MedMen Agrees to Independent Board of Directors as Gotham Green Limits Its Close to-Term Money Availability – New Cannabis Ventures

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MedMen Announces Extra Amendments to Gotham Green Facility – Designated News Release

LOS ANGELES, October 29, 2019–(Company WIRE)–MedMen Enterprises Inc. (CSE:MMEN) (OTCQX:MMNFF) (“MedMen” or the “Company”) is pleased to announce specific amendments to its US$250,000,000 senior secured convertible credit facility (the “Facility”) arranged by Gotham Green Partners.

As a outcome of the amendments to the Facility, the aggregate quantity that remains readily available to be borrowed has not changed. Nevertheless, in order to lessen dilution offered the present capital industry atmosphere, each parties have agreed to amend the size of each Tranche three and Tranche four, as properly as the timing of Tranche three. Tranche three now consists of $10,000,000 in readily available credit and Tranche four consists of $115,000,000 in readily available credit. The parties anticipate that Tranche three will be funded inside 30 days as an alternative of the initially proposed date in December 2019.

The Facility has also been amended to present that funding of Tranche four will call for the consent of each the Organization and the lenders below the Facility. Specific of the reporting and monetary covenants below the Facility have also been modified to present the Organization with more balance sheet flexibility. The modifications consist of a reduction in necessary minimum money balances, removal of restrictions on equity issuances and an more capability to spin-out or borrow against specific non-core assets, in addition to sales and indebtedness that have been permitted prior to the amendment.

Please refer to the Company’s news releases dated August 12, 2019, July 10, 2019, May perhaps 23, 2019 and April 23, 2019 and to other documents readily available on the Company’s profile at www.sedar.com for more information as to the Facility, like the amendments created thereto.

In addition, the Organization has agreed to kind a committee to choose new independent directors to be appointed or elected to the board, which directors would kind a majority of the board. The Organization will propose director candidates to this committee for consideration and approval.

This news release shall not constitute an supply to sell or the solicitation of an supply to acquire nor shall there be any sale of the securities in any jurisdiction in which such supply, solicitation or sale would be unlawful. The securities getting supplied have not been, nor will they be, registered below the United States Securities Act of 1933, as amended, and may possibly not be supplied or sold in the United States absent registration or an applicable exemption from the registration specifications of the United States Securities Act of 1933, as amended, and applicable state securities laws.

About MedMen:

Founded in 2010, MedMen is North America’s premium cannabis retailer. Founders Adam Bierman and Andrew Modlin have defined the subsequent generation discovery platform for cannabis and all its rewards. A robust choice of higher-high quality goods, like MedMen-owned brands [statemade], LuxLyte and MedMen Red, coupled with a group of cannabis-educated associates cement the Company’s commitment to delivering an unparalleled encounter. MedMen’s market-top technologies enables a completely compliant, owned-and-operated delivery service and MedMen Buds, a nationwide loyalty plan. MedMen believes that a globe exactly where cannabis is legal and regulated is safer, healthier and happier. Study a lot more at www.MedMen.com.

About Gotham Green Partners:

Gotham Green Partners, LLC is a New York and California-primarily based private equity firm focused on deploying capital into cannabis and cannabis-connected enterprises on a worldwide scale. The firm manages a diversified portfolio of investments and is actively investing across the cannabis worth chain.

Original press release

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Published by NCV Newswire

NCV Newswire
The NCV Newswire by New Cannabis Ventures aims to curate higher high quality content material and facts about top cannabis firms to enable our readers filter out the noise and to remain on top rated of the most essential cannabis business enterprise news. The NCV Newswire is hand-curated by an editor and not automated in anyway. Have a confidential news tip? Get in touch.

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