Thursday, June, 13, 2024 11:29:26

United States-based cannabis company, MedMen Enterprises Inc. has recently announced signing of a definitive agreement to acquire Viktoriya’s Medical Supplies LLC dba Buddy’s Cannabis, a microbusiness license company entitling retail, distribute, cultivate and manufacturing of cannabis onsite in San Jose, California.

Sources suggest that the announced acquisition would mark as MedMen’s second retail store in Northern California, eventually expanding the firm’s footprint in the thriving region.

As per Adam Bierman, CEO and Co-founder of MedMen Enterprises, the firm will continue to expand its market share in California, the largest and most advanced cannabis market in the world. In addition, MedMen’s will focus towards extending its market reach by going deeper into the market where the firm already holds presence and brand equity, Bierman said.

Viktoriya’s Medical dispensary is a two-story building located in San Jose, CA, the largest city in Northern California and the tenth most populous in the United States. With its operations in the vast market, Viktoriya’s is expected to serve as an initial hub for MedMen’s Northern California platform, cite sources.

For the record, MedMen Enterprises is a leading cannabis company in the Los Angeles, U.S. with assets and operations across the country that bring expertise and capital to the cannabis industry. Moreover, the firm is one of the nation’s largest financial supporters of progressive marijuana laws.

Incidentally, San Jose, home to hundreds of start-ups and globally renowned technology companies, has been touted to be an ideal location for the firm’s growth.

Reportedly, since becoming a public company in 2018, MedMen has executed on its stated acquisition strategy. Including pending acquisitions, MedMen now has licenses for 67 retail stores and 14 cultivation and production facilities across the U.S.

Sources close to the deal state that an all-cash transaction regarding the deal is expected to close within 90 days of signing, subject to customary closing conditions and regulatory approvals.