Cannabis multistate operator MedMen Enterprises finished its exit from the Florida market, having closed the sale of its assets for $67 million, $16 million less than when the sale was announced in February.
According to a release, Los Angeles-headquartered MedMen sold all its Florida cannabis assets including its medical marijuana business license, seven dispensaries, cultivation operations and existing inventory to Green Sentry Holdings. Furthermore, the deal also calls for the licensing of MedMen trademarks in the state to Green Sentry, which is based in Fort Lauderdale, Florida.
The final transaction was for $63 million in cash and another $4 million in liabilities assumed by Green Sentry. The original deal called for Green Sentry to pay $83 million in cash for all of MedMen’s Florida assets. “The sale of MedMen’s Florida assets marks an important step in the company’s restructuring efforts designed to provide greater financial flexibility and a stronger, leaner operating structure and ultimately put us on a path to being EBITDA positive,” MedMen CEO Ed Record said in the release.
