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Florida Medical Marijuana Operation Sold For $53 Million

MedMen will pay Treadwell half in cash and the remainder in stock

A California-based company has bought a Florida medical marijuana operation for $53 million in the latest transaction in what investors hope will be among the nation’s most-lucrative medical pot markets. Under the agreement, the company MedMen will acquire Treadwell Nursery’s five-acre cultivation facility, located in Eustis, and the right to operate 25 dispensaries throughout the state, the maximum currently allowed under Florida law.

Treadwell, which operates as “Remeny Wellness” and is one of the state’s 13 licensed medical-marijuana firms, hasn’t begun selling products but has been authorized by the state to begin cultivation. MedMen will pay Treadwell half of the $53 million in cash and the remainder in stock traded on the Canadian Securities Exchange, a go-to site for cannabis companies, according to a news release announcing the deal.

 

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