Los Angeles-based cannabis aggregation MedMen Enterprises Inc (CSE:MMEN; OTCQB:MMNFF) cut a deal Tuesday with WhiteStar Solutions LLC to access ascendancy of Monarch, an Arizona-based accountant medical-cannabis authorization holder with dispensary, agronomics and processing operations through Omaha Management Services LLC.
will additionally access WhiteStar’s absolute co-manufacturing and licensing agreements with Kiva, Mirth Provisions and Huxton for the accompaniment of Arizona.
“Our action has been to authorize our cast in the primary markets of California, Nevada and New York,” said MedMen Enterprises co-founder and CEO Adam Bierman in a statement.
“We accept a arch attendance in those primary markets and we are now accessible to aggrandize our reach. Arizona, with its able-bodied medical marijuana affairs and connectivity to California and Nevada area our cast is already strong, makes this a abundant fit,” he added.
Arizona is one the better medical marijuana markets in the United States with added than 172,000 patients. It additionally represents one of the beyond addressable adult-use markets in the US. A election admeasurement to approve adult-use almost absent in 2016 and is accepted to acknowledgment in 2020.
Founded in 2013, Monarch is amid the top medical marijuana dispensaries in the country. It is the aboriginal cannabis berth in Scottsdale in Arizona with acquirement of over $10 million.
In accession to the medical marijuana dispensary, Monarch is accountant to accomplish a 20,000-square-foot agronomics and accomplishment ability in Mesa, Arizona. As one of the top wholesalers in the Arizona market, Monarch distributes branded articles to over 60 dispensaries in the state.
will pay about 80% in banal and 20% in banknote for ascendancy of Monarch. The transaction is accepted to aing aural 90 canicule and is accountable to accepted closing conditions.
The anew accessible already operates 18 cannabis accessories in California, Nevada and New York.
Shares of the Los Angeles-based aggregation bankrupt about 5% up to $4.06 Monday.
Contact Uttara Choudhury at [email protected] Follow her on : @UttaraProactive
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