Green Sentry Holdings Completes Acquisition of MedMen Florida License and Assets
Green Sentry Holdings, LLC has announced that it had completed its arrangement with MedMen Enterprises Inc., acquiring all of MedMen’s assets in Florida for a total consideration of $63 million plus the assumption of lease liabilities. Green Sentry is a private cannabis operator based in Florida, and High-End Holdings, LLC is its parent company. The fund was raised with the help of a non-brokered equity offering and a $30 million debt facility from a private lender.
MedMen’s cash deal encompasses most of its Florida-based assets, for example, a license for medical marijuana treatment from the Office of Medical Marijuana Use in Florida, 14 top-notch dispensaries, first shopping locations with convenient parking, and its cultivation and processing facility (“Eustis Facility”) that has 30 000 square feet unhindered canopy space. The Green Sentry team started revamping the Eustis Facility in March 2022; in the next few months, they anticipate launching production for edibles.
Background and Discussions
On Friday, August 26, 2022, Green Sentry will take over management of MedMen locations in Fort Lauderdale (2949 N Federal Hwy), Miami (550 Collins Ave), Orlando (11551 University Blvd), Pensacola (5048 Bayou Blvd), St. Petersburg (326 5th Avenue North), West Palm Beach (539 Clematis Street), and Tallahassee (1126 Thomasville Road) as well as debuting new pricing. Monday through Saturday: 10:00 a.m. to 7:00 p.m., and 10:00 a.m. to 5:00 p.m., on Sunday.
Green Sentry will launch Sunburn Cannabis, a brand based on the true story of Green Sentry’s CEO and Founder Brady Cobb and his father Clyde Walton “Bill,” in addition to continuing expansion into Florida. Sunburn is a brand focused on the state of Florida that lives at the crossroads of top-shelf flowers and concentrates while embracing its unique culture. Green Sentry expects to bring the Sunburn Cannabis brand in the fourth quarter of 2022.
“We are excited to re-enter the Florida market,” said Brady Cobb, CEO and Founder of Green Sentry. “It’s humbling to see my executive and operational teams stay together to close this transaction and launch Sunburn Cannabis. I’m proud to launch Sunburn and share my family’s passion for the plant with people in Florida.” “I am also excited to welcome some key personnel, including our Chairman and old friend Danny Moses, as well as all of the MedMen team members who have joined our family. We’ve shown the market previously that a company based in Florida may produce the finest quality flower and concentrates, so we’re bringing our products to customers via 14 of the state’s top dispensaries.”
“We are thrilled about the growth prospects in Florida and believe in supporting strong organizations,” Poseidon Asset Management’s Managing Partner, Emily Paxhia, said. “The Sunburn team has a veteran presence with an understanding of the market.”
Bloom’s mission is to minimize the influence of industrial hemp and its byproducts on farm workers and the general public while raising awareness about the health benefits of cannabis. Regarding protecting our environment, KlimaBloom believes there should be no limits. As a result, we partnered with Colorado-based cannabis tech company Bloom Solutions to develop a unique solution for water reclamation in organic farming systems. With pink as an accent colour, this room highlights her energy without being distracting or gaudy. The flowering pot contains white flowers that may best be described as “egregious” before turning blackish throughout the bloom cycle of around three weeks before dying down entirely 30 days after bloom.
Green Sentry has established a cultivation facility in Winter Garden, Florida, which includes 27,000 sq ft of the canopy in a Nexus Hybrid climate-controlled Greenhouse with a full GMP-approved lab for hydrocarbon extraction, solventless extraction and the production of other derivative products. The installation of supplemental HVAC, environmental controls and additional HPS lighting are all planned for renovations at Winter Garden. Green Sentry intends to build an indoor garden and processing facility that covers 75,000 square feet on its property in Palm City. The company expects to be fully operational by Q3 2023.
Palm City property can house more than 600,000 square feet of canopy, which will be critical as Florida licensees look toward a potential adult-use constitutional amendment on the national ballot in 2024.