MedMen are making the right moves to develop further as the local councils are in favour of granting them licenses
MedMen Enterprises Inc (CSE: MMEN), a leading cannabis retailer with operations across the U.S., today announced corporate updates related to retail licenses in California and Massachusetts. The Company currently has 25 retail stores that are in operation across California, Nevada, Illinois, Florida, New York and Arizona.
West Hollywood: On August 3, 2020, the City Council of West Hollywood ("City Council") adopted an urgency ordinance to create a new "Legacy Cannabis Business License" which will permanently allow for both medical and adult-use sales of cannabis by MedMen West Hollywood and the three other pre-existing medical operators, bringing the collaborative efforts between the City of West Hollywood and other related parties to a final resolution. The Company had previously announced on October 28, 2019, that the City Council passed an ordinance to extend the Company's temporary recreational license until January 1, 2021.
Boston: On August 6, 2020, the Massachusetts Cannabis Control Commission voted in favour of granting MedMen Boston, LLC, a subsidiary of the Company, a provisional adult-used license for its proposed flagship retail location near Fenway Park. A final license for this location is subject to meeting various conditions prior to opening, which is expected to occur in 2021.
The positive licensing developments in West Hollywood and Boston are a result of the Company's commitment to meaningful engagement with local regulators and the communities we are privileged to serve Ben Rose MedMen Executive Chairman
Mr Rose went on to say "We continue forward momentum as we execute on our turnaround plan, strengthen our retail footprint and improve four-wall economics. Through our focus on retail, we have made significant progress in optimizing our business model and improving our presence as partners and neighbours in our locations as we expand the MedMen brand in existing and new markets across the U.S."
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