MedMen sells Florida medical cannabis license, assets for $83 million

#California-based #MedMen #Enterprises said it is exiting the #Florida #medical #cannabis market with the sale of its #business #license and all its assets for $83 #million.

The move significantly shrinks the multistate operator’s national footprint. MedMen sold all its #MMJ #assets in the state to #FortLauderdale, Florida-based #Green Sentry #Holdings in an all- #cash deal that includes the company’s seven #dispensaries, its #cultivation operations and existing inventory.

As part of the deal, MedMen agreed to license its trademarks to Green Sentry for two years.

MedMen currently lists dispensaries in Fort Lauderdale, #Miami #Beach, #Orlando, #Pensacola, St. #Petersburg, #Tallahassee and West #PalmBeach, according to the state Office of Medical #Marijuana Use. The company owned only a fraction of the state’s 400 dispensaries. The sale and pivot are part of a new MedMen #strategy that CEO Michael Serruya referred to as “asset-light.” “Our go-forward strategy is going to include an asset-light model that enables us to leverage the #power and #strength of the MedMen brand,” Serruya said in a statement.