Private Florida cannabis operator, Green Sentry Holdings, today announced the completion of the company's previously announced deal to acquire all of MedMen's Florida assets for a total consideration of $63 million, plus the assumption of lease liabilities.
The purchase was funded with the proceeds of a non-brokered equity raise and a $30 million debt facility from a private lender.
The cash deal includes substantially all of MedMen's Florida-based assets, including a valid medical marijuana treatment center license issued by the Florida Office of Medical Marijuana Use, 14 dispensaries and a cultivation and processing facility with 30,000 square feet of available canopy.
The Green Sentry team has been retrofitting the facility in Eustis, Florida, since March 2022. In the coming months, edibles production is expected to launch.
Green Sentry's cultivation and operations team began working on upgrades to the Eustis Facility in March 2022 and have already seen improvement in flower quality and yields. The facility will soon increase HVAC capabilities; and install concrete floors, rolling benches, supplemental HPS lighting and an optimized fertigation system to further improve the quality of its flower.
Today, MedMen locations in Fort Lauderdale (2949 N Federal Hwy), Miami (550 Collins Ave), Orlando (11551 University Blvd), Pensacola (5048 Bayou Blvd), St. Petersburg (326 5th Ave North), West Palm Beach (539 Clematis St) and Tallahassee (1126 Thomasville Rd) will all reopen under Green Sentry's management. New pricing will be unveiled as well. Store hours will be 10:00 am to 7:00 pm Monday through Saturday and 10:00 am to 5:00 pm on Sunday.
In addition to the ongoing expansion of the Company's Florida footprint, Green Sentry will launch Sunburn Cannabis, a brand based on the true story of Green Sentry's CEO and Founder Brady Cobb and his late father. Clyde Walton "Bill" Cobb's story as a cannabis operator in the 70s and 80s is an authentic part of Florida's cannabis history.
Sunburn is a Florida-focused brand living at the intersection of top-shelf flower and concentrates while embracing the state's unique culture. Green Sentry expects to launch the Sunburn Cannabis brand in the fourth quarter of 2022.
The company has also secured a cultivation facility in Winter Garden, Florida which includes 27,000 sq ft of canopy in a Nexus Hybrid climate controlled greenhouse plus a full GMP approved lab for hydrocarbon extraction, solventless extraction and the production of other derivative products.
Planned renovations for Winter Garden include the installation of supplemental HVAC, environmental controls and additional HPS lighting.
Green Sentry also intends to break ground on an initial 75,000-square-foot indoor garden and processing facility at its property in Palm City, with plans to be fully operational by Q3 2023. The Palm City property can accommodate over 600,000 square feet of canopy, an essential addition as Florida licensees eye a potential adult-use constitutional amendment being added to the 2024 presidential ballot.
