Business

MedMen’s Sells off Its Florida Assets for $63M to Green Sentry Holdings

The Florida acquisition comes as MedMen looks to pare back it multi-state operations.

Published

3 years ago

August 30, 2022

Brad Cheng

MedMen’s dispensary in St. Petersburg, FL was among 14 stores acquired by Green Sentry Holdings as MedMen shed its holdings there in an attempt to regain its financial footing. Green Sentry has begun rebranding itself. as “Sunburn Cannabis” in Florida. PHOTO MEDMEN

Green Sentry Holdings, a Fort Lauderdale, FL-based private cannabis operator, and Los Angeles-based MedMen announced the completion of Green Sentry’s acquisition of MedMen’s Florida assets for $63 million on Friday.

“We are pleased to announce the successful completion of this deal, particularly given the challenging economic environment we are operating in,” says Ed Record, MedMen’s CEO.

The cash deal includes almost all of MedMen’s Florida-based assets, including its Florida medical marijuana license, a portfolio of 14 dispensaries and MedMen’s Eustis, FL., cultivation and processing facility. The agreement also includes the license of MedMen’s trademarks in the state.

The purchase comes as MedMen is paring back it multi-state operations. After the sale of its Florida business, the cannabis retailer now maintains an operational footprint in California, Nevada, Illinois, Arizona, Massachusetts and New York.

Last February, MedMen began negotiations to sell its New York assets to Ascend Wellness of New York City. Ascend’s founder and CEO Abner Kurtin broke off the deal earlier this month, after a more than a year of litigious battles over the sale.

MedMen locations in Fort Lauderdale, Orlando, Pensacola, St. Petersburg, West Palm Beach, and Tallahassee reopened under Green Sentry’s management on Friday.

“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,” adds Record of MadMen.

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