The transaction occurred through a sale of Bloomfield Industries' capital stock, thereby allowing Bloomfield Industries to remain as the Registered Organization under the New York State Public Health Law.
MedMen Sun Valley
Since October of 2016, MedMen has been working with Bloomfield Industries to help streamline operations, improve production capabilities and provide a better overall patient experience. MedMen's post transaction plan includes the development of a state-of-the-art cultivation and production facility in Utica, as well as applying MedMen's industry-leading retail model to Bloomfield's current three pharmacies in Syracuse, Buffalo and Lake Success. Bloomfield Industries also intends to roll out a new pharmacy in Manhattan, making it one of only two medical marijuana pharmacies operating in the city.
"New York is critical to our broader strategy," said Adam Bierman, co-founder and chief executive officer of MedMen. "We are talking about the fourth most populous state in the country and home to one of the largest, most densely populated cities in the world. We have the opportunity to serve roughly a fifth of that market, perhaps more and we are very excited about this opportunity."
"Before committing to New York, we took a long and hard look at Bloomfield's operations and held numerous consultations with the state's Department of Health," Mr. Bierman said. "Ultimately, we decided to deploy a tremendous amount of capital and other resources into Bloomfield because we believe wholeheartedly in the future of New York's medical marijuana program."
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MedMen
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