MedMen Secures Prime Real Estate in Florida, Closes Treadwell Acquisition

MedMen Secures Prime Real Estate in Florida, Closes Treadwell Acquisition

MedMen Enterprises Inc. (CSE: MMEN) (OTCQB: MMNFF) (FSE: A2JM6N), announced today it has secured prime retail locations with long term leases in Ft. Lauderdale, Miami Beach, West Palm Beach, St. Petersburg and Key West. The company continues to expand its footprint with foot traffic and high visibility in premium districts.

Florida is the third most populous country in the U.S. with a rapidly growing medical cannabis market and large potential adult use market. The country is home to the elderly community in the nation and has high tourist activity. In accordance with Arcview, medical cannabis earnings are estimated to be approximately US$1.4 billion by 2021.

The company also has completed the trade it announced on June 6, 2018, acquiring a dispensary and cultivation license (the “License”-RRB- and related assets from Florida established Treadwell Simpson Partnership and affiliates (“Treadwell Nursery”-RRB-. The License permits the Company to open 30 (and up to 35 if certain conditions are met) medical marijuana dispensaries in the State of Florida and to conduct cultivation, delivery and production operations in the State of Florida. As part of the trade, MedMen has obtained rsquo Treadwell Nursery & cultivation facility situated on five acres near Orlando. The Permit is one of just 14 licenses in the country and one of two permits strategically located in Central Florida and positioned to service the entire state from a distribution standpoint.

“Our entry into Florida through this acquisition demonstrates our national footprint as well as our ability to execute,” said Adam Bierman, MedMen chief executive and co-founder. “Our real estate team is hard at work preparing to place stores in the most enviable locations in Florida — places in desirable and defensible market areas with high foot traffic and proximity to brand retailers. ”

As consideration for the acquisition, the Company will pay. For the rest, MedMen has issued 8,549,132 common units of MM Enterprises USA, LLC (the “LLC”-RRB-, a subsidiary of the Company (the “Redeemable Units”-RRB-, which by their terms are ultimately redeemable for Class B Subordinate Voting Shares of the Company (the “Subordinate Voting Shares”-RRB- starting on January 1, 2019. The LLC has paid Treadwell Nursery US$6,625,000 in money as of closing date and will pay the exact amounts in cash on each.

MedMen Enterprises is a major cannabis company in the U.S. with assets and operations across the country. Based in Los Angeles, MedMen is among the nation & rsquo; s largest supporters of marijuana laws that are innovative and brings experience and funds. Visit http://www.medmen.com

Released at Fri, 07 Sep 2018 14:55:31 +0000

Posted in: Investing

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