As a growing number of states in the U.S. legalize medical or recreational marijuana usage, cannabis companies are currently focused on raising awareness of benefits to consumers with chronic conditions.
Today MedMen Enterprises Inc. (CSE: MMEN; OTCQX: MMNFF) announced a partnership campaign that will see the 10% of the proceeds from the company’s new West Palm Beach storefront going to Epilepsy Florida throughout July.
That non-profit organization oversees a variety of services and programs for Florida residents who suffer from epilepsy, including education initiatives, support group meetings, medical referrals, and psychological care.
MedMen is entering the newly legalized Florida market with a ribbon-cutting ceremony to be held in West Palm Beach on July 9 that will include appearances by local government officials and a ribbon design by local artist Eduardo Medieta.
In addition to that first location, the company is gearing up to open an estimated 12 Florida dispensary sites by the end of 2019. Aside from those 12 locations that are in various stages of progress, MedMen has licenses in hand for up to 35 total stores across the state.
That growth will be funded in part through an $80 million tranche the company raised via an investment from Gotham Green Partners earlier this year.
MedMen’s Florida Director of Government Affairs Nick Hansen commented on the newly announced partnership with Epilespy Florida:
Partnerships with advocacy groups are becoming a staple of the licensed cannabis industry as companies seek to put a spotlight on how legalization efforts will help patients, various marginalized groups, and even veterans seeking employment after leaving the military.
Canopy Growth (TSX: WEED; NYSE: CGC) for instance began working alongside the Canadian Arthritis Society back in April, while Curaleaf Holdings (CSE: CURA; OTCQX: CURLF) launched a partnership with the Veterans Cannabis Project advocacy group in March.
Groups with chronic conditions are currently driving cannabis and CBD product sales in the U.S., with baby boomers in particular responsible for a rise in purchases to deal with ailments such as pain, PTSD, and anxiety.
The opinions provided in this article are those of the author and do not constitute investment advice. Readers should assume that the author and/or employees of Grizzle hold positions in the company or companies mentioned in the article. For more information, please see our Content Disclaimer.
