Los Angeles-based cannabis company MedMen Enterprises Inc (CSE:MMEN; OTCQB:MMNFF) announced the launch Friday of a slew of new cannabis products under the Statemade brand during the opening of its second MedMen Paradise store in Las Vegas.
The new products will first be carried at the MedMen Paradise store in Nevada after which the company will market the brand in states where it is licensed to operate like Arizona, California, Florida and New York where it has its flagship store on Fifth Avenue in Manhattan.
The Statemade product line includes cannabis flowers, pre-rolled joints, vaporizers, and tinctures to sell alongside the products already offered in its dispensaries. Statemade carries seven different formulations — Max, Joy, Zen, Ebb, Zzz, One, and CBD — to deliver the desired effects through pre-rolled joints, vaporizers, tinctures, and cannabis flowers.
The brand is all about innovation, and attention to detail. The oil for the vaporizer pens is extracted using carbon dioxide and no solvents. The sleek pens are square unlike most vape pens in the market.
MedMen stock climbed 3% to $4.26 on the brand launch on a day the stock market pulled back.
READ: MedMen cuts deal to expand into Arizona’s fast-growing medical marijuana market
“We’ve built one of the most popular and trusted retail brands in cannabis today,” said MedMen cofounder and president Andrew Modlin. “And if there’s one thing we’ve learned from serving hundreds of thousands of customers at our stores is that the modern cannabis consumer wants high-quality products in a variety of forms. They want to enhance their well-being and enjoy new experiences with the assurance that what they are putting in their bodies has been fully tested and safe.”
MedMen is a vertically integrated cannabis company with cultivation and production capabilities. It owns and operates 19 licensed facilities in California, Florida, Nevada, and New York.
It recently acquired a license to open 30 stores in Florida and had a grand launch for its newest store, MedMen Paradise in the heart of Las Vegas’s tourist mecca.
Contact Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive