— MedMen to receive $83 million in cash for Florida assets, including medical cannabis license, inventory and operations
LOS ANGELES — MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX: MMNFF), a premier cannabis retailer with operations across the United States, today announced plans to sell its Florida assets to Florida-based private company Green Sentry Holdings LLC for $83 million. The cash deal includes the sale of substantially all of MedMen’s Florida-based assets, including its license, dispensaries, inventory and cultivation operations. Additionally, the Company agreed to license its trademarks in the state for a two-year period, subject to termination rights, for a quarterly revenue-based fee. The transaction is subject to customary closing conditions, including applicable regulatory approvals. The deal is expected to close in late April or early May 2022, pending the receipt of all required contractual consents and governmental approvals including the requisite change of ownership approval from the Florida Office of Medical Marijuana Use (the “OMMU”).
