Proactive Investors - Run By Investors For Investors

MedMen Enterprises acquires retail location in Santa Ana, California

The Orange county location in Santa Ana is strategically located
open for cannabis sign
MedMen Enterprises is a leading cannabis company

MedMen Enterprises Inc (CSE:MMEN) (OTC:MMNFF) has signed an agreement to acquire the retail operations and license for a location in Santa Ana, California, through an all-stock transaction with Captor Capital Corp (CSE:CPTR).

Upon closing, MedMen will issue 3,740,228 Class B subordinate voting shares to Captor, a Canadian publicly-traded investment company. At the current market price of the shares, the transaction is valued at approximately $16 million.

READ: MedMen’s latest acquisition to expand its presence in the Arizona cannabis market

The final purchase price is subject to adjustment for accrued liabilities at the time of closing.

“MedMen Orange County is strategically located in one of the most affluent regions of southern California with a limited number of licensed dispensaries,” said Adam Bierman, MedMen CEO and co-founder.

The Santa Ana store is located in the only city in all of Orange County, which has a population of 3.2 million people. The store is currently MedMen-managed and branded, which should allow a seamless integration. The company expects the transaction to close within 60 days.

“This is an asset that we are already intimately familiar with through the management contract. We have direct visibility to market data, including consumer demographics and growth trends. This acquisition enhances our first mover advantage in a strategic location with robust sales and long-term growth potential,” said Bierman.

Separately, MedMen announced that Chief Financial Officer James Parker has resigned, and that Jim Miller, the company’s vice president of accounting, has been appointed interim chief financial officer until Parker’s successor is named.

Miller joined MedMen in January 2018. Before joining MedMen, Miller held several senior finance and accounting positions at leading entertainment firms such as the Walt Disney Company and Viacom.

MedMen Enterprises is a leading cannabis company in the US, with assets and operations across the country.

Contact Rene Pastor by [email protected]

Join Proactive’s Crypto, Blockchain and Cannabis Telegram group here
View full MMEN profile View Profile

MedMen Enterprises Inc Timeline

Newswire
December 06 2018
Article
October 24 2018

Related Articles

cannabis facility
January 23 2019
The company will capitalize on the need for indoor-grown, pharmaceutical-grade cannabis
cannabis
August 28 2018
Tidal Royalty provides capital to help grow licenced US cannabis firms in exchange for receiving a percentage of future top-line revenues.
cannabis plant
May 05 2019
The cannabis company invests in income-producing property and provides financing solutions and capital investment to service the blossoming cannabis industry
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use