MedMen Enterprises Inc MMNFF, a cannabis retailer with operations across the United States, announced Thursday evening an agreement to buy MattnJeremy Inc, LLC, also known as One Love Beach Club from its current owner the Abrams Family for $13 million.
One Love, set up in 2009, is located in Long Beach. It generated gross revenue of $6 million and unaudited EBITDA margin of about 29 percent.
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The acquisition enhances MedMen's California footprint, through the addition of a premier location strategically located between its Santa An and LAX locations. The company expects the deal to close within 45 days, subject to regulatory approvals by local and state authorities and other customary closing conditions.
"We're excited to welcome Long Beach to the MedMen family and continue our growth in the most important cannabis market in the world," said Adam Bierman, MedMen CEO.
Recently, MedMen reported 22 percent revenue growth to $33.6 million in the fiscal third quarter.
The stock closed Thursday at $2.05 per share.
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