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LOS ANGELES, Sept. 06, 2018 (GLOBE NEWSWIRE) -- MedMen Enterprises Inc. (CSE:MMEN)(OTCQB: MMNFF) (FSE: A2JM6N) (“MedMen” or the “Company”), is pleased to announce that it has entered into a letter of engagement with Eight Capital, under which Eight Capital has agreed to purchase, as co-lead underwriter and joint bookrunner, along with Cormark Securities Inc. as co-lead underwriter and joint bookrunner, and a syndicate of underwriters (together with Eight Capital and Cormark Securities Inc., the “Underwriters”), 13,636,364 units of the Company (the “Units”), on a “bought deal” basis pursuant to a filing of a short form prospectus, subject to all required regulatory approvals, at a price per Unit of CAD$5.50 (the “Issue Price”) for gross proceeds of CAD$75,000,002 (the “Offering”).

The Company has agreed to grant the Underwriters an over-allotment option to purchase up to an additional 15% of the Units at the Issue Price, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the Offering. If this option is exercised in full, an additional approximately CAD$11,250,000 will be raised pursuant to the Offering and the aggregate gross proceeds of the Offering will be approximately CAD$86,250,000.

Each Unit will be comprised of one Class B Subordinate Voting Share of the Company (a “Class B Share”) and one-half of one Class B Share purchase warrant (each full warrant, a “Warrant”). Each Warrant shall entitle the holder thereof to purchase one Class B Share at an exercise price of CAD$6.87, for a period of 36 months following the closing of the Offering.

The Company intends to use the net proceeds of the Offering for continued expansion of its retail footprint across attractive cannabis markets, development of its cultivation and production facilities, working capital and general corporate purposes. MedMen currently operates 19 licensed facilities in California, Nevada and New York, and recently announced the acquisition of a Florida license.

The closing date of the Offering is scheduled to be on or about September 28, 2018 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the Canadian Securities Exchange and the applicable securities regulatory authorities.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any state in which such offer, solicitation or sale would be unlawful. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the United States Securities Act of 1933, as amended, and applicable state securities laws.

About MedMen:

MedMen Enterprises is a leading cannabis company in the U.S. with assets and operations nationwide. 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. Visit http://www.medmen.com

“Adam Bierman”

Founder and Chief Executive Officer



