MedMen Enterprises Inc., a cannabis company with operations across the United States, has announced that it has entered into definitive agreements to sell its non-core business operations in Arizona and certain assets in Nevada to an affiliate of Mint Cannabis, a private multi-state cannabis operator headquartered in Arizona.
The transactions consist of the sale of MedMen’s wholly-owned operating subsidiary in Arizona (MedMen’s Scottsdale dispensary and Mesa cultivation facility) and its two operating dispensaries located in Clark County, Nevada. These sales are the result of MedMen’s previously announced strategic review and evaluation of divestiture opportunities of its non-core assets. The transactions are subject to customary closing conditions, including, among others, the receipt of applicable regulatory approvals.
“We are excited to expand our portfolio of flagship dispensaries through the acquisition of MedMen’s Scottsdale Talking Stick dispensary and Mesa cultivation facility, along with establishing our vertical presence in Nevada through the addition of two premium Las Vegas dispensaries. Mint Cannabis is pleased to have reached an agreement with MedMen and has strong ambitions to continue to build our footprint through both organic and strategic growth across various key markets in the US,” said Eivan Shahara, Mint Cannabis’ co-founder and CEO.
Mint Cannabis currently has six dispensaries in Arizona, and the MedMen dispensary will become Mint’s seventh dispensary.