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Medmen Enterprises Inc
Symbol MMEN
Shares Issued 500,344,220
Close 2023-12-19 C$ 0.02
Market Cap C$ 10,006,884
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Medmen to sell "non-core" assets to Mint Cannabis

2023-12-20 11:37 ET - News Release

Ms. Ellen Deutsch reports

MEDMEN ENTERS INTO DEFINITIVE AGREEMENTS TO EXIT ARIZONA AND NEVADA PER ANNOUNCED STRATEGIC REVIEW, SELLING NON-CORE ASSETS TO MINT CANNABIS

Medmen Enterprises Inc. has entered into definitive agreements to sell its non-core business operations in Arizona and certain assets in Nevada to an affiliate of Mint Cannabis, a private multistate cannabis operator headquartered in Arizona. The transactions consist of the sale of Medmen's wholly owned operating subsidiary in Arizona and its two operating dispensaries located in Clark county, Nevada. These sales are the result of Medmen's previously announced strategic review and evaluation of divestiture opportunities of its non-core assets. The transactions are subject to customary closing conditions, including, among others, the receipt of applicable regulatory approvals.

"Medmen is pleased with the outcome of our strategic review and has made good progress in our restructuring efforts. These transactions will bolster liquidity in the short term, reduce liabilities, and enable the company to focus on operating efficiencies and executing our long-term asset-light growth strategy in our core markets," said Ellen Deutsch Harrison, Medmen's chief executive officer.

"We are excited to expand our portfolio of flagship dispensaries through the acquisition of Medmen's Scottsdale Talking Stick Dispensary and Mesa Cultivation Facility, along with establishing our vertical presence in Nevada through the addition of two premium Las Vegas Dispensaries. Mint Cannabis is pleased to have reached an agreement with Medmen and has strong ambitions to continue to build our footprint through both organic and strategic growth across various key markets in the U.S.," said Eivan Shahara, Mint Cannabis's co-founder and CEO.

ATB Capital Markets Inc. acted as financial adviser and Raines Feldman Littrell LLP acted as legal adviser to Medmen. CLD Advisory acted as financial adviser to Mint Cannabis.

About Medmen Enterprises Inc.

Medmen is a premier American cannabis company with an operational footprint in California, Nevada, Illinois, Arizona, Massachusetts and New York. Medmen offers a robust selection of high-quality products, including Medmen-owned brands Medmen Red, Moss 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.

We seek Safe Harbor.

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