MedMen Enterprises Inc. today announced that it has signed a definitive agreement with WhiteStar Solutions to acquire control of Monarch, a Scottsdale dispensary, and its cultivation and processing operations through the acquisition of Omaha Management Services. In addition, MedMen will acquire from WhiteStar their exclusive co-manufacturing and licensing agreements with Kiva, Mirth Provisions and HUXTON in Arizona.
“Our strategy has been to establish our brand in the primary markets of California, Nevada and New York,” said Adam Bierman, MedMen chief executive and co-founder. “We have a leading presence in those primary markets and we are now ready to expand our reach. Arizona, with its robust medical marijuana program and connectivity to California and Nevada where our brand is already strong, makes this a great fit.”
Founded in 2013, Monarch is known for exceptional patient service, commitment to marijuana education and innovative operational concepts. Monarch was the first dispensary to break ground in Scottsdale and has a run rate revenue of over $10 million.
In addition to the dispensary, Monarch is licensed to operate a 20,000-square-foot cultivation and manufacturing facility in Mesa. As one of the top wholesalers in the Arizona market, Monarch distributes branded products to over 60 dispensaries in Arizona.
As consideration for the acquisition, the Company will pay approximately 80 percent in stock and 20 percent in cash. The stock consideration will be satisfied by way of issuance of shares of MedMen Enterprises, Inc.
The transaction is expected to close within 90 days and is subject to customary closing conditions.