As the first $1 billion cannabis company in the U.S., California-based MedMen, which bills itself as the “Apple Store of weed,” has big plans for expansion. They not only want to expand the number of stores in the U.S., they want to launch weed delivery and in-store pickup this year.
MedMen went public on the Canada Securities Exchange on Tuesday. (U.S.-based weed companies aren’t allowed on either the New York Stock Exchange or Nasdaq, since marijuana is still federally illegal.)
In a regulatory filing in Canada on May 28, MedMen stated it “plans to engage in delivery operations either through the development of its own delivery infrastructure and network or through the use of third-party services focused on the delivery and e-commerce market.”
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The company also added: “An in-store pickup option is currently being developed in-house and will be accessible from MedMen’s website.”
According to Investor’s Business Daily:
The company has stated its plans to offer delivery in other recent filings as well. Daniel Yi, a spokesman for the company, said MedMen has applied for delivery and other new licenses in areas across California. Other details, like where a delivery operation might debut or how it would work, were not available.
The company’s regulatory disclosures in Canada offer a deeper look into its strategy and finances. Medical marijuana is legal in Canada, and recreational legalization is set to take hold this year. The U.S. federal government still prohibits marijuana, even as more states vote to make it legal.
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With 12 stores across New York, California and Nevada, the company says they’re now actively looking to rollout new stores in key markets such as Illinois, Florida, Pennsylvania, New Jersey and Ohio.
According to the Financial Post, “Like many companies in the cannabis space, MedMen’s growth has been extraordinarily rapid. Two years ago the company had only one dispensary, in West Hollywood, and one growing facility, in nearby Sun Valley.”