Subject to regulatory approval, the asset sale of MedMen to MINT Cannabis in Nevada is set to be finalized. The cannabis firm operates in several states including California, Illinois, Massachusetts, and New York.
Last year, MedMen Enterprises revealed its plan to undergo a strategic review and sell non-core assets to MINT Cannabis. In a news release dated December 20, 2023, both companies announced they had entered into agreements for the sale of non-core business operations in Arizona and other assets in Nevada to an affiliate of MINT Cannabis. According to this news release, MINT Cannabis disclosed that the transaction includes the previously mentioned wholly-owned operating subsidiary in Arizona and two operating dispensaries in Nevada.
"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," stated Shahara, co-founder and CEO of MINT Cannabis, in the December 20, 2023 news release.
A news release on January 5 noted that ATB Capital Markets served as the financial advisor during this process. Raines Feldmen Littrell LLP acted as legal advisor to MedMen while CLD Advisory was a financial advisor for MINT Cannabis.
"We are pleased to announce the closing of the sale of our business operations in Arizona. As previously stated, the divestiture of non-core operations enables the Company to optimize our go-forward operational footprint," said Harrison, CEO of MedMen, in a January 5 news release announcing the cessation of MedMen activity in Arizona.
Mint Cannabis has its headquarters located in Guadalupe, Arizona and is ranked as the third largest cannabis dispensary in the country, as per co-founder and CEO Shahara’s biography on The Mint Cannabis’ website. Shahara co-founded the company in 2016 after securing an Arizona license and subsequently entered the medical marijuana industry.