Tilray Acquires Majority Position in Amended MedMen Convertible Notes

Cannabtimes

<![CDATA[NEW YORK & LOS ANGELES–(BUSINESS WIRE)–PRESS RELEASE–Tilray, Inc., a global cannabis-lifestyle and consumer packaged goods company, and MedMen Enterprises Inc., an American cannabis retailer, have announced that Tilray has acquired the majority of the outstanding senior secured convertible notes of MedMen that were originally held by certain funds affiliated with Gotham Green Partners, LLC and other funds. The acquisition provides Tilray with a path, subject to necessary regulatory approvals, to obtain a significant equity position in MedMen through conversion of the notes and exercise of associated warrants following U.S. cannabis legalization (or Tilray’s waiver of such condition). In connection with the sale of the notes, MedMen and GGP amended the restrictive covenants and extended the debt maturity to 2028 to provide MedMen the flexibility to execute on its growth priorities and explore additional strategic opportunities. In addition, MedMen has separately announced a significant equity investment from a private placement of MedMen Shares (as defined below) and warrants to a group of investors.MedMen is a cannabis retail brand in the U.S., holding 21 licenses and 25 retail locations across key urban centers, including the Bay Area, Los Angeles, Boston, Chicago and Las Vegas, and a significant position in California, the world’s largest market. Prior to U.S. federal legalization of cannabis, and subject to compliance with applicable laws and stock exchange rules, MedMen will actively explore opportunities to expand MedMen’s footprint across international markets.Irwin D. Simon, Tilray’s chairman and CEO, said, “Backed by accelerating trends towards legalization globally, we are focused on building the world’s leading cannabis-focused consumer branded company with a goal of $4 billion of revenue by the end of our fiscal 2024. The investment we are announcing in MedMen securities today, one of the most recognized brands in the $80 billion U.S. cannabis market, is a critical step towards…

Excerpt only …
READ MORE BELOW
Source : Tilray Acquires Majority Position in Amended MedMen Convertible Notes

reposted by Cannabis News World

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