In a blockbuster cannabis deal orchestrated by a Philadelphia law firm, high-flying marijuana retailer MedMen is acquiring grower-and-dispensary operator PharmaCann in an all-stock transaction valued at $682 million.
"We believe this is the largest acquisition merger ever in the legalized cannabis industry," said Joshua Horn, a partner at Philadelphia's Fox Rothschild LLP.
Horn, along with Bill Bogot of Fox's Chicago office, engineered the deal and represented the privately held PharmaCann. Named "Trailblazers in Cannabis Law" by the National Law Journal last month, the pair lead Fox's nationwide network of cannabis attorneys.
The merger doubles the number of states where MedMen will operate to 12.