According to a company press release, MedMen will assume ownership and licensed operation of the New Amsterdam dispensary located at 823 3rd Street. The store will be remodeled and rebranded with MedMen’s signature design. A grand reopening is planned for mid-July.
Internationally renowned as a major resort city and entertainment capital, Las Vegas ranks as one of the world’s most visited tourist destinations, with an average 40 million visitors annually. The city’s downtown area has been going through a much-touted renaissance in recent years. Nevada is one of the fastest growing state-sanctioned marijuana markets in the country.
According to the Nevada Department of Taxation, cannabis accounted for about $386 million of the total statewide taxable sales for the period of July 2017 through March 2018, about 19.3 percent of the state’s growth in taxable sales compared to the same period last year.
A leading cultivator, producer and retailer of state-sanctioned cannabis in the U.S., MedMen has a total of three stores currently planned for Las Vegas, including one on Paradise Road, near the Hard Rock Hotel and the Las Vegas International Airport, which won county approval recently. Operating in California, Nevada and New York, MedMen recently announced its expansion into a fourth key market, Florida, through a proposed acquisition of dispensary and cultivation assets from Treadwell Simpson Partnership and affiliates.