California based medmen enterprises said on Monday that it would sell its licenses and all its assets for $83 million to exit the medical marijuana market in Florida. According to the press release, medmen sold all its MMJ assets in the state to green sentry holdings, headquartered in Fort Lauderdale, Florida, in an all cash transaction, including seven pharmacies, planting business and existing inventory. As part of the deal, medmen agreed to license its trademark to green sentry for two years. The company owns only a fraction of the state's 400 pharmacies. This sale and transformation is part of medmen's new strategy. CEO Michael serruya calls it "asset light" and "enables us to take advantage of the strength and strength of medmen brand".
Source: mjbizdaily com