Tilray Buys Up MedMen’s Debt

CANNANNEW REPORT

Tilray’s move into the US market picks up. It’ll be interesting to see if they run with the MedMen brand Here’s the announcement Tilray Acquires Majority Position in Amended MedMen Convertible Notes Investment Provides Tilray a Potential Accelerated Path into U.S. Cannabis Market Upon Federal Legalization Amendment and Extension of Convertible Notes Enables MedMen to Reshape Balance Sheet and Further Accelerate its Growth Trajectory Tilray and MedMen CEOs to Host a Conference Call and Webcast at 5:00 PM Eastern Time 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 (the “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. August 17, 2021 04:03 PM Eastern Daylight Time NEW YORK & LOS ANGELES–(BUSINESS WIRE)–Tilray, Inc. (“Tilray”) (Nasdaq l TSX: TLRY), a leading global cannabis-lifestyle and consumer packaged goods company, and MedMen Enterprises Inc. (“MedMen”) (CSE: MMEN) (OTCQX: MMNFF), a premier American cannabis retailer, today announced that Tilray has acquired the majority of the outstanding senior secured convertible notes (the “Notes”) of MedMen that were originally held by certain funds affiliated with Gotham Green Partners, LLC and other funds (collectively, “GGP”). 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 (the “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…

Excerpt only …
READ MORE BELOW
Source : Tilray Buys Up MedMen’s Debt

reposted by Cannabis News World

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