Monarch dispensary in Scottsdale has officially opened under MedMen’s management, and will eventually be rebranded as a MedMen store. In October, MedMen announced it had signed an agreement to acquire control of the dispensary and other assets.
“As we look to operationalize the acquisitions we have made in recent months, our team has focused on timely and seamless transitions,” said Adam Bierman, MedMen chief executive and co-founder. “From the signing of the letter of agreement in October to opening our first dispensary in Arizona, we have been able to activate in a matter of weeks. It is testament to the quality of our team and I couldn’t be prouder of our staff.”
The acquisition of Monarch also included the acquisition of co-manufacturing and licensing agreements in Arizona for the marijuana brands Kiva, Mirth Provisions and HUXTON.
Monarch was the first dispensary to break ground in Scottsdale. In addition to the dispensary, MedMen now operates a 20,000-square-foot cultivation and manufacturing facility in Mesa, which currently distributes branded products to over 60 dispensaries in the state.
MedMen paid approximately 80% in stock and 20% in cash for the assets. The stock consideration will be satisfied by way of issuance of shares of MedMen Enterprises, Inc.