MedMen Reports Third Quarter Fiscal Year 2019 Financial Results

  • Increased revenue sequentially by 22% to $36.6 million across the
    Company’s operations in California, Nevada, New York, Arizona and
    Illinois
  • Including revenue from pending acquisitions and pre-closing revenue
    from recently closed acquisitions, pro forma quarterly revenue was
    approximately $57 million based on third quarter results
  • Decreased corporate SG&A by 9% quarter-over-quarter with a plan to
    achieve an overall 20% reduction from previous quarter
  • Continued to perform favorably in California with $24.9 million in
    retail revenue and retail gross margins increasing from 51% to 57%
  • Announced $250 million financing commitment from Gotham Green
    Partners

LOS ANGELES–(BUSINESS WIRE)–MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX:
MMNFF) today released its consolidated financial results for the third
quarter of fiscal 2019. All financial information for the 13 week period
ended March 30, 2019 is reported in U.S. dollars, unless otherwise
indicated.

Management Commentary

“Over the past nine years, MedMen has built the most valuable retail
brand in the cannabis industry by taking advantage of the land grab
opportunity and scaling with speed to secure as many flagship assets as
possible,” said Adam Bierman, MedMen co-founder and chief executive
officer. “We continue to march onward towards profitability. The biggest
driver for this phase of the business remains revenue, which continues
to increase significantly with new store openings and same store sales
growth. Where we are impressively ahead of schedule is in leveraging our
scale to create greater operational efficiencies across the
organization. Execution keeps improving while corporate SG&A is
decreasing.”

Since going public one year ago, MedMen has established a track record
of success, including achieving a 7% market share in California
(inclusive of revenue from pending and pre-closing revenue from recently
closed acquisitions), an $11 billion cannabis market. The Company is
slated to open 15 new locations across the U.S. during the remainder of
calendar 2019. Of the planned locations, 12 will be in Florida, where
MedMen is licensed for up to 35 locations.

Third Quarter 2019 Overview

Financial:

  • Revenue: Increased to $36.6 million for the quarter, which
    represents a 22% sequential increase over fiscal 2019 second quarter
    ended December 29, 2018
  • Gross Margin: California retail gross margin increased from 51%
    to 57%, reflecting increased purchasing power and optimization of
    merchandising and supply chain management
  • Corporate SG&A: Declined 9% from $40.9 million to $37.5
    million, with an overall target reduction of 20% from the previous
    quarter
  • Adjusted EBITDA Loss: Decreased 3% from $43.9 million to $42.6
    million

Retail Highlights:

  • California: Overall retail revenue increased sequentially by 5%
    during the quarter as the Company continues to hold a 7% market share
    in the state (inclusive of revenue from pending and pre-closing
    revenue from recently closed acquisitions). MedMen Beverly Hills
    reported the highest sequential growth rate among California stores at
    13%
  • Nevada: Overall retail revenue increased sequentially by 34%
    during the quarter. MedMen’s Las Vegas location on Paradise, the
    closest dispensary to the airport, is now the Company’s second
    best-performing store across the U.S.
  • Arizona: Significant sequential growth, mainly
    attributable to M&A with two new stores in Tempe and Scottsdale
  • Florida: The Company expects to open 12 additional locations
    during the remainder of calendar year 2019

Corporate Development:

  • Southern California: Closed on acquisition of non-operational
    retail license in San Diego, which has subsequently opened as MedMen
    Sorrento Valley; closed on acquisition of ownership interests in
    MedMen-branded retail store in Santa Ana, which was previously managed
    by the Company, but owned by a third party
  • Northern California: Closed on acquisitions of two cannabis
    retailers in Northern California – Buddy’s in San Jose and Sugarleaf
    in Seaside
  • Arizona: Closed on acquisition of Kannaboost Technology Inc.
    and CSI Solutions LLC, collectively referred to as “Level Up”
    providing licenses for two vertically-integrated operations in
    Arizona, including retail locations in Scottsdale and Tempe and 25,000
    square feet of cultivation and production capacity in Tempe and Phoenix
  • Illinois: Closed on acquisition of Seven Point, a licensed
    medical cannabis dispensary located in the Chicago suburb of Oak Park,
    Illinois

Brand and Digital Strategy:

