LOS ANGELES--(BUSINESS WIRE)--MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX:

MMNFF) (FSE: A2JM6N) is pleased to announce that it has closed its

previously announced acquisition (the “Acquisition”) of Kannaboost

Technology Inc. and CSI Solutions LLC, collectively referred to as

“Level Up,” two vertically-integrated operations in Arizona. The

acquisition includes retail locations in Scottsdale and Tempe, as well

as 25,000 square feet of cultivation and production capacity in Tempe

and Phoenix. The acquisition also includes a 40 percent stake in

top-selling brand K.I.N.D. Concentrates, which is currently distributed

in over 90 percent of the dispensaries in Arizona. The Company paid a

combination of cash and stock valued at an aggregate of $33.5 million.

With the closing of the Acquisition and following the completion of the

pending acquisition of PharmaCann, LLC, MedMen will be licensed for

three medical-use cannabis dispensaries in Arizona. The flagship Level

Up location in Scottsdale is one of the highest-grossing dispensaries in

the state.

MedMen’s National Expanding Footprint and Operational Status

MedMen continues to bring assets online with the number of operational

retail locations now at 20 with the addition of these assets.


 

 

 

 

 

 

 

State

 

Retail




Cultivation/Manufacturing



Stores Permitted Under Licenses

 

Currently Operational Stores1




Licenses for Facilities2

 

 

MedMen

 

PharmaCann

 

MedMen

 

PharmaCann




MedMen

 

PharmaCann

Arizona


3

 

0

 

3

 

0




X

 


California


12


0


9


0




X



Florida


30


0


0


0




X



Illinois


1


4


1


4






X

Maryland


0


1


0


1







Massachusetts


0


3


0


1






X

Michigan


1


1


0


0







Nevada


3


0


3


0




X



New York


4


4


4


4




X


X

Ohio


0


1


0


0






X

Pennsylvania


0


9


0


0






X

Virginia

 

0

 

1

 

0

 

0




 

 

X

TOTAL:


54

 

24

 

20

 

10







TOTALS COMBINED:

 

78

 

30

















 

1. Includes five "Powered by MedMen" stores not yet MedMen rebranded but

owned by the Company. Also, includes two stores managed but not owned by

the Company.

2. The chart includes licenses to be acquired through the announced

PharmaCann transaction and recently closed acquisitions. Through the

acquisition of PharmaCann, MedMen will own an additional twenty-five

licenses across 12 states (permitting operation of an additional 24

retail facilities and 7 cultivation/manufacturing facilities). Those 12

states comprise approximately 50% of the total U.S. population.

ABOUT MEDMEN:

MedMen is a cannabis retailer with operations across the U.S. and

flagship stores in Los Angeles, Las Vegas and New York. MedMen’s mission

is to provide an unparalleled experience that invites the world to

discover the remarkable benefits of cannabis because a world where

cannabis is legal and regulated is a safer, healthier and happier world.

Learn more at www.medmen.com.

Cautionary Note Regarding Forward-Looking Information and Statements

This press release contains “forward-looking statements” and

“forward-looking information” within the meaning of applicable

securities laws (collectively, “forward-looking information”) with

respect to the Company, including, but not limited to: information

concerning the completion of the contemplated business combination with

PharmaCann, LLC, expectations regarding whether the contemplated

acquisition will be consummated, including whether conditions to the

consummation of the proposed acquisition of PharmaCann will be satisfied

and whether the proposed acquisition will be completed on the current

terms, the timing for completing the proposed acquisition of PharmaCann,

expectations for the effects of the proposed acquisition of PharmaCann,

including the potential number and location of facilities and stores or

licenses therefor to be acquired, expectations regarding the markets to

be entered into by or expansion in current markets by the Company as a

result of completing such proposed acquisition, the ability of the

Company to successfully achieve its business objectives as a result of

completing the contemplated acquisition, estimates of future

cultivation, manufacturing and extraction capacity, estimates of future

revenue or revenue growth (and the method by which such future revenue

is generated), store related forecasts, including as to number of

planned stores to be opened in the future, and any other statement that

may predict, forecast, indicate or imply future plans, intentions,

levels of activity, results, financial position, operational or

financial performance or achievements. Such forward-looking information

involves known and unknown risks, uncertainties and other factors which

may cause the actual plans, intentions, activities, results, financial

position, performance or achievements of the Company to be materially

different from any future plans, intentions, activities, results,

financial position, performance or achievements expressed or implied by

such forward-looking information. Often, but not always, forward-looking

information can be identified by the use of words such as “plans,”

“expects,” “is expected,” “budget,” “scheduled,” “estimates,”

“forecasts,” “intends,” “anticipates,” will,” “projects,” or “believes”

or variations (including negative variations) of such words and phrases,

or statements that certain actions, events, results or conditions “may,”

“could,” “would,” “might” or “will” be taken, occur or be achieved.

Except for statements of historical fact, information contained herein

constitutes forward-looking information.

Forward-looking information is not a guarantee of future performance and

is based upon a number of estimates and assumptions of management at the

date the statements are made including among other things assumptions

about: the contemplated acquisition being completed on the current terms

and current contemplated timeline; development costs remaining

consistent with budgets; favorable equity and debt capital markets; the

ability to raise sufficient capital to advance the business of the

Company; favorable operating conditions; political and regulatory

stability; obtaining and maintaining all required licenses and permits;

receipt of governmental approvals and permits; sustained labor

stability; stability in financial and capital goods markets; favorable

production levels and costs from the Company’s operations; the pricing

of various cannabis products; the level of demand for cannabis products;

and the availability of third party service providers and other inputs

for the Company’s operations. While the Company considers these

assumptions to be reasonable, the assumptions are inherently subject to

significant business, social, economic, political, regulatory,

competitive and other risks and uncertainties, contingencies and other

factors that could cause actual performance, achievements, actions,

events, results or conditions to be materially different from those

projected in the forward-looking information. Many assumptions are based

on factors and events that are not within the control of the Company and

there is no assurance they will prove to be correct.

Furthermore, such forward-looking information involves known and unknown

risks, uncertainties and other factors which may cause the actual plans,

intentions, activities, results, financial position, performance or

achievements of the Company to be materially different from any future

plans, intentions, activities, results, financial position, performance

or achievements expressed or implied by such forward-looking

information. Such factors include, among others: the ability to

consummate the proposed acquisition; the ability to obtain requisite

regulatory approvals and third party consents and the satisfaction of

other conditions to the consummation of the proposed acquisition on the

proposed terms and schedule; the potential impact of the announcement or

consummation of the proposed acquisition on relationships, including

with regulatory bodies, employees, suppliers, customers and competitors;

the diversion of management time on the proposed acquisition; risks

relating to cannabis being illegal under US federal law and risks of

federal enforcement actions related to cannabis; negative changes in the

political environment or in the regulation of cannabis and the Company’s

business; risks relating to lack of banking providers and

characterization of the Company’s revenue as proceeds of crime as a

result of anti-money laundering laws and regulation; the costs of

compliance with and the risk of liability being imposed under the laws

the Company operates under including environmental regulations; negative

shifts in public opinion and perception of the cannabis industry and

cannabis consumption; risks that service providers may suspend or

withdraw services; the limited operating history of the Company;

reliance on the expertise and judgement of senior management of the

Company; increasing competition in the industry; risks related to

financing activities, including leverage; risks related to the

management of growth; increased costs related to the Company becoming a

publicly traded company; risks inherent in an agricultural business;

adverse agricultural conditions impacting cannabis yields; risks

relating to rising energy costs; risks of product liability and other

safety related liability as a result of usage of the Company's cannabis

products; negative future research regarding safety and efficacy of

cannabis and cannabis derived products; risk of shortages of or price

increases in key inputs, suppliers and skilled labor; a lack of reliable

data on the medical and adult-use cannabis industry; loss of

intellectual property rights or protections; cybersecurity risks;

constraints on marketing products; fraudulent activity by employees,

contractors and consultants; tax and insurance related risks; risk of

litigation; conflicts of interest; compliance with extensive government

regulation; changes in general economic, business and political

conditions, including changes in the financial markets; as well as those

risk factors discussed in the Company’s Annual Information Form filed on

SEDAR at www.sedar.com

on November 2, 2018 and discussed in the Company’s other public filings

available on SEDAR. Although the Company has attempted to identify

important factors that could cause actual results to differ materially,

there may be other factors that cause results not to be as anticipated,

estimated or intended. There can be no assurance that such

forward-looking information will prove to be accurate as actual results

and future events could differ materially from those anticipated in such

information.

Accordingly, readers should not place undue reliance on forward-looking

information. Forward-looking information is provided and made as of the

date of this press release and the Company does not undertake any

obligation to revise or update any forward-looking information other

than as required by applicable law.

SOURCE: MedMen Enterprises

Contacts

OFFICER CONTACT:

Adam Bierman

Chief Executive Officer

Email:

(833) 633-6362

MEDIA CONTACT:

Briana Chester

Director of Public

Relations

(424)

888-4260

INVESTOR RELATIONS CONTACT:

Stéphanie Van Hassel

Head

of Investor Relations

(323)

705-3025