Cronos Group Inc. (Nasdaq: CRON) (TSX-V: CRON), a licensed producer of cannabis in Canada, Germany, Isreal, and Australia, and MedMen, one of the leading cannabis companies in the United States, announced a cross border joint venture today that will allow MedMen to extend its retail chain and branded products to their neighbor to the north.
The joint venture and new company called MedMen Canada Inc., will be given access to Cronos’ 350,000 sq. ft. production facility and distribution network. The joint venture is a 50/50 partnership, and MedMen is responsible for R&D, creating branded products, and developing a national retail branded chain of stores.
MedMen is already one of the most recognized brands in the US and currently has operations setup in states like California, Nevada, and New York. This move into Canada will open up a number of financial opportunities for the company, especially since Canada will be legalizing recreational cannabis this summer.
“Cronos is focused on changing the perception of cannabis on an international scale, and we prioritize working with best-in-class partners who share our vision for the future. MedMen stores have been integral to mainstreaming cannabis, and they have become one of the most well-known and respected cannabis platforms in the U.S. We’re very excited to bring the MedMen
experience to Canada,” said Cronos CEO Mike Gorenstein.