Green Sentry Holdings, LLC, along with its parent company High End Holdings, LLC and MedMen Enterprises Inc. announced that they have completed their previously announced arrangement, whereby Green Sentry has acquired all of MedMen’s Florida assets for a total consideration of $63 million plus the assumption of lease liabilities. The purchase was funded with the proceeds of a non-brokered equity raise and a $30 million debt facility from a private lender.
The cash deal includes substantially all of MedMen’s Florida-based assets, including a valid medical marijuana treatment center license issued by the Florida Office of Medical Marijuana Use, a portfolio of 14 premium dispensaries in prime shopping locations with ample parking, and its Eustis, Florida cultivation and processing facility (“Eustis Facility”) with 30,000 square feet of available canopy. The Green Sentry team has been retrofitting the Eustis Facility since March of 2022, and in the coming months, edibles production is expected to launch.
On Friday, August 26, 2022, 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 Ave North), West Palm Beach (539 Clematis St), and Tallahassee (1126 Thomasville Rd), reopened under Green Sentry’s management and new pricing was unveiled as well. Store hours are 10:00 am to 7:00 pm Monday through Saturday and 10:00 am to 5:00 pm on Sunday.
In addition to the ongoing expansion of the company’s Florida footprint, Green Sentry will launch Sunburn Cannabis, a brand based on the true story of Green Sentry’s CEO and Founder Brady Cobb and his late father. Clyde Walton “Bill” Cobb’s story as a cannabis operator in the 70s and 80s is an authentic part of Florida’s cannabis history. Sunburn is a Florida-focused brand living at the intersection of top-shelf flower and concentrates while embracing the state’s unique culture. Green Sentry expects to launch the Sunburn Cannabis brand in the fourth quarter of 2022.
“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,” 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 incredibly proud to launch Sunburn and share my family’s passion and knowledge for the plant with people in Florida. Sunburn is a brand for Floridians by 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.”
