LOS ANGELES--(BUSINESS WIRE)--
Company Closes Acquisition of Top Medical Marijuana Operator in the State
MedMen Enterprises Inc. (“MedMen” or the “Company”) (MMEN.CN) (MMNFF) (FSE:A2JM6N) today announced that it has completed its acquisition of Omaha Management Services, LLC, for control of Monarch, a Scottsdale, Arizona-based licensed medical cannabis license holder with dispensary, cultivation and processing operations. The transaction, with WhiteStar Solutions LLC (“WhiteStar”), included the acquisition of WhiteStar’s exclusive co-manufacturing and licensing agreements with Kiva, Mirth Provisions and HUXTON for the state of Arizona.
“As we look to operationalize the acquisitions we have made in recent months, our team has focused on timely and seamless transitions,” said Adam Bierman, MedMen chief executive and co-founder. “From the signing of the letter of agreement in October to opening our first dispensary in Arizona, we have been able to activate in a matter of weeks. It is testament to the quality of our team and I couldn’t be prouder of our staff.”
The Monarch dispensary opened officially under MedMen management on Monday, December 3. It will eventually be rebranded as a MedMen store.
Arizona is one of the largest medical marijuana markets in the country with over 180,000 current patients. The state also represents one of the larger addressable adult-use markets in the U.S. A ballot measure to legalize adult-use narrowly missed in 2016, and is expected to return in 2020.
Monarch was the first cannabis dispensary to break ground in Scottsdale. In addition to the dispensary, MedMen now operates a 20,000-square-foot cultivation and manufacturing facility in Mesa, Arizona, which currently distributes branded products to over 60 dispensaries in the state.
MedMen paid approximately 80 percent in stock and 20 percent in cash for the assets. The stock consideration will be satisfied by way of issuance of shares of MedMen Enterprises, Inc.
MedMen’s National Footprint and Operational Status
*Includes “Powered by MedMen” stores; stores not yet rebranded MedMen but owned and managed by the Company.
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.
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only MedMen’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of MedMen’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include, but are not limited to, expectations regarding the Arizona cannabis market and expectations for other economic, business, and/or competitive factors.
By identifying such information and statements in this manner, MedMen is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of MedMen to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, MedMen has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: changes in general economic, business and political conditions, including changes in the financial markets; changes in applicable laws and compliance with extensive government regulation. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
Although MedMen believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and MedMen does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to MedMen or persons acting on its behalf is expressly qualified in its entirety by this notice.
SOURCE: MedMen Enterprises