Green Sentry Holdings, LLC acquired MedMen’s (OTC: MMNFF) Florida stores and a greenhouse for $63 million. The closing was funded with the proceeds of a non-brokered equity raise and a $30 million debt facility from a private lender, the company said.
The final closing price serves as a loss for MedMen, who originally agreed to sell the grow facility for $83 million. The cash deal includes all of MedMen’s Florida-based assets, including a medical marijuana treatment center license, 14 dispensaries and a 30,000 square foot cultivation and processing facility.
Green Sentry said its team has been renovating the Eustis greenhouse since March and that edibles production is expected to launch in the coming months. MedMen locations will all reopen under Green Sentry’s management and new pricing will be unveiled as well.
“As a team, we are beyond excited to re-enter the Florida market, where we have built a presence and a reputation for honoring the plant,” said CEO and founder Brady Cobb.”We have proven to the market previously that a Florida-focused company can produce the highest quality flower and concentrates, and now we are bringing our products to consumers via 14 of the best retail sites in Florida.”
Additionally, Green Sentry will launch Sunburn Cannabis in addition to the ongoing expansion of the company’s