Culver City-based MedMen Enterprises Inc. (OTCQB: MMNFF) just announced that it has reached an agreement to receive convertible credit to the tune of $250 million from New York-based Gotham Green Partners. According to MedMen, the fund will facilitate operation integration from recent and pending acquisitions including PharmaCann, build out of technology infrastructure, and store expansion in Florida.
The details of the agreement show MedMen issuing (on private placement basis) convertible senior secured notes amounting to $250 million. The notes will come in three installments of an initial $100 million and a follow up two installments of $75 million each. All the notes will have a maturity date of thirty-six months which can be extended for a further 12 months.
In a press release, the managing member of Gotham Green Partners, Jason Adler said, “We continue to be impressed with MedMen’s industry-leading retail execution and iconic branding. With MedMen’s new fortified balance sheet, the Company’s future has never been brighter. We feel fortunate to have the opportunity to take such a significant stake in MedMen and begin to work actively with the management team and the board to help the Company achieve its goals.”
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