Top cannabis retailer MedMen is expanding its footprint in the Florida market with the opening of its first Miami office. Currently, MedMen has five locations in the Sunshine State, with 26 stores open nationwide, according to a spokesperson for the firm.
The launch of MedMed South Beach could be a significant boon for Florida’s thriving medical marijuana market. State Senator Jason Pizzo certainly thinks so. In a public statement, Pizzo hailed MedMen’s new Miami location as “it is important that the people of our community with significant illnesses, such as PTSD and chronic pain, have access to medical cannabis.”
Also joining the copious praise is Karen Basha Egozi, president and CEO of Epilepsy Florida. She expressed her gratitude for MedMen’s Florida’s expansion while launching the company’s “commitment to providing education on the medicinal effects of cannabis and its potential benefits to the epilepsy community.”
voted to legalize medical marijuana; however, the will of the voters was reversed in 2017 when then Governor Rick Scott signed into law a measure banning marijuana smoking in all forms. The ban was overturned in March 2019 when Governor Ron DeSantis repealed it.
Founded in 2010, MedMen has stores in California, Nevada, Illinois, Arizona, Massachusetts and Florida. Its stock trades on the Canadian Securities Exchange under the ticker symbol “MMEN.” For its fourth quarter and fiscal year ending June 29, 2019, the company recorded a full year of revenue of $130 million, up 227% year over year.
Like so many other businesses, MedMen’s finances took a hit in 2020 as a result of the pandemic. For the fourth quarter and fiscal year ended June 27, 2020, net revenue across MedMen’s operations in California, Nevada, New York, Illinois and Florida was $27.4 million for the fourth quarter, down 40% sequentially, primarily due to the impact