MedMen made an offer to acquire PharmaCann in all-stock transaction valued at $682m.

MedMen and PharmaCann announced have signed a binding letter of intent for MedMen to acquire PharmaCann in an all-stock transaction valued at $682m. The deal was terminated in October 2019. PharmaCann is one of the largest medical cannabis providers in the US It currently operates 10 retail stores and three cultivation and production facilities across multiple states, including New York, Maryland and Massachusetts, and in Illinois, where it is the largest holder of medical cannabis licenses. “This is a transformative acquisition that will create the largest US cannabis company in the world’s largest cannabis market. The transaction adds tremendous scale to our vertically integrated business model by expanding our US retail footprint across important growth markets while strengthening our cultivation and production capabilities.” Adam Bierman, CEO, ​and Co-founder of MedMen.