The Los Angeles-based medical cannabis company MedMen has announced its plan to purchase Oak Park-based dispensary Seven Point.
The dispensary opened in August 2016 at 1132 Lake St., making it the first shop of its kind in the village.
MedMen stated in an Oct. 3 press release that Illinois is among the fastest growing medical marijuana markets in the country, with a 41 percent growth in medical cannabis cardholders to 42,203 since the beginning of the year. Illinois also has experienced a 35 percent increase in retail sales over the same period, according to the state, the press release notes.
“Seven Point is proud of its strong commitment to the local medical patient community and the loyal following we have built over the years,” Seven Point owner Brad Zerman said in the press release. “MedMen will continue that tradition while bringing its industry-leading retail operations and commitment to quality and service.”
MedMen now owns dispensaries in three other states – California, Nevada and New York. Seven of those are in Los Angeles and one is located in Manhattan.
“Our strategy has been to put our brand in high-visibility commercial districts in popular locations like Beverly Hills, Manhattan, Los Angeles …” MedMen CEO Adam Bierman said, adding that Oak Park “fits the mold perfectly.”
The deal is expected to close in the next 90 days, pending approval by the state.