Multistate cannabis operator MedMen Enterprises Inc. has announced plans to sell its Florida assets while agreeing to license its trademarks in the state for a limited time.
The company will sell its medical cannabis license, dispensaries, inventory and cultivation operations to Florida-based Green Sentry Holdings for $83 million, according to a press release.
MedMen has also agreed to license its trademarks in the state for a two-year period for a quarterly, revenue-based fee.
“As MedMen continues to transform its business model and position itself for future growth, our go-forward strategy is going to include an asset-light model that enables us to leverage the power and strength of the MedMen brand,” said MedMen’s chairman and interim CEO, Michael Serruya, in a public statement. “We feel confident this model will deliver strong financial results and opportunities for growth across many states and will continue to identify trademark licensing opportunities that will introduce the MedMen brand and retail experience to other markets across the United States and internationally.”
The transaction is expected to close in late April or early May, pending regulatory approval.
