"Tremendous opportunities in the legal cannabis industry"

MedMen, a cannabis management and investment firm based in Los Angeles, grew its workforce more than five-fold and greatly expanded its footprint in 2016 with new investments and operations across North America, the firm said in its annual report.

Among the highlights was the addition of Bloomfield Industries, Inc., one of only five licensed producers and distributors of medical marijuana in New York state, to MedMen's portfolio, and the launch of MedMen Opportunity Fund, one of the largest private equity investment funds in the cannabis space. The firm also finished the year with nine facilities under management across three states. It had two facilities under management in 2015.

"We are incredibly proud of the year we've had," said MedMen CEO and co-founder Adam Bierman. "As much as we've grown in 2016, it was just the beginning. We continue to see tremendous opportunities in the legal cannabis industry, and we look forward to leading the way."
 
Bierman and MedMen Chief Operating Officer Andrew Modlin founded the company in 2010. It has since evolved from a small consultancy to one of the fastest growing and most influential companies in the booming cannabis industry. Its staff grew fivefold from 15 employees at the end of 2015 to 79 in 2016. Today, the firm employs 105 people at its operations in California, Nevada and New York. California and Nevada legalized recreational use in November, and New York state is expected to become one of the largest medical marijuana markets in the country.
 
"Our business is complex, but our concept is simple," said Modlin. "We treat cannabis like a consumer product. It should be tightly regulated, like alcohol, but at the end of the day if you treat it like a product, rather than an illicit drug, it allows you to innovate. Quality and safety standards matter. Customer experience matters. Your brand reputation matters."

In 2016, MedMen made several investments across North America, including an equity stake in MedReleaf, one of Canada's largest producers and distributors of medical marijuana. It also invested in projects in California and Nevada. In New York, MedMen took over management of Bloomfield Industries and its five facilities across the state, culminating with the acquisition of the company in early 2017.

You can download a copy of the annual report here.

www.medmen.com