  • Marketing: Launched the marketing campaign, The New Normal. At
    the center of the campaign was a short film directed by Academy Award
    winning Spike Jonze and starring actor Jesse Williams that chronicled
    the American history of cannabis
  • Investor Website: Created a new enhanced investor relations
    website, which includes detailed information on the Company’s
    strategy, long-term vision and other infographics on Company operations
  • Lifestyle: Introduced the Company’s first athleisure clothing
    collection available in stores and online ranging from graphic
    t-shirts, fleece hoodies and varsity jackets all incorporating the
    signature red MedMen logo

Capital Markets and Financing Activities:

  • Credit Facility: Announced a senior secured convertible credit
    facility of up to US$250,000,000 from funds managed by Gotham Green
    Partners, an investor in the global cannabis industry
  • Property Sales: Entered into sale-leaseback transactions with
    Treehouse Real Estate Investment Trust for three storefront properties
    and two cultivation and production factories with gross proceeds of
    approximately $72.0 million

Subsequent Events

Corporate Development:

  • Southern California: Signed definitive agreement to acquire a
    retail operation in Long Beach, the third largest city in Southern
    California

Brand and Digital Strategy:

  • House Brands: Test launched our value-oriented MedMen RED line
    in our Las Vegas stores

Corporate SG&A:

  • Executive Compensation: As part of broader SG&A and
    profitability initiatives, Adam Bierman, chief executive officer, and
    Andrew Modlin, president, have entered into revised employment
    agreements with annual salaries of $50,000

Capital Markets and Financing Activities:

  • Credit Facility: Closed on initial US$100,000,000 tranche of
    previously announced secured convertible credit facility with Gotham
    Green Partners
  • ATM Program: Entered into an equity distribution agreement with
    Canaccord Genuity Corp. in respect of an “at-the-market” offering of
    subordinate voting shares for gross proceeds of up to C$60 million

Corporate Governance:

  • Executive Chairman: Ben Rose, previous Chairman of the Board,
    transitioned to an Executive Chairman role, effectively immediately,
    where he will be more actively involved in the Company’s day-to-day
    operations

Third Quarter Fiscal Year 2019 Review

Consolidated:

For the third quarter of fiscal 2019, systemwide revenue was $36.6
million. This represents a 22% quarter-over-quarter increase over the
fiscal 2019 second quarter ended December 30, 2018 and an 156% increase
over the same quarter last year.

Gross profit for the third quarter of fiscal 2019, before biological
asset adjustment, was $15.5 million, as compared to $13.3 million in the
previous quarter. For the third quarter, gross profit margin after
biological asset adjustment was 53.7%, compared to 53.2% in the previous
quarter.

For the quarter, the Company reported an Adjusted EBITDA loss of $42.6
million, which decreased by 3% from the previous quarter. The Company
reported a net loss attributable to the Company of $63.1 million, or
loss of $0.20 per basic and diluted share attributable to MedMen
Enterprises shareholders, for the third quarter of fiscal 2019, compared
to a net loss of $64.6 million, or loss of $0.25 per share, for the
second quarter of fiscal 2019.

Retail:

Systemwide retail revenue for the quarter increased by 16% to $34.6
million. This is based on 21 retail stores that were operational at the
end of the quarter. The increase is primarily attributable to the
Company’s operations in Nevada and Arizona. Despite the typical slowdown
in retail sales post-holiday season, the Company recorded positive
same-store sales growth.

The Company recorded 53% retail gross margins for the quarter, which is
in line with the last quarter. However, retail gross retail margins for
California were up from 51% to 57%, reflecting increased purchasing
power and supply chain optimization. Retail EBITDA margins decreased
from 16.6% to 12.5% for the quarter, reflecting lower margins in medical
markets such as Arizona and Illinois and increase in payroll costs. The
Company expects margins to increase in the next quarter.

Cultivation and Manufacturing:

For the quarter, the Company reported $4.7 million adjusted EBITDA loss
for cultivation and manufacturing, of which approximately $4.3 million
was related to costs associated with the Company’s Project Mustang
facility in Nevada. These costs were expected during the ramp up period,
and the Company expects to break-even by the end of the calendar year.

Corporate SG&A:

For the quarter, the Company recorded a 9% sequential reduction in
corporate SG&A, contributing $37.5 million to adjusted EBITDA loss. The
key drivers of the decrease were across marketing, legal and HR. The
Company is targeting an overall 20% reduction in SG&A from the second
quarter and expects the majority of cost savings to come from a decrease
in corporate-level payroll.

