Saturday, July 13, 2024

MedMen Buys New York Medical Marijuana Company

MedMen, a Los Angeles-based cannabis management and investment firm, announced that it has acquired Bloomfield Industries, Inc., one of only five Registered Organizations licensed to operate a medical marijuana business in the State of New York.

The acquisition provides MedMen with the opportunity to apply its operational expertise and institutional best practices to one of the largest potential medical marijuana markets in the country.

Adam Bierman, CEO of MedMen / Photo by Daniel Yi, courtesy of MedMen

The transaction occurred through a sale of Bloomfield Industries’ capital stock, thereby allowing Bloomfield Industries to remain as the Registered Organization under the New York State Public Health Law.

Since October of 2016, MedMen has been working with Bloomfield Industries to help streamline operations, improve production capabilities and provide a better overall patient experience.

MedMen’s post transaction plan includes the development of a state-of-the-art cultivation and production facility in Utica, as well as applying MedMen’s industry-leading retail model to Bloomfield’s current three pharmacies in Syracuse, Buffalo and Lake Success.

Bloomfield Industries also intends to roll out a new pharmacy in Manhattan, making it one of only two medical marijuana pharmacies operating in the city.

“New York is critical to our broader strategy,” said Adam Bierman, co-founder and chief executive officer of MedMen. “We are talking about the fourth most populous state in the country and home to one of the largest, most densely populated cities in the world. We have the opportunity to serve roughly a fifth of that market, perhaps more and we are very excited about this opportunity.”

For more cannabis business coverage, visit the MJ News Network.  

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