California-based MedMen intends to buy a Florida medical cannabis operation from Treadwell Nursery in a deal worth $53 million, according to the Sun Sentinel.

Treadwell, who operates in the cannabis space under the name “Remeny Wellness,” will be transferring its five-acre cultivation site in Eustis and the company’s right to operate up to 25 dispensary locations. MedMen will pay half of the agreed $53 million in cash and the other half in company stock traded on the Canadian Securities Exchange, where MedMen was recently listed.

“For nearly a decade we have been positioning ourselves to capitalize on enormous market opportunities like this. This acquisition is right in line with our strategy of establishing a presence early on in high potential markets with limited licenses and large populations. — MedMen co-founder and CEO Adam Bierman, in a release

Why Florida? Florida is the third-most populous state in the U.S. and its medical cannabis marketplace could reach as high as $1 billion in annual sales by 2020.

“[The deal] reflects the belief nationally and internationally that Florida is a very strong medical cannabis market, even though it is in its infant stages.” — Jeff Sharkey, founder of the Medical Marijuana Business Association of Florida, to The News Service of Florida

MedMen currently operates 18 facilities in three of the largest and most robust state marketplaces: California, Nevada, and New York. According to the report, MedMen’s deal with Treadwell should close within 90 days but is “subject to customary closing conditions, including receipt of state regulatory approvals.”

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