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A St. Petersburg medical cannabis dispensary formerly owned and operated by MedMen reopened on Friday under new management.
Fort Lauderdale-based Green Sentry Holdings, according to a news release, has acquired the entirety of MedMen’s Florida assets for $63 million and launched the Sunburn Cannabis brand. The all-cash deal also includes 13 other MedMen retail locations in Fort Lauderdale, Miami, Orlando, Pensacola, West Palm Beach and Tallahassee, as well as a 30,000-square-foot cannabis cultivation and processing facility in Eustis.
"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," Green Sentry Holdings founder and CEO Brady Cobb states in the release. "It's humbling to see my executive and operational teams stay together to close this transaction and launch Sunburn Cannabis.”
Cobb’s father, Clyde Walton "Bill" Cobb, was a cannabis industry pioneer in Florida, operating in the 1970s and '80s before the substance was approved for medical use.
“I'm incredibly proud to launch Sunburn and share my family’s passion and knowledge for the plant with people in Florida,” Cobb states in the release. “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 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.”
Headquartered in Culver City, California, MedMen reported gross revenue of $145.07 million in 2021, down from $155.29 million in 2020, a decline of 6.6%.
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