LOS ANGELES–(Business enterprise WIRE)–MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX: MMNFF) (FSE: A2JM6N) nowadays announced that it has completed the sale of two properties to Treehouse True Estate Investment Trust, Inc. (“Treehouse”) with gross proceeds of about $33.five million and net proceeds of about $30.six million following repayment of debt.
“This is our second transaction with Treehouse and we’ve now freed up practically $49 million to invest straight into our development initiatives”
“This is our second transaction with Treehouse and we’ve now freed up practically $49 million to invest straight into our development initiatives,” stated Adam Bierman, MedMen’s chief executive officer and co-founder.
The properties are comprised of a retail storefront in Las Vegas, Nevada and a cultivation, manufacturing and production facility in Desert Hot Springs, California.
The Las Vegas house is positioned on Highland Drive close to the Las Vegas Strip. The retailer is scheduled to open later in calendar year 2019. The house is 10,417 square feet and will function a 30’x70’ LED glass retailer front. It will be the Company’s biggest retailer to date. Las Vegas ranks as one particular of the world’s most visited tourist destinations, with far more than 42 million guests in 2018, according to Statista. Nevada legalized adult-use sales in 2017 and income for calendar year 2019 are projected to exceed $600 million according to Cowen, Inc. MedMen at present operates 3 shops in Las Vegas.
The Desert Hot Springs, California, house is comprised of an about 45,000 square foot, state-of-the-art Dutch greenhouse providing total climate handle and such as manufacturing and production capabilities. The facility lately received its certificate of occupancy and is anticipated to commence creating the Company’s in-residence brands later this year.
MedMen is a cannabis retailer with operations across the U.S. and flagship shops in Los Angeles, Las Vegas and New York. MedMen’s mission is to give an unparalleled practical experience that invites the planet to find out the outstanding positive aspects of cannabis since a planet exactly where cannabis is legal and regulated is a safer, healthier and happier planet. Discover far more at www.medmen.com.
Treehouse True Estate Investment Trust, Inc. is an externally managed true estate investment corporation organized in 2018 focused on the acquisition, ownership and management of specialized retail and industrial properties leased to seasoned, state-licensed operators for their regulated adult-use and healthcare-use cannabis facilities. Treehouse will initially be externally managed and advised by an affiliate of MedMen Enterprises Inc. Visit http://www.treehousereit.com.
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Supply: MedMen Enterprises