[Press release] MCCARRAN, Nev. (Oct 6, 2016) - MedMen, a leading cannabis management and capital firm based in Los Angeles, broke ground Thursday on a new $15 million, 45,000-square-foot cannabis production and cultivation facility in Washoe County, Nevada.
The facility, expected be fully operational in 2017, will serve as a model for the industry with a state-of-art Dutch style greenhouse employing the latest in agro-technology, a cutting-edge extraction and production facility, and test lab. This will be the firm's first project in Nevada and is expected to produce 10,000 pounds of cannabis annually.
"Cannabis is the fastest growing industry in the country, expected to reach more than $20 billion dollars in sales by 2020," said Adam Bierman, MedMen's chief executive officer and co-founder. "This facility is a shining example of what is possible when smart capital and industry expertise come together. We selected Nevada for a number of reasons, in no small part its business friendly environment, but above all because this state is on the leading edge of the cannabis evolution."
"We are at an inflection point in our industry," he said. "We have passed the tipping point, and cannabis will become mainstream. Nevada just happens to be more progressive than most other states. We look forward to making this a show piece for Nevada, the cannabis industry and our company and we look forward to working closely with the local community."
Mr. Bierman's partner and MedMen co-founder and chief operating officer Andrew Modlin added "our philosophy is that cannabis is like any other industry, and we operate it like any other industry with institutional best practices and subject matter expertise. What we do differently is that we bring a high level of innovation and performance."
MedMen will manage the facility on behalf of a local license holder and produce flower, concentrates and a range of marijuana infused products. MedMen Management brings years of experience and a track record in the field. MedMen Capital is an investor in the project.
Miles Construction, a diversified northern Nevada contractor, begins construction on the project immediately, executing the integration of a 26,000-square-foot state-of-the-art greenhouse manufactured in Holland and the 19,000-square-foot extraction and production wing with the centerpiece being a high-tech test lab for quality control. The project will employ nearly 200 during the construction phase, and 50 people when fully operational.
MedMen is a leading cannabis firm based in Los Angeles with operations and exposure across North America. The Firm consists of two main components; a management company and a capital arm.
MedMen Management offers turnkey services to license holders in the areas of cultivation, extraction, production and retail operations, bringing institutional best practices to this rapidly growing industry. MedMen Capital guides investors through a space that has traditionally lacked institutional operators. Through MedMen Capital, the Firm makes strategic investments in key markets across the U.S. and Canada.
MedMen supports sensible, clear and just drug laws that recognize the benefit of cannabis to patients and consumers. MedMen has partnered with the Marijuana Policy Project, the nation's foremost cannabis advocacy group, to launch Pledge 4 Growth. The campaign calls on businesses to donate 0.420 percent of their proceeds to support marijuana law reform.