MedMen Announces Sale of Florida Assets, New Trademark Licensing Agreement
- MedMen to receive $83 million in cash for Florida assets, including medical cannabis license, inventory and operations
- MedMen to launch its global trademark licensing program beginning in Florida
LOS ANGELES-February 28, 2022-(BUSINESS WIRE)–MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX: MMNFF), a premier cannabis retailer with operations across the United States, today announced plans to sell its Florida assets to Florida-based private company Green Sentry Holdings LLC for $83 million. The cash deal includes the sale of substantially all of MedMen’s Florida-based assets, including its license, dispensaries, inventory and cultivation operations. Additionally, the Company agreed to license its trademarks in the state for a two-year period, subject to termination rights, for a quarterly revenue-based fee. The transaction is subject to customary closing conditions, including applicable regulatory approvals. The deal is expected to close in late April or early May 2022, pending the receipt of all required contractual consents and governmental approvals including the requisite change of ownership approval from the Florida Office of Medical Marijuana Use (the “OMMU”).
As MedMen continues to transform its business model and position itself for future growth, our go-forward strategy is going to include an asset-light model that enables us to leverage the power and strength of the MedMen brand.
Michael Serruya, MedMen’s Chairman and Interim CEO
We feel confident this model will deliver strong financial results and opportunities for growth across many states and will continue to identify trademark licensing opportunities that will introduce the MedMen brand and retail experience to other markets across the United States and internationally.
Hyperion Capital Inc. provided a fairness opinion to the special committee of the board of directors of MedMen. Additional terms were not disclosed.
For more information about MedMen or to find a dispensary near you, visit https://www.medmen.com/stores.
MedMen is a premier American cannabis retailer with an operational footprint in California, Nevada, Illinois, Arizona, Massachusetts, and Florida. MedMen offers a robust selection of high‐quality products, including MedMen‐owned brands MedMen Red and LuxLyte through its premium retail stores, proprietary delivery service, as well as curbside and in‐store pickup. MedMen Buds, an industry‐first loyalty program, provides exclusive access to promotions, product drops and content. MedMen believes that a world where cannabis is legal and regulated is safer, healthier, and happier. Learn more about MedMen at www.medmen.com.