Mr. Adam Bierman reports

MEDMEN RELEASES PRELIMINARY FOURTH QUARTER 2018 SYSTEMWIDE RETAIL REVENUE RESULTS

Medmen Enterprises Inc. has released its unaudited systemwide retail revenue for its fiscal 2018 fourth quarter ended June 30, 2018. Across the company's operations in California, Nevada and New York, systemwide retail revenue was $19.2-million (U.S.) ($25.2-million). The company is expected to post its audited fiscal 2018 full year results in October.

Strong systemwide retail revenue for the quarter is primarily attributable to Medmen's stores in Southern California's recreational market. Excluding its Abbot Kinney store, which opened in early June of this year, the company's other seven retail locations reported a combined $17.4-million (U.S.) in revenue ($22.8-million), with an average retail markup over wholesale of 90 per cent. These seven locations saw 94,000 new customers and nearly 130,000 returning customers, with an average spend per transaction of $77.76 (U.S.) ($102.09), operating at an annualized per square foot revenue of $6,541 (U.S.) ($8,470). By comparison, according to CoStar, the average sales per square foot for an Apple store is approximately $5,546 (U.S.) ($7,282) and approximately $2,951 (U.S.) ($3,875) for Tiffany & Co stores.

Medmen continued to expand its operations in Nevada, successfully opening its first branded store in downtown Las Vegas in July and recently won approval to operate a second location near the Hard Rock Hotel, the Thomas and Mack Center, and McCarran International Airport, set to open in October.

"Retail is the key to the fast-evolving cannabis industry. It is where brands are built and where the margins can be maintained," said Adam Bierman, Medmen chief executive officer and co-founder. "The rapid revenue growth in our California stores, only six months into recreational sales, is a solid reflection of our continued execution of our business thesis. We will remain focused on our strategy and the kind of growth that generates long-term value for our shareholders."

In conjunction with its growing retail footprint, Medmen's strategy is to complement its operations in every market with robust vertical integration with the objective of better margins and overall control of the supply chain. During the fourth quarter, the company opened its Project Mustang, a 45,000-square-foot, state-of-the-art cultivation and manufacturing facility in northern Nevada. The same factory design is currently being built in Desert Hot Springs, Calif., with completion scheduled for early 2019. The company plans to build the same factories in New York, where it currently holds one of 10 medical marijuana licences, and, if it closes its proposed acquisition, near Orlando, Fla. Medmen announced in July that it had entered into a definitive agreement to purchase a Florida licence holder with a cultivation facility and rights to open 25 stores in that state.

About Medmen Enterprises Inc.

Medmen Enterprises is a leading cannabis company in the United States with assets and operations across the country. Based in Los Angeles, Medmen brings expertise and capital to the cannabis industry and is one of the nation's largest financial supporters of progressive marijuana laws.

We seek Safe Harbor.