MedMen Enterprises Inc (OTC:
MMNFF), a cannabis
retailer with operations across the United States, announced Thursday
evening an agreement to buy MattnJeremy Inc, LLC, also known as
One Love Beach Club from its current owner the Abrams Family for
One Love, set up in 2009, is located in Long
Beach. It generated gross revenue of $6 million and unaudited
EBITDA margin of about 29 percent.
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The acquisition enhances MedMen's California
footprint, through the addition of a premier location strategically
located between its Santa An and LAX locations. The company expects
the deal to close within 45 days, subject to regulatory approvals
by local and state authorities and other customary closing
"We're excited to welcome Long Beach to the
MedMen family and continue our growth in the most important
cannabis market in the world," said Adam Bierman, MedMen CEO.
Recently, MedMen reported 22 percent revenue
growth to $33.6 million in the fiscal third quarter.
The stock closed Thursday at $2.05 per share.
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