We’re only a month into California’s legalization of recreational weed and already there’s been a lot of profit. One dispensary in particular has been getting a lot of foot traffic since the legalization. MedMen in West Hollywood had 23,606 customers in January alone. The stores revenue was up 200 percent compared to December, and is up 500 percent compared to the year before.
The company has dispensaries across Los Angeles, and its Santa Ana location also did well, bringing in 5,051 people and doubling its December revenue.
Since the legalization of recreational use, Californians have been pouring into the few dispensaries that sell to residents, since they’re now able to purchase marijuana without having a medical card.
Some cities in southern California are still hesitant about allowing the recreational selling of marijuana, though. Santa Monica, for instance, banned non-medical marijuana storefronts completely. Long Beach issued a 180 day ban on the sale of recreational marijuana at the end of 2017, thus allowing them some time to figure out regulations.
MedMen is right now one of the 47 dispensaries who have been issued a temporary retail license (which expires May 1) of The California Bureau of Cannabis Cannabis Control. This makes them a unicorn in the marijuana industry in California, and it has also attracted a lot of investors.
Canadian investment firm Captor Capital invested $30 million in the company for just 3 percent, which has brought up the company’s value to about $1 billion.