CALIFORNIA: MedMen Enterprises announced that it has signed a definitive agreement to acquire Viktorya’s Medical Supplies LLC d/b/a Buddy’s Cannabis; a micro-business license entitling the Company to retail, distribute, cultivate and manufacture cannabis onsite in San Jose, California. This will be MedMen’s second retail store in Northern California.
“MedMen continues to expand its market share in California, the largest and most advanced cannabis market in the world,” said Adam Bierman, MedMen’s chief executive and co-founder. “Our next phase of growth will be focused on going deeper in the markets where we already have a presence and brand equity.”
The dispensary is a two-story building located in San Jose, the largest city in Northern California and the tenth most populous in the United States. This location will serve as the initial hub for the Company’s Northern California platform. San Jose resides in the booming Silicon Valley, home to hundreds of start-ups and global technology companies.
Since becoming a public company in May 2018, MedMen has executed on its stated acquisition strategy. Including pending acquisitions, MedMen now has licenses for 67 retail stores and 14 cultivation and production facilities across the US.
The all-cash transaction is expected to close within 90 days of signing and is subject to customary closing conditions and regulatory approvals.