That’s no accident. MedMen’s real goal is to normalize marijuana and target a broader demographic of customer.
“Everyday we go to work and we know what we are doing, we are mainstreaming marijuana — we get everything we want if we can mainstream marijuana,” Bierman said. “We get social change, we make the world a better place, we make our business a better business, you know, everybody wins.”
Instead of stoner culture’s pizza and Cheetos, MedMen offers champagne and avocado toast — in fact, that’s exactly what the company served to investors and politicians who attended the store’s preopening party on Wednesday.
Among those who attended Wednesday were Sen. Diane Savino, who sponsored the bill legalizing medical marijuana in New York state; NYC Public Advocate Letitia James, who has become an outspoken advocate for legalization; as well as Manhattan Bureau President Gale Brewer.
Full legalization was the hot topic at the party.
“We cannot ignore marijuana in New York,” Savino said. “We are going to have to figure out a way to accelerate the time frame…because, if not, New Yorkers will vote with their feet. They are going to drive to New Jersey, they will go to Massachusetts. They will jeopardize our medical program, and we cannot afford to lose the revenue in New York.”
Bierman and MedMen cofounder Andrew Modlin are paying Fifth Avenue dollars to bet that legalization happens sooner rather than later.
Today, New York state offers a relatively tiny market for medical marijuana. The state registry lists just over 50,000 card-holding medical marijuana patients. By comparison, in MedMen’s home state of California, there are about 1.2 million registered medical users, according to Marijuana Policy Project. That’s not to mention the recreational market that’s been growing since California legalized adult use Jan. 1.
From a short-term revenue perspective, the choice makes little sense — especially when considering real estate pricing.
Commercial rentals near MedMen’s Manhattan location, run about $500 to $1,000 per square foot, according to Faith Consolo, a retail broker at Douglas Elliman. MedMen’s store includes about 2,000 square feet, according to the company.
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