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Marijuana Stock MedMen Enterprises to Offer Delivery in California

By Joe Tenebruso – Aug 20, 2019 at 1:00PM

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The dispensary operator also announced a new cannabis rewards program.

Californians can now have cannabis delivered straight to their homes.

MedMen Enterprises (MMNFF -3.10%) announced on Monday the launch of its new delivery service in the Golden State. MedMen said it would offer same-day delivery across California -- a legalized cannabis market that could potentially generate $11 billion in annual sales, according to the company. 

A road sign displaying a cannabis leaf labeled Welcome To California

Image source: Getty Images.

The upscale dispensary operator has a strong presence in the state, with popular locations in Beverly Hills, Venice Beach, and Downtown Los Angeles. MedMen enjoys some of the highest sales per square foot not just among marijuana retailers, but also among all retailers.

"MedMen has always been at the forefront of shaping and defining the cannabis industry, and we are proud to be taking the next step in our evolution by now offering delivery service in California," Co-Founder and CEO Adam Bierman said in a press release. "This enhancement in technology provides our California communities with convenient access to quality products from the brand they know and love."

In addition to delivery, MedMen announced the launch of its new nationwide loyalty program, MedMen Buds, which offers exclusive deals and rewards for members. The company said more than 40,000 people have already joined the program.

MedMen is also expanding its retail footprint in markets outside California. The company expects its pending acquisition of privately held PharmaCann to close by the end of 2019. The deal will help to boost MedMen's cannabis license count to 92 locations across 12 states. 

This broad geographic footprint could position MedMen Enterprises to profit handsomely from the rapid expansion of the U.S. legal marijuana market.

Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

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