Bye bye, MedMen. Florida-based private operator Green Sentry Holdings LLC and parent company High End Holdings, LLC have announced their acquisition of the company, MedMen Enterprises Inc., for $63 million plus the assumption of lease liabilities. Green Sentry’s purchase funding came from the proceeds of a non-brokered equity raise and a $30 million debt facility from a private lender.
The cash deal involves all of MedMen’s Florida assets, which includes a medical marijuana treatment center license, fourteen dispensaries, and a 30,000 square-feet cultivation and processing facility. Green Sentry has been working on the cultivation facility since this March and they expect to launch edible production in the next few months.
All of MedMen’s Florida locations opened today under Green Sentry management for the first time, complete with new price changes. Green Sentry is also preparing to launch Sunburn Cannabis, a Florida-focused brand expected to drop in the fourth quarter of this year.
“As a team, we are beyond excited to re-enter the Florida market, where we have built a presence and a reputation for honoring the plant,” said Brady Cobb, CEO and Founder of Green Sentry.
The completed acquisition comes shortly after Ascend Wellness called off its acquisition of MedMen New York following a long legal battle.