MedMen Says Conditions Satisfied To Close On PharmaCann Acquisition
MedMen Enterprises Inc. (CSE: MMEN) (OTC: MMNFF) announced Tuesday that the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 has expired concerning the planned acquisition of PharmaCann LLC.
This expiration means that the one condition needed to close the transaction is now met, and the deal should be complete by the end of the year, according to MedMen.
“MedMen has built an enviable footprint which has cemented our brand in the largest cannabis markets in the world. Our transformative acquisition of PharmaCann will mold us into an even bigger and bolder company for our consumers," Adam Bierman, the co-founder and CEO of MedMen, said in a statement.
"This acquisition doubles the number of states where MedMen has licenses, extending our geographic footprint and creating tremendous opportunity for our company and our shareholders. We are excited to be one step closer to closing the acquisition."
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The company first reported the signing an agreement to acquire PharmaCann in an all-stock transaction in December.
In March, both companies received an additional information request from the Department of Justice Antitrust Division, and in August they reported compliance with the request.
On Tuesday, the waiting period under the HSR Act expired, the company said.
Upon closing, PharmaCann shareholders should obtain around 168.4 million shares in the combined company.
MedMen shares were up 1.08% at $2.06 at the time of publication Tuesday.
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