November 20, 2018

California Company MedMen Will Open Second Manhattan Location And Announces CFO Has Quit

DANIEL GEIGER  

Marijuana producer and purveyor MedMen is looking to open its second city location, in the Meatpacking District, and has zeroed in on a roughly 4,000-square-foot space at 33 Ninth Ave., sources said.

The brand is in negotiations to take the ground floor, where the asking rent is $500 per square foot.

MedMen opened its first store here last year, on Fifth Avenue near the New York Public Library main branch, and has sought to bring the retail business of selling weed mainstream. In New York, where marijuana is legal medically but not recreationally, the chain, along with other dispensaries, is required to sell only extracts or edibles, not the smokable plant matter that has become legal in California, Colorado and other states.

Medical marijuana is also typically lower in the psychoactive compound THC and higher in CBD, what is considered to be its medicinal component.

A spokesman for MedMen said the company does not comment on pending transactions.

MedMen will be the neighbor of a Dean & DeLuca prepared-food market that is set to open next month on the corner of West 13th Street and Ninth Avenue. Above the space is Soho House, a popular flexible-workspace provider.

According to reports, MedMen recently announced that it would cut a recent fundraising goal from $120 million to $75 million and its chief financial officer had quit. The news sent the company's stock tumbling Monday, and it wasn't immediately clear if the setback could affect its appetite for retail stores.