Pre-Opening Expenses:

The Company incurred $4.6 million of pre-opening expenses in Q3,
primarily driven by rent expenses of retail stores,
cultivation/manufacturing sites and facilities that are not yet
operational. This is up from $3.0 million in the previous quarter.

ADDITIONAL INFORMATION

Additional information relating to the Company’s third quarter 2019
results is available on SEDAR at www.sedar.com
in the Company’s Interim Financial Statements and Management Discussion
& Analysis (“MD&A”) for the quarter.

MedMen refers to certain non-IFRS financial measures such as Earnings
Before Interest, Taxes, Depreciation and Amortization (EBITDA), adjusted
EBITDA (defined as earnings before interest, taxes, depreciation,
amortization, less certain non-cash equity compensation expense,
including one-time transaction fees and all other non-cash items) and
four wall retail gross margins. These measures do not have any
standardized meaning prescribed by IFRS and may not be comparable to
similar measures presented by other issuers.

Please see the “Supplemental Information (Unaudited) Regarding Non-IFRS
Financial Measures” at the end of this press release and the MD&A for
more detailed information regarding non-IFRS financial measures.

CONFERENCE CALL AND WEBCAST:

MedMen Enterprises will host a conference call and audio webcast with
Chief Executive Officer and Co-Founder Adam Bierman and Chief Financial
Officer Michael Kramer today at 5:00 pm Eastern to discuss the financial
results in further detail.

Webcast Information:
A live audio webcast of the call will
be available on the Events and Presentations section of MedMen’s website
at: https://investors.medmen.com/events-and-presentations/default.aspx.

Calling Information:
Toll Free Dial-In Number: (844) 559-7829
International
Dial-In Number: (647) 689-5387
Conference ID: 1895524

ABOUT MEDMEN:

MedMen is a cannabis retailer with operations across the U.S. and
flagship stores in Los Angeles, Las Vegas and New York. MedMen’s mission
is to provide an unparalleled experience that invites the world to
discover the remarkable benefits of cannabis because a world where
cannabis is legal and regulated is a safer, healthier and happier world.

Learn more at www.medmen.com

Cautionary Note Regarding Forward-Looking Information and Statements

This press release contains certain “forward-looking information” within
the meaning of applicable Canadian securities legislation and may also
contain statements that may constitute “forward-looking statements”
within the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Such forward-looking
information and forward-looking statements are not representative of
historical facts or information or current condition, but instead
represent only MedMen’s beliefs regarding future events, plans or
objectives, many of which, by their nature, are inherently uncertain and
outside of MedMen’s control. Generally, such forward-looking information
or forward-looking statements can be identified by the use of
forward-looking terminology such as “plans”, “expects” or “does not
expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”,
“intends”, “anticipates” or “does not anticipate”, or “believes”, or
variations of such words and phrases or may contain statements that
certain actions, events or results “may”, “could”, “would”, “might” or
“will be taken”, “will continue”, “will occur” or “will be achieved”.
The forward-looking information and forward-looking statements contained
herein may include, but are not limited to, information concerning
proposed acquisitions, expectations regarding whether such proposed
acquisitions will be consummated, including whether conditions to the
consummation of the proposed acquisitions will be satisfied and whether
the proposed acquisitions will be completed on the current terms, the
timing for completing the proposed acquisitions, expectations for the
effects of the proposed acquisitions (including on the Company’s
footprint, revenues and asset base) on the ability of the Company to
successfully achieve business objectives, statements regarding
annualized revenues, expectations for gross margins in the next quarter
and expectations for the timing of cultivation and manufacturing
operations to break even, and expectations for other economic, business,
and/or competitive factors.

By identifying such information and statements in this manner, MedMen is
alerting the reader that such information and statements are subject to
known and unknown risks, uncertainties and other factors that may cause
the actual results, level of activity, performance or achievements of
MedMen to be materially different from those expressed or implied by
such information and statements. In addition, in connection with the
forward-looking information and forward-looking statements contained in
this press release, MedMen has made certain assumptions, including that
future revenues for the Company and for pending and recently closed
acquisitions will at least be as high as current revenues (for purposes
of annualizing revenue), that costs at cultivation and manufacturing
facilities will be lower after the ramp-up period and that the Company’s
targeted reductions in general and administrative costs will be
successfully achieved. Among the key factors that could cause actual
results to differ materially from those projected in the forward-looking
information and statements are the following: the inability to
consummate the proposed acquisitions; the failure to obtain requisite
regulatory approvals and third party consents and the failure to satisfy
other conditions to the consummation of the proposed acquisitions, which
could impact closing or closing on the proposed terms and schedule; the
potential impact of the announcement or consummation of the proposed
acquisitions on relationships, including with regulatory bodies,
employees, suppliers, customers and competitors; changes in general
economic, business and political conditions, including changes in the
financial markets; changes in applicable laws; compliance with extensive
government regulation; reduced demand for cannabis products;
difficulties or delays in achieving cost reductions. Should one or more
of these risks, uncertainties or other factors materialize, or should
assumptions underlying the forward-looking information or statements
prove incorrect, actual results may vary materially from those described
herein as intended, planned, anticipated, believed, estimated or
expected.

Although MedMen believes that the assumptions and factors used in
preparing, and the expectations contained in, the forward-looking
information and statements are reasonable, undue reliance should not be
placed on such information and statements, and no assurance or guarantee
can be given that such forward-looking information and statements will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such information and statements.
The forward-looking information and forward-looking statements contained
in this press release are made as of the date of this press release, and
MedMen does not undertake to update any forward-looking information
and/or forward-looking statements that are contained or referenced
herein, except in accordance with applicable securities laws. All
subsequent written and oral forward-looking information and statements
attributable to MedMen or persons acting on its behalf is expressly
qualified in its entirety by this notice.

 
MEDMEN ENTERPRISES INC.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF MARCH 30, 2019 AND JUNE 30, 2018
(Amounts Expressed in United States Dollars Unless Otherwise
Stated)
   
 
March 30,

2019

June 30,

2018

 
ASSETS
 
Current Assets:
Cash and Cash Equivalents $ 21,896,764 $ 79,159,970
Restricted Cash 1,844,252 6,163,599
Accounts Receivable 1,224,440 318,159
Current Portion of Prepaid Rent – Related Party 1,929,763 1,898,863
Prepaid Expenses 19,046,412 9,387,047
Biological Assets 6,044,002 1,952,580
Inventory 21,799,713 6,248,754
Other Current Assets 24,741,338 2,790,772
Due from Related Party   6,347,194     3,509,035  
 
Total Current Assets   104,873,878     111,428,779  
 
Non-Current Assets:
Prepaid Rent – Related Party, Net of Current Portion 1,357,916 2,652,149
Property and Equipment, Net 195,410,952 88,748,447
Intangible Assets, Net 130,662,874 48,792,757
Goodwill 108,231,990 18,165,161
Other Assets   11,532,467     12,403,049  
 
Total Non-Current Assets   447,196,199     170,761,563  
 
TOTAL ASSETS $ 552,070,077   $ 282,190,342  
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
LIABILITIES:
Current Liabilities:
Accounts Payable and Accrued Liabilities $ 36,881,382 $ 18,001,505
Other Current Liabilities 16,695,595 1,186,148
Derivative Liabilities 10,950,390
Current Portion of Finance Lease Liability 2,969,480
Current Portion of Notes Payable 11,244,259 52,353,625
Due to Related Party   5,640,821     9,858,445  
 
Total Current Liabilities   84,381,927     81,399,723  
 
Non-Current Liabilities:
Finance Lease Liability, Net of Current Portion 96,068,288
Other Non-Current Liabilities, Net of Current Portion 23,465,189
Notes Payable, Net of Current Portion   88,748,416     3,593,334  
 
Total Non-Current Liabilities   208,281,893     3,593,334  
 
TOTAL LIABILITIES   292,663,820     84,993,057  
 
SHAREHOLDERS’ EQUITY:
Share Capital 365,011,343 129,145,994
Additional Paid-In Capital 81,804,572 47,091,271
Accumulated Deficit   (154,944,124 )   (66,647,221 )
 
Total Equity Attributable to Shareholders of MedMen Enterprises Inc. 291,871,791 109,590,044
Non-Controlling Interest   (32,465,534 )   87,607,241  
 
TOTAL SHAREHOLDERS’ EQUITY   259,406,257     197,197,285  
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 552,070,077   $ 282,190,342  
 
 
MEDMEN ENTERPRISES INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
13 AND 39 WEEKS ENDED MARCH 30, 2019 AND THREE AND NINE MONTHS
ENDED MARCH 31, 2018
(Amounts Expressed in United States Dollars Unless Otherwise
Stated)
         
 
13 Weeks Ended Three Months Ended 39 Weeks Ended Nine Months Ended
March 30, March 31, March 30, March 31,
  2019     2018     2019     2018  
 
Revenue $ 36,600,559 $ 14,345,918 $ 87,991,112 $ 19,227,660
Cost of Goods Sold   21,069,651     8,224,870     47,508,767     11,993,858  
 
Gross Profit Before Fair Value Adjustments 15,530,908 6,121,048 40,482,345 7,233,802
 
Changes in Fair Value of Inventory Sold (5,655,150 ) (7,852,073 )
Unrealized Gain on Changes in Fair Value of

Biological Assets

  9,793,860         12,676,775      
 
Gross Profit   19,669,618     6,121,048     45,307,047     7,233,802  
 
Expenses:
General and Administrative 61,284,636 17,990,735 192,720,774 32,659,150
Sales and Marketing 6,718,668 1,756,115 20,121,194 2,284,196
Depreciation and Amortization   4,975,698     1,535,489     10,849,695     2,922,490  
 
Total Expenses   72,979,002     21,282,339     223,691,663     37,865,836  
 
Loss from Operations   (53,309,384 )   (15,161,291 )   (178,384,616 )   (30,632,034 )
 
Other Expense (Income):
Interest Expense 2,645,309 1,011,421 7,942,015 2,029,138
Interest Income (123,068 ) (407,957 )
Amortization of Debt Discount 2,328,353 3,771,297
Change in Fair Value of Derivative Liabilities 3,861,290 (2,301,817 )
Unrealized Gain on Changes in Fair Value of

Investments

(1,100,000 ) (2,294,000 )
Other (Income) Expense   (767,815 )       2,490,234      
 
Total Other Expense (Income)   6,844,069     1,011,421     9,199,772     2,029,138  
 
Loss Before Provision for Income Taxes (60,153,453 ) (16,172,712 ) (187,584,388 ) (32,661,172 )
Provision for Income Taxes   2,919,245     588,355     6,554,752     864,233  
 
Net Loss and Comprehensive Loss (63,072,698 ) (16,761,067 ) (194,139,140 ) (33,525,405 )
 
Net Loss and Comprehensive Loss Attributable

to Non-Controlling Interest

  39,336,053     (1,652,887 )   139,239,701     (1,229,083 )
 
Net Loss and Comprehensive Loss Attributable

to Shareholders of MedMen Enterprises Inc.

$ (23,736,645 ) $ (18,413,954 ) $ (54,899,439 ) $ (34,754,488 )
 
 
Loss Per Share – Basic and Diluted:
Attributable to Shareholders of MedMen Enterprises Inc. $ (0.20 ) $ (0.83 )
 
Weighted-Average Shares Outstanding –

Basic and Diluted

  118,853,840     65,930,969  
 
 
MEDMEN ENTERPRISES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE 39 WEEKS ENDED MARCH 30, 2019 AND NINE MONTHS ENDED MARCH
31, 2018
(Amounts Expressed in United States Dollars Unless Otherwise
Stated)
   

39 Weeks
Ended

Nine Months
Ended

March 30, March 31,
  2019     2018  
CASH FLOW FROM OPERATING ACTIVITIES:
Net Loss and Comprehensive Loss $ (194,139,140 ) $ (33,525,405 )
Adjustments to Reconcile Net Loss to Net Cash Used in Operating
Activities:
Unrealized Gain on Changes in Fair Value of Biological Assets (12,676,775 )
Changes in Fair Value of Inventory Sold 7,852,073
Depreciation and Amortization 11,784,348 3,269,682
Amortization of Debt Discount and Loan Origination Fees 4,562,915
Loss on Sale of Property 1,635,598
Accretion of Deferred Gain on Sale of Property (246,133 )
Unrealized Gain on Change in Fair Value of Investments (2,294,000 )
Loss on Extinguishment of Debt 1,174,922
Share-Based Compensation 28,702,327 539,916
Shares Issued for Acquisition Costs 1,112,820
Change in Fair Value of Derivative Liabilities (2,301,817 )
Changes in Operating Assets and Liabilities:
Accounts Receivable (873,481 )
Notes Receivable
Prepaid Rent – Related Party 1,263,333 1,562,500
Prepaid Expenses (9,659,365 ) (2,316,841 )
Other Current Assets (7,170,184 )
Biological Assets 733,280
Inventory (11,302,411 ) (12,132,341 )
Due from Related Party (2,838,159 ) (20,001,298 )
Other Assets 873,910 (3,879,136 )
Accounts Payable and Accrued Liabilities 17,191,964 10,430,677
Other Current Liabilities (13,385,720 ) (730,303 )
Due to Related Party (4,217,624 ) 13,160,844
Other Non-Current Liabilities   1,705      
 
NET CASH USED IN OPERATING ACTIVITIES   (184,215,614 )   (43,621,705 )
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of Property and Equipment (82,198,024 ) (36,465,294 )
Purchase of Investments (8,919,791 )
Proceeds from Sale of Property 96,373,319
Purchase of Intangible Assets (1,260 )
Purchase of Management Agreement (2,000,000 )
Acquisition of Businesses, Net of Cash Acquired (49,224,060 ) (21,600,000 )
Restricted Cash   4,319,347     (472,136 )
NET CASH USED IN INVESTING ACTIVITIES   (39,649,209 )   (60,538,690 )
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance of Subordinate Voting Shares for Cash 115,289,679
Exercise of Warrants for MedMen Corp Redeemable Shares 8,521,268
Contributions from Members 21,904,035
MM Enterprises USA, LLC Formation and Rollup 5,561,579
Proceeds from Issuance of Notes Payable 93,943,539
Principal Repayments of Notes Payable (48,863,155 ) 35,352,487
Principal Repayments of Finance Lease Liability (560,242 ) 36,011,152
Debt Issuance Costs (2,019,472 ) (5,525,835 )
Cash Received from Issuance of Class D Units 9,850,000
Contributions – Non-Controlling Interest   290,000     10,965,004  
NET CASH PROVIDED BY FINANCING ACTIVITIES   166,601,617     114,118,422  
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS (57,263,206 ) 9,958,027
Cash and Cash Equivalents, Beginning of Period   79,159,970     5,720,026  
CASH AND CASH EQUIVALENTS, END OF PERIOD $ 21,896,764   $ 15,678,053  
 
CASH PAID DURING PERIOD FOR:
Interest $ 5,163,199 $ 1,425,032
OTHER NON-CASH INVESTING AND FINANCING ACTIVITIES:
Net Assets Acquired through Management Agreement $ $ 4,690,505
Derivative Liability Incurred on Issuance of Equity $ 13,252,207 $
Issuance of Subordinate Voting Shares for Other Assets $ 2,282,314 $
Issuance of MedMen Corp Redeemable Shares for Other Assets $ 343,678 $
Redemption of MedMen Corp Redeemable Shares $ 13,392,679 $
Redemption of LLC Redeemable Units $ 21,584,096 $
Acquisition of Non-Controlling Interests $ 361,647 $
Options Issued for Other Assets $ 900,599 $
Debt Discount Recognized Upon Issuance of Warrants $ 18,694,985 $
Debt Discount Recognized Upon Issuance of Subordinate Voting Shares $ 185,511 $
Additional Consideration Upon Payment of Debt $ $
Conversion of Convertible Notes into Equity $ 5,863,412 $
Issuance of MedMen Corp Redeemable Shares for Repayment of Notes
Payable
$ 6,759,125 $
Asset Acquired Under Sale and Lease Back Transactions $ 99,598,010 $
Issuance of Note Payable Related to Purchase of Management Agreement $ $ 2,000,000
Deferred Gain on Sale and Lease Back Transactions $ 21,144,427 $
Issuance of Note Payable Related to Purchase of Property and
Equipment
$ $ 15,905,000
 

Contacts

OFFICER:
Adam Bierman
Chief Executive Officer
Email:
[email protected]
(855) 292-8399

MEDIA CONTACT:
Allison McLarty
Vice President,
Corporate Communications
Email: [email protected]
(646)
270-6797

INVESTOR RELATIONS CONTACT:
Stéphanie Van Hassel
Vice
President, Investor Relations
Email: [email protected]
(323)
705-3025

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