CALIFORNIA: MedMen Enterprises announced that it has signed a definitive agreement to acquire a licensed dispensary from Berkeley Patients Group in Emeryville, California. As a result of the transaction, MedMen will have one of only two adult-use licenses issued in the City of Emeryville, just outside San Francisco.
The dispensary is located in a young professional hub of the East Bay, between Oakland and Berkeley. The City of Emeryville is home to the national headquarters of numerous corporations including Pixar Animation Studios, Peet’s Coffee & Tea, Jamba Juice and Cliff Bar. The store is expected to open in 2019 and will be located at 3996 San Pablo Avenue, across the street from the Bay Street Emeryville Shopping Center, which features more than 50 businesses with over 450,000 square feet of retail space.
“California is the world’s largest legal cannabis market,” said Adam Bierman, MedMen chief executive and co-founder. “We are very proud of the footprint we’ve already established in our home state and look forward to expanding our reach to all corners of the Golden State, starting with our first store in Northern California.”
MedMen, based in Los Angeles, currently operates eight dispensaries in Southern California. The Emeryville dispensary is located in the commercial heart of the East Bay. It is positioned at the intersection of three major interstate highways that see over 600,000 daily commuters from Oakland, Berkeley, San Francisco and other cities.
As consideration for the acquisition, the Company will pay a combination of cash at closing and shares of MedMen Enterprises, Inc. in an undisclosed amount*. The transaction is expected to close within 90 days of signing and is subject to customary closing conditions.