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US: MedMen's first investment fund raises more than $60 millionMedMen has closed its first Opportunity Fund - a private equity fund aimed at strategic investments in the cannabis space, raising more than $60 million with $92 million in transactions.
The investments span seven projects across three states, making MedMen Opportunity Fund one of the most successful cannabis investment vehicles in the industry. Since its launch in June, the Fund has made highly strategic investments in key marijuana markets across North America.
- Acquisition of Bloomfield Industries, one of only five licensed producers and distributors of medical marijuana in the state of New York. Each license permits one cultivation and manufacturing facility and four dispensaries. Bloomfield Industries has rights to one of only two permitted dispensaries in Manhattan.
- Leading position in California, the country's biggest legal cannabis market. The Fund is an investor in various projects in Desert Hot Springs, Venice and Santa Ana.
- Investment in a 45,000-square-foot, state-of-the-art cultivation and production facility outside Reno, Nev.
- Investment in one of Canada's largest licensed producer and distributor of medical marijuana, MedReleaf. In a recent financial filing, MedReleaf reported it controls 19 percent of Canada's medical marijuana market and that revenue grew by 141 percent in 2016. Current legislation in Parliament would make Canada the first G7 nation to legalize recreational use.
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Publication date: 5/8/2017
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