MedMen Enterprises Inc. announced that, further to its press release dated March 22, 2019, it has entered into definitive agreements in respect of a $250,000,000 secured convertible credit facility with Gotham Green Partners, an investor in the global cannabis industry.

"We are excited to close our investment into MedMen. The company has firmly established itself as the leading cannabis retailer in the United States with an unparalleled physical and brand footprint across the country," said Jason Adler, managing member of Gotham Green Partners. "We look forward to working closely with management to accelerate growth and drive margin improvement across the organization."

The Company intends to use the net proceeds from drawdowns on the Facility to fund the future capital needs of the business. In addition to funding general working capital, the growth capital will primarily be used to operationalize existing retail licenses, with a focus on Florida; integrate assets acquired through pending transactions, including PharmaCann, LLC; and accelerate geographic expansion through bolt-on acquisitions and investments in core markets.

The facility will be accessed through issuances to the lenders of convertible senior secured notes co-issued by the Company and MM CAN USA, Inc., a subsidiary of the Company, in an aggregate amount of up to $250,000,000. Under the definitive terms, Notes will be issuable in up to 5 tranches, with each tranche being issuable at the option of the Company, subject to certain conditions and, in certain cases, price thresholds for the Class B subordinate voting shares of the Company. The initial tranche, which the Company and MM CAN have drawn down, was for gross proceeds of $20,000,000.