MedMen Announces Backstopped US$100M Equity Investment Led by Serruya Private Equity to Fund Expansion and Transform Balance Sheet

CANNANNEW REPORT

LOS ANGELES–(BUSINESS WIRE)–MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX: MMNFF), a premier U.S. cannabis retailer, today announced that investors, led by Serruya Private Equity (“SPE”), are purchasing US$100 million of units (“Units”) of Medmen at a purchase price of US$0.24 (C$0.32) per Unit (the “Private Placement”). Certain investors associated with SPE agreed to backstop the US$100 million to be raised in the Private Placement (the “Backstop Commitment”). The US$100 million in proceeds from the Private Placement will allow MedMen to expand its operations in key markets such as California, Florida, Illinois and Massachusetts and identify and accelerate further growth opportunities across the United States. Tom Lynch, CEO of MedMen, remarked, “This US$100 million investment is a game-changer for our Company, strengthening our balance sheet and creating a platform for our future growth. This transaction gives us the flexibility and firepower to match our revenue trajectory to our operational expertise and internationally renowned brand. MedMen 2.0 is here, and we are thrilled to embark on the next stage of our journey.” In connection with the Private Placement, the Company appointed Michael Serruya to its Board of Directors as its seventh member. In addition, the Company also announced today that a group of strategic investors have acquired from other investors a majority of the notes under the Company’s senior secured convertible notes facility, and that the parties have entered into an amendment and extension to the senior secured convertible notes facility. Each Unit being issued to certain investors in the Private Placement consists of one Class B subordinate voting share (each, a “Share”) and one quarter share purchase warrant (each, a “Warrant”). Each whole Warrant permits the holder to purchase one Share for a period of five years from the date of issuance at an exercise price of US$0.288…

Excerpt only …
READ MORE BELOW
Source : MedMen Announces Backstopped US0M Equity Investment Led by Serruya Private Equity to Fund Expansion and Transform Balance Sheet

reposted by Cannabis News World

This site uses Akismet to reduce spam. Learn how your comment data is processed.