to determine trademark licensing alternatives that can introduce the MedMen model and retail expertise to different markets throughout the USA and internationally.” – Serruya in a press release.
MedMen just lately closed a $75 million deal to promote their New York belongings however later filed a lawsuit claiming the customer, Ascend Wellness, used their affect with New York Gov. Kathy Hochul’s (D) workplace to get the deal authorised by regulators after the transaction appeared to have stalled. MedMen had agreed to promote their New York holdings to Ascend Wellness a yr earlier.
MedMen ultimately withdrew the allegations claiming Ascend had tried to affect officers.
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