The co-founder of one of legal weed’s hottest businesses is investing in real estate. Andrew Modlin started MedMen, a luxury marijuana grower and retailer, with Adam Bierman in 2010. Eight years later, it’s one of the highest valued cannabis companies in the world. Want to know how well cannabis entrepreneurs are doing? Look no further than this MedMen co-founder’s new Southern California house.
MedMen Is One Of The Highest Valued Weed Companies
Not only is MedMen redefining what a dispensary can look like (i.e. high end and sleek), but they understand the importance of location. The American dispensary chain has stores in big markets like California, New York, Nevada, and soon, Florida. They’re planning on opening more dispensaries in Nevada by the end of the year, and 25 dispensaries in Florida in total.
This year, MedMen went public in Canada with a $ 1.65 billion in USD, per their own analysis. The men behind MedMen, Adam Bierman and Andrew Modlin, have presumably already made a huge profit since MedMen’s inception. According to a press release following their IPO, this is only the beginning for Modlin and Bierman who hope to make marijuana mainstream.
“We are marching steadily toward a future where buying and using cannabis products will be just as normal as buying wine or beer,” explained Modlin. This means appealing to professional people and women, as seen in MedMen’s new partnership with Gwyneth Paltrow and Goop.
Andrew Modlin Buys Lavish California Home
So far, weed has been good to co-founder Andrew Modlin. According to Keller Williams Realty, they sold the MedMen co-founder his West Hollywood house in February of 2018. The house was built in 2017.
Movoto reports that the 4-bedroom and 5-bathroom house sold for $3,895,000. Alejandro Lombardo, Keller Williams realtor, represented the listing. The contemporary home comes with LED lighting, a spa, a fire pit and a saltwater pool. The house also has an open concept floor plan, with an emphasis on bringing the outdoors indoors.
Additionally, Modlin’s luxurious new digs are only a few blocks from MedMen’s West Hollywood location. This flagship store opened in 2016 and now sells recreational and medical marijuana.
A Wave of Weed Wealth
Andrew Modlin’s fashionable Los Angeles house is only a manifestation of a larger market trend: Weed business is booming. Despite restrictive federal regulations and tax structures, cannabis is one of the fastest growing industries. And with Californian and Canadian legalization, entrepreneurs like Modlin are reaping the benefits of huge emerging markets.