Expanding out from the company’s California home base, MedMen Enterprises Inc. (CSE: MMEN; OTCQX: MMNFF) is gearing up to open a fourth Florida storefront to operate in the state’s medical cannabis program.
After a first West Palm Beach store was opened back in June, MedMen is now rapidly launching three additional dispensaries this week:
- Key West – opening Thursday, Sept. 26
- Pensacola – opening Friday, Sept. 27
- St. Petersburg – open today
MedMen had also previously worked with the West Palm Beach and St. Petersburg communities through a partnership with non-profit organization Epilepsy Florida back in July.
During that collaboration, a portion of company proceeds during the month went towards funding education initiatives, support group meetings, and psychological care for epilepsy patients.
Commenting on the 260,000 patients currently enrolled in the state’s medical cannabis program and the ability of local stores to attract clients in tourist hubs, Chief Executive Officer Adam Bierman had this to say:
The company’s new locations will face competition from established operators in the sector such as Trulieve Cannabis Corp (CSE: TRUL; OTCQX: TCNNF), which primarily operates in Florida.
Other licensed multi-state producers such as Green Thumb Industries (CSE: GTII; OTCQX: GTBIF) and Curaleaf Holdings (CSE: CURA; OTCQX: CURLF) have also recently opened dispensaries in the state as the number of medical card holders continued to steadily increase throughout the summer.
In other MedMen news, the company is preparing to finalize the long-gestating acquisition of PharmaCann, which was delayed by a secondary request for additional information from the U.S. Department of Justice Antitrust Division.
With both companies responding to that request and the designated waiting period now complete, the acquisition is due to close in December.
If the PharmaCann buyout deal is completed without any further delay, the acquisition will see MedMen gaining a significant foothold in Illinois, Maryland, Massachusetts, and New York operations, with additional dispensaries pending opening in Pennsylvania and Virginia.
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