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U.S.: MedMen Raises $3.75 Million To Launch Ops In Nevada, Illinois

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MedMen, a turnkey management company providing services for the cannabis industry, on Thursday announced that it has secured $3.75 million in financing to launch operations in the states of Nevada and Illinois.

The funds will go toward corporate infrastructure and regional MedMen offices in the two states. MedMen's clients have been awarded an unprecedented 13 licenses for medical marijuana businesses in Nevada, and have 12 applications pending state licensure in Illinois.

The funding represents the largest capital investment ever in a full-service cannabis management firm. Financing came from several backers, the largest being N Squared Management.

"Our investment in MedMen is based on our assessment of the dynamic growth potential of the marijuana industry," said Fred Portnoy, president, N Squared Management. "It also reflects the excellent record that MedMen has established in helping more than 100 businesses navigate and succeed in the legal marijuana market."

The initial $3.75 million investment will be followed by a second round of capital raising, with those funds earmarked to expanding the infrastructure and support for MedMen's clients as they ramp up their operations in Nevada and Illinois. MedMen will be establishing regional offices in those states to be staffed by executive management that reports back to the LA-based headquarters.

U.S.: G FarmaLabs Strikes Deal With MedMen To Bring Marijuana Products To New Markets

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Both Companies to Exhibit at the Marijuana Business Conference in Las Vegas from Nov. 12 to 14

G FarmaLabs, a producer and processor of cannabis products, on Friday announced that is has entered into a production agreement with MedMen, a full service cannabis management firm. G FarmaLabs officials said the company "will bring its full line of award winning cannabis infused products to MedMen’s offerings as the management company gears up for a substantial footprint in the two newest cannabis markets, Nevada and Illinois."

“While the marijuana industry has seen tremendous growth over the past couple of years, there still remains a frustrating amount of regulatory hurdles that make expanding a marijuana producing and processing company a challenge,” said Ata Gonzalez, founder and CEO of G FarmaLabs. “With this unique partnership, which took a tremendous amount of time and effort to structure, G FarmaLabs is able to expand nationally, while MedMen is able to offer its clients the best cannabis products on the market.”

This announcement marks the latest in a number of big announcements for both companies, both of which will be exhibiting at the Marijuana Business Conference in Las Vegas from Nov. 12-14.

For G FarmaLabs, in early October, the company announced a Private Offering to raise $5 million in capital for a stake in the future of the company’s California territory.

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