Green Sentry Holdings, a Florida-based private cannabis operator, acquired all of MedMen’s Florida assets for $63 million.
The acquisition includes a medical marijuana treatment center license issued by the Florida Office of Medical Marijuana Use, a vertically integrated licensed that includes MedMen’s cultivation and processing facility in Eustis, Florida, with 30,000 square feet of available canopy, and 14 dispensaries throughout the state. The Green Sentry team has been retrofitting the Eustis cultivation and processing facility since March, and plans to launch edibles production in the coming months, according to a company release.
The purchase was funded with proceeds of a non-brokered equity raise and a $30 million debt facility from a private lender, according to Green Sentry.
In addition to acquiring MedMen’s Florida assets, Green Sentry will launch Sunburn Cannabis, a cannabis brand inspired by Green Sentry Founder and CEO Brady Cobb and his late father, Clyde Walton “Bill” Cobb, who was an illicit cannabis operator and associate of Pablo Escobar in Florida during the 1970s and 1980s. Green Sentry says it plans to officially launch the Sunburn Cannabis brand in Q4 this year.
“As a team, we are beyond excited to re-enter the Florida market, where we have built a presence and a reputation for honoring the plant,” Cobb said. “It’s humbling to see my executive and operational teams stay together to close this transaction and launch Sunburn Cannabis. I’m incredibly proud to launch Sunburn and share my family’s passion and knowledge for the plant with people in Florida. Sunburn is a brand by Floridians for Floridians.
“I am also thrilled to add some key team members, including our Chairman and my good friend Danny Moses, as well as all of the MedMen employees who have joined our family. We have proven to the market previously that a Florida-focused company can produce the highest quality flower and concentrates, and now we are bringing our products to consumers via 14 of the best retail sites in Florida.”