Medical marijuana dispensary to open second Manhattan outpost

MedMen will take a 4K sf in the Meatpacking District

33 Ninth Avenue (Credit: Midtown Equities and iStock)
33 Ninth Avenue (Credit: Midtown Equities and iStock)

MedMen, the medical marijuana dispensary with private equity backing, is launching a second Manhattan location.

The firm is in advanced talks to take a 4,000-square-foot space at 33 Ninth Avenue, according to Crain’s. Ground floor asking rents are reportedly $500 a square foot.

In April, the Los Angeles-based first moved into a 10,000-square-foot space at 433 Fifth Avenue.  The move to Manhattan came after its co-chairman, Chris Leavy, former chief investment officer of fundamental equities at BlackRock, launched a $250 million opportunity fund to draw investors and find property in Los Angeles, Las Vegas and Manhattan.

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Under New York law, marijuana is legal for medical use, but not for recreational purposes. MedMen is allowed only to sell extracts or edibles, not in a form that can be smoked, such as the plant.

The firm announced last week that its chief financial officer had resigned and that it had slashed its fundraising goals from $120 million to $75 million, prompting a decline in stocks. [Crain’s]David Jeans

 

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