Cannabis company MedMen Enterprises Inc. MMNFF, -6.83% announced Thursday a binding letter of intent to buy medical cannabis provider PharmaCann LLC in a stock deal valued at $682 million. The combined company would have cannabis licenses in 12 states that would allow it to operate 79 cannabis facilities. “This is a transformative acquisition that will create the largest U.S. cannabis company in the world’s largest cannabis market,” said MedMen Chief Executive Adam Bierman. MedMen’s stock, which closed Wednesday at $4.22, has rallied 11% over the past three months, while the ETFMG Alternative Harvest ETF MJ, -2.57% has run up 30% and the S&P 500 SPX, -3.29% has gained 0.4%.

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