MedMen, one of the most recognizable brands in the booming cannabis industry, acquired the medical-marijuana retailer PharmaCann in a $682 million stock transaction, the companies announced on Thursday.

It's the largest cannabis acquisition in the US to date.

The acquisition gives the combined firm access to 79 retail and cultivation licenses in 12 states, the companies said.

Check out Business Insider's interview with MedMen CEO Adam Bierman here.

MedMen, one of the most recognizable brands in the rapidly expanding cannabis industry, acquired the medical-marijuana dispensary chain PharmaCann in a $682 million all-stock transaction, the companies announced Thursday.

It's the largest cannabis acquisition in the US to date.

Based in Los Angeles, MedMen has 14 high-end marijuana dispensaries — which some have compared to Apple Stores — in California, Nevada, and New York, and it's listed on the Canadian Securities Exchange.

The brand has positioned its stores on some of the world's trendiest shopping streets. There are locations on Venice Beach's Abbot Kinney Boulevard, the Las Vegas Strip, and New York's Fifth Avenue.

The PharmaCann acquisition nearly doubles MedMen's footprint in the US. PharmaCann, based in Illinois, operates 10 facilities in the Midwest, including in Michigan, where voters are set to vote on November 6 on legalizing recreational marijuana.

The combined company will have a portfolio of 79 cannabis licenses across 12 states, including 66 retail stores and 13 cultivation licenses, PharmaCann and MedMen said.

"This is a transformative acquisition that will create the largest US cannabis company in the world's largest cannabis market," MedMen CEO Adam Bierman said in a statement.

"This would not have been possible even two years ago and is a testament to how far both the industry and these two companies have evolved," he added.

Read more of our cannabis industry coverage: