MedMen Expands Florida Footprint With New Miami Office

A MedMen logo on a mobile phone. (Photo illustration by Pavlo Gonchar / SOPA Images / LightRocket via … [+] Getty Images)

SOPA Images / LightRocket via Getty Images

Top cannabis retailer MedMen expands its presence in the Florida market with the opening of its first office in Miami. According to a company spokesman, MedMen currently has five locations in the Sunshine State. 26 shops are open nationwide.

The launch of MedMed South Beach could be a major boon to Florida’s thriving medical marijuana market. State Senator Jason Pizzo is convinced of this. In a public statement, Pizzo hailed MedMen’s new location in Miami as “It is important that people in our community with serious illnesses such as PTSD and chronic pain have access to medical cannabis”.

Karen Basha Egozi, President and CEO of Epilepsy Florida will also be there. She thanked MedMen for expanding in Florida while starting the company’s “commitment to educating people about the medicinal effects of cannabis and its potential benefits to the epilepsy community.”

MedMen South Beach offers classic and exotic types of flowers, pre-rolls, vaporizers and edibles from the well-known house brands MedMen and Luxlyte. Mary’s Medicinals, Dixie, and Mindset Vaporizers will hit the market in the coming months.

Chairman and CEO Tom Lynch was very optimistic about the new MedMen location. “While overall we faced some COVID-19-related challenges in California,” he said, “we have seen significant gains in Florida during the pandemic as we dramatically improve the quality of our product and better serve and connect with our patients to have.”

The Sunshine State has a checkered history of medical marijuana. In 2016, Florida voted to legalize medical marijuana. However, voters’ will was reversed in 2017 when Governor Rick Scott signed a measure banning all forms of smoking marijuana. The ban was lifted in March 2019 when Governor Ron DeSantis lifted it.

MedMen was founded in 2010 and has businesses in California, Nevada, Illinois, Arizona, Massachusetts, and Florida. The stock is traded on the Canadian Stock Exchange under the ticker symbol “MMEN”. For the fourth quarter and fiscal year ended June 29, 2019, the company had total annual revenue of $ 130 million, an increase of 227% year over year.

Like so many other companies, MedMen’s finances were hit by the pandemic in 2020. For the fourth quarter and fiscal year ended June 27, 2020, net sales from MedMen’s operations in California, Nevada, New York, Illinois, and Florida were $ 27.4 million for the fourth quarter. This represents a 40% decrease from the previous quarter, mainly due to the impact of COVID-. 19 about the company’s retail business.