MedMen Enterprises Inc., one of the most prominent companies in the expanding cannabis industry, agreed to buy medical pot firm PharmaCann for $682 million, boosting its presence across the U.S.
The all-stock purchase, which will give MedMen 10 additional dispensaries and licenses for several more, is one of the biggest in the history of the legal weed industry, which has seen its value explode in recent weeks as Canada prepares to legalize cannabis for adult use next week. With regulations set to loosen in more U.S. states, and around the world, investors are pouring billions of dollars into marijuana companies.
MedMen, which is run from Los Angeles, currently has 16 marijuana dispensaries in the U.S., including in Los Angeles, Las Vegas and New York. With the acquisition of Illinois-based PharmaCann, MedMen will have 79 licensed cannabis facilities, including grow operations, in 12 states, the company said in a statement on Thursday.