MedMen Continues Restructuring Efforts, Highlights Results To-Date, and Announces Strategic Review of Assets in Arizona, Illinois, and Nevada as Next Steps
LOS ANGELES, February 17, 2023--(BUSINESS WIRE)--MedMen Enterprises Inc. ("MedMen" or the "Company") (CSE: MMEN) (OTCQX: MMNFF), a premier cannabis retailer with operations across the United States, continues to make progress in its restructuring efforts. Efforts to date have been effective, resulting in a return to positive adjusted EBITDA and a 34% reduction in payroll costs across its retail locations, cultivation centers, and corporate headquarters in the most recently reported quarter. Along with right sizing the expense structure, the Company continues to make progress on localization of store assortments and improving the product quality and profitability of its cultivation centers. Implementation later this spring of a new POS system and loyalty platform will drive increased store efficiencies as well as significantly more meaningful customer engagement.
Today the Company announced it has retained ATB Capital Markets Inc. ("ATB") to assist in the strategic review and potential sale of one or more of the Company’s non-core assets in Arizona, Illinois, and Nevada. ATB will assist MedMen in evaluating opportunities to divest certain retail and cultivation assets in order to bolster liquidity and maximize shareholder value with an asset-light model.
Assets under strategic review include:
Arizona: vertically integrated operations comprising of one dispensary located in Scottsdale and a 20,000 sq. ft. cultivation and production facility located in Mesa
Illinois: two dispensaries located in Oak Park and Morton Grove
Nevada: two dispensaries located in Las Vegas
For more information on the strategic review, please email ATB at email@example.com.
For more information about MedMen, visit www.medmen.com.
MedMen is a premier American cannabis retailer 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.
Forward Looking Statements:
Certain statements contained in this press release constitute "forward-looking statements" within the meaning of federal securities laws, including the Private Securities Litigation Reform Act of 1995 and forward-looking information within the meaning of Canadian securities laws (each referred to as "forward-looking statements"). Forward-looking statements include statements regarding intentions, beliefs, projections, outlook, analyses, or current expectations. Many factors could cause actual results, performance or achievement to be materially different from any forward-looking statements, and other risks and uncertainties not presently known to MedMen, as applicable, or that MedMen deems immaterial, could also cause actual results or events to differ materially from those expressed in the forward-looking statements contained herein. Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results to be materially different from any future results expressed or implied by such forward-looking statements, and you should not rely on them as predictions of future events. The forward-looking statements included in this communication are made as of the date of this communication and MedMen does not undertake any obligation to publicly update such forward-looking statements to reflect new information, subsequent events or otherwise unless required by applicable securities laws.
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