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MedMen to Acquire PhramaCann to Expand Presence in US
Thursday 27 December 2018

27 December 2018 - California, US-based cannabis company MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) (FSE: A2JM6N) has entered into a business combination agreement to combine with Chicago, US-based cannabis company PharmaCann, LLC, the company said.
Financial terms of the transaction were not disclosed.
Under the business combination agreement, a newly formed holding company (New MedMen) will acquire all of the securities of PharmaCann in exchange for subordinate voting shares of New MedMen and all of the class B subordinate voting shares of MedMen in exchange for New class B Shares on a one for one basis.
The acquisition doubles the number of states where MedMen has licenses to 12.
The resulting pro-forma Company (including pending acquisitions by MedMen) is anticipated to have a portfolio of cannabis licenses across the US that will permit the combined company to operate 76 retail stores and 16 cultivation and production facilities.
PharmaCann currently operates 10 retail stores and three production facilities across multiple states, including New York, Maryland and Massachusetts, and in Illinois, where it is the largest holder of medical cannabis licenses.
MedMen Enterprises has assets and operations across the country. MedMen brings expertise and capital to the cannabis industry and is one of the nation's largest financial supporters of progressive marijuana laws.
PharmaCann, LLC operates in multiple states including Illinois, Maryland, Massachusetts and New York, with other locations in development including Michigan, Ohio, Pennsylvania and Virginia.
Date Published: 27/12/2018
Target: PharmaCann, LLC
Country: USA
Sector: Wholesale/Retail
Type: Corporate acquisition
Financing: Stock
Status: Agreed
Buyer: MedMen Enterprises
Terms of the deal were not disclosed