MedMen has closed a deal with global venture capital firm Cap-Meridian Ventures LTD (CMV). CMV has invested approximately USD15 million into MedMen.
MedMen continues to rapidly expand its footprint in California on the heels of AB 243 and 266 (MMRSA) with a fully integrated presence.
"We are excited with the progress we have made deploying our platform into new markets over the last few years. That being said, California is our backyard and the most important cannabis market in the world. This infusion is one of the first steps in a series of deals we will be announcing in the coming weeks that we believe provides us a tremendous advantage as we look to firmly cement ourselves as the leader of management services in the state," says MedMen CEO Adam Bierman.
In a joint statement issued by MedMen and CMV, both groups were hopeful about the future of marijuana investment: "Traditionally, it has been hard to raise seven figure sums in this industry, let alone eight figures. We are hopeful that the perception of this industry is shifting, allowing more capital and resources to be deployed into the space. Both sides are excited for a fruitful and long term partnership, building an institutional-quality company that will shape the future of the marijuana industry."
