Med Men Issues Detailed Press Release On Funding & Hiring External Consultants To Run The Company

Med Men Issues Detailed Press Release On Funding & Hiring External Consultants To Run The Company

MJ Biz adds Lynch is a partner and senior managing director at SCP, also headquartered in L.A., and previously served as chair and CEO of Frederick’s of Hollywood Group, a publicly traded specialty retailer. More recently, he was the interim CEO of David’s Bridal. Click for full bio In addition, Tim Bossidy, director at SCP, has been appointed MedMen’s interim chief operating officer. Click For Full Bio Last month, MedMen released a quarterly financial report that detailed a whopping $96.4 million net loss in its fiscal 2020 second quarter. Restructuring cannabis firm MedMen taps interim CEO, withdraws guidance   THE FULL PRESS RELEASE MedMen Closes Senior Secured Convertible Financing and Provides Additional Corporate Updates Announces closing of US$12,500,000 convertible note financing under existing Gotham Green credit facility Expands funding capacity under facility from US$250,000,000 to US$285,000,000 Receives final US$7,000,000 payment from divestiture of non-core Illinois cultivation asset, resulting in US$17,000,000 in total gross proceeds Appoints Tom Lynch, Partner and Senior Managing Director of SierraConstellation Partners, as Interim Chief Executive Officer and Chief Restructuring Officer, and Tim Bossidy, as Interim Chief Operating Officer, to guide Company through its financial and operational reorganization March 30, 2020 06:00 AM Eastern Daylight Time LOS ANGELES–(BUSINESS WIRE)–MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX: MMNFF) announces today that it has closed on US$12,500,000 in additional gross proceeds under its US$250,000,000 senior secured convertible debt facility (the “Facility”) led by funds affiliated with Gotham Green Partners (collectively, “GGP”). In aggregate, GGP and co-investors have invested US$147,500,000 into the Company under…

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Source : CANNANNEW REPORT
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