MedMen Enterprises announced a definitive agreement with WhiteStar Solutions to obtain control of medical cannabis assets in Arizona.
MedMen Enterprises (CSE:MMEN) announced a definitive agreement with WhiteStar Solutions to obtain control of medical cannabis assets in Arizona.
As quoted in the press release:
MedMen Enterprises today announced that it has signed a definitive agreement (the “Agreement”) with WhiteStar Solutions LLC (“WhiteStar”) to acquire control of Monarch, a Scottsdale, Arizona-based licensed medical cannabis license holder with dispensary, cultivation and processing operations through the acquisition of Omaha Management Services, LLC. In addition, MedMen will acquire from WhiteStar their exclusive co-manufacturing and licensing agreements with Kiva, Mirth Provisions and HUXTON for the state of Arizona.
In addition to the medical marijuana dispensary, Monarch is licensed to operate a 20,000-square-foot cultivation and manufacturing facility in Mesa, Arizona. As one of the top wholesalers in the Arizona market, Monarch distributes branded products to over 60 dispensaries in the state.
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.