LOS ANGELES–(BUSINESS WIRE)–MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX: MMNFF) today announced its expansion into Florida with the opening of a retail location in West Palm Beach at 539 Clematis Street. MedMen expects retail locations in Key West and Orlando to follow.
Florida is the third most populous state with a robust medical cannabis program serving over 200,000 qualified patients. Of the 15 new locations MedMen plans to open across the U.S. in 2019, 12 will be in Florida, where the Company is licensed for up to 35 retail locations.
“MedMen looks forward to serving Florida’s medical marijuana patients with a consistent, professional and elevated dispensary experience that is the hallmark of MedMen retail,” said Co-founder and Chief Executive Officer Adam Bierman.
MedMen will offer a selection of over 53 products, including MedMen’s own suite of in-house brands: [statemade], LuxLyte and MedMen that cater to specific patient needs.
Results from a recent MedMen survey revealed the need for patient cannabis education. In this survey of over 3,000 current and potential cannabis users conducted by quantitative research firm Smith Geiger, results showed Floridians are excited about the potential for cannabis in their state: 88 percent agree there are significant therapeutic benefits to cannabis and 75 percent believe cannabis has the potential to positively change lives. However, only 27 percent feel well educated regarding cannabis and more than 20 percent of potential buyers don’t feel sufficiently informed to choose the correct product in a dispensary. More than 10 percent of the sample was Florida residents.
“Our research shows many patients in Florida feel they need guidance when they walk into a dispensary. As we expand patient access to the benefits of cannabis, our goal is to help educate our customers before they buy,” said Nick Hansen, MedMen’s director of government affairs for the Florida region. “When a patient enters a MedMen store they will be immediately welcomed by highly-trained staff ready to answer every question and helping them find the best product for their needs.”
MedMen store associates undergo rigorous and comprehensive training. Additionally, MedMen employees immerse themselves in the local community by personally introducing the brand to local businesses and residents. The Company supports local and statewide community groups, such as The Chamber of Commerce of the Palm Beaches and Epilepsy Florida.
“Before day one, MedMen has already shown its commitment to the community and we’re thrilled to welcome them to West Palm Beach,” said Dennis Grady, chief executive officer of The Chamber of Commerce of the Palm Beaches. “Now that MedMen has opened its doors, patients in our community will have greater accessibility to the high-quality services and products that they deserve.”
MedMen’s 7,550 square-foot West Palm Beach location is located at 539 Clematis Street, West Palm Beach, FL 33401. Store hours are 8:00 a.m. – 9:00 p.m.
MedMen is the most recognizable cannabis retailer in the U.S. known for the high design aesthetic and welcoming environment of its iconic stores. It has received numerous awards, including being recognized as “Best Cannabis Dispensary” by West Hollywood Magazine and OC Weekly, a top-10 dispensary in Los Angeles by High Times, a top-10 store in New York by Chain Store Age, GreenState’s leading dispensary for “Excellence in Services,” and one of Green Entrepreneur’s 100 Cannabis Leaders in 2018. Additionally, MedMen was recognized for its positive economic impact in Clark County, Nevada, which declared October 8 as “MedMen Day.”
MedMen is a cannabis retailer with operations across the U.S. and flagship stores in Los Angeles, Las Vegas and New York. MedMen’s mission is to provide an unparalleled experience that invites the world to discover the remarkable benefits of cannabis because a world where cannabis is legal and regulated is a safer, healthier and happier world. Learn more at www.medmen.com.
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only MedMen’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of MedMen’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include, but is not limited to, information concerning the contemplated use of proceeds of the Offering.
By identifying such information and statements in this manner, MedMen is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of MedMen to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, MedMen has made certain assumptions.
Among others, the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: inability to locate suitable acquisition targets; delays in opening new or renovating existing retail locations; higher than expected costs to construct, renovate and operate retail locations; delays in opening new or expanding existing cultivation and production facilities; higher than expected costs to construct, expand and operate cultivation and production facilities; adverse changes in the public perception of cannabis; changes in consumer demand for cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets in which the Company operates; adverse changes in applicable laws; adverse changes in the application or enforcement of current laws, including those related to taxation; increasing costs of compliance with extensive government regulation; changes in general economic, business and political conditions, including changes in the financial markets and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; risks related to licensing, including the ability to obtain the requisite licenses or renew existing licenses for the Company’s proposed operations; dependence upon third party service providers, skilled labor and other key inputs; risks inherent in the agricultural and retail business; intellectual property risks; risks related to litigation; dependence upon senior management; and other risks disclosed in the Company’s public filings including its short form prospectus dated November 28, 2018 (including the documents incorporated by reference therein). Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
Although MedMen believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. Key assumptions used herein are that the market for acquisition targets does not materially change and that development costs remain consistent with budgets. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and MedMen does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to MedMen or persons acting on its behalf is expressly qualified in its entirety by this notice.
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