Company Closes Acquisition of Top Medical Marijuana Operator in

the State

LOS ANGELES--(BUSINESS WIRE)--MedMen

Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX:

MMNFF) (FSE: A2JM6N) today announced that it has completed its

acquisition of Omaha Management Services, LLC, for control of Monarch, a

Scottsdale, Arizona-based licensed medical cannabis license holder with

dispensary, cultivation and processing operations. The transaction, with

WhiteStar Solutions LLC (“WhiteStar”), included the acquisition of

WhiteStar’s exclusive co-manufacturing and licensing agreements with

Kiva, Mirth Provisions and HUXTON for the state of Arizona.

“As we look to operationalize the acquisitions we have made in recent

months, our team has focused on timely and seamless transitions,” said

Adam Bierman, MedMen chief executive and co-founder. “From the signing

of the letter of agreement in October to opening our first dispensary in

Arizona, we have been able to activate in a matter of weeks. It is

testament to the quality of our team and I couldn’t be prouder of our

staff.”

The Monarch dispensary opened officially under MedMen management on

Monday, December 3. It will eventually be rebranded as a MedMen store.

Arizona is one of the largest medical marijuana markets in the country

with over 180,000 current patients. The state also represents one of the

larger addressable adult-use markets in the U.S. A ballot measure to

legalize adult-use narrowly missed in 2016, and is expected to return in

2020.

Monarch was the first cannabis dispensary to break ground in Scottsdale.

In addition to the dispensary, MedMen now operates a 20,000-square-foot

cultivation and manufacturing facility in Mesa, Arizona, which currently

distributes branded products to over 60 dispensaries in the state.

MedMen paid approximately 80 percent in stock and 20 percent in cash for

the assets. The stock consideration will be satisfied by way of issuance

of shares of MedMen Enterprises, Inc.


 


MedMen’s National Footprint and Operational Status




State




Retail




Cultivation/Manufacturing




 




Licensed
Facilities




Currently
Operational*




Licensed
Facilities




Currently
Operational



Arizona

3

1

4

1

California

10

8

2

0

Florida

30

0

1

1

Illinois

5

0

2

0

Maryland

1

0

0

0

Massachusetts

3

0

1

0

Michigan

1

0

0

0

Nevada

3

3

1

1

New York

8

4

2

1

Ohio

1

1

1

0

Pennsylvania

3

0

1

0

Virginia

1

0

1

0


TOTAL: 12



69

17

16

4


*Includes “Powered by MedMen” stores; stores not yet rebranded
MedMen but owned and managed by the Company.



 

ABOUT MEDMEN:

MedMen Enterprises is a leading cannabis company in the U.S. with assets

and operations