(Bloomberg) — Weed—legal weed, that is—has come to midtown Manhattan.
Cannabis retailer MedMen opened its first dispensary in the city Friday as part of a bold bet on growth in the state. MedMen, based in Los Angeles, paid $26 million last year to acquire a firm that held one of two licenses for a dispensary in Manhattan—a hefty sum in a state that doesn’t currently allow anything but medical marijuana use.
What MedMen saw, though, was the opportunity to jump into the market and establish its brand before rivals do. Then, if New York goes the way of neighbors Massachusetts and Vermont, the company figures it’ll be ready to tap into the boom.