MedMen Enterprises Inc. has acquired PharmaCann, one of the largest medical cannabis providers in the U.S., for $682 million, making it the largest acquisition in history of the budding cannabis industry.
Combined, the companies have cannabis licenses in 12 states and operate 79 cannabis facilities. MedMen, which had licenses in California, Nevada, New York, Illinois, Arizona and Florida, gains licenses in Massachusetts, Maryland, Michigan, Virginia, Ohio and Pennsylvania.
After acquiring Oak Park-based PharmaCann, MedMen will have 66 retail stores and 13 cultivation and production facilities.
“This is a transformative acquisition that will create the largest U.S. cannabis company in the world’s largest cannabis market,” said Adam Bierman, MedMen’s chief executive officer and co-founder. “This would not have been possible even two years ago and is a testament to how far both the industry and these two companies have evolved. PharmaCann’s leadership has built a world-class organization, and we are excited about the value this transaction is creating for shareholders.”