MedMen plans to open its third Las Vegas marijuana dispensary just off the Strip next year as part of an aggressive, $50 million Nevada investment plan.
Daniel Yi, vice president of corporate communications, said the MedMen store will be one of its largest locations in the U.S. The company has 18 retails stores in the U.S. including one in Beverly Hills and on Fifth Avenue in New York City.
MedMen opened its first Las Vegas store earlier this year and its second opened Saturday. The Los Angeles-based company is rushing to build a significant presence in Las Vegas, which promises to be one of the nation’s top marijuana markets for both sales and exposure. Other leading marijuana brands won’t be far behind in jumping into the local market, said John Laub, president of Las Vegas Medical Marijuana Association.
“We are still in the early stages of this trend. MedMen is one of the first to enter Las Vegas, but we will see more brands in the coming years,” said Laub.
MJardin, a leading marijuana company based in Denver, is seeking to buy a dispensary license in Las Vegas, Executive Chairman Rishi Gautam told the Review-Journal. MJardin already has a facility for cultivation and production near Nellis Air Force Base.
Publicly traded marijuana companies like MedMen and MJardin will lead the acquisition of expensive Las Vegas licenses because they have raised significant financing from investors, said Laub. A Las Vegas marijuana dispensary can cost as much as $20 million, said Laub.
Yi said MedMen has raised $325 million since 2016, and the company currently has a market capitalization of about $1.6 billion, based on the price of its shares trading on the Canadian exchange. MJardin will list its shares in Canada by the end of November.
Nevada dispensaries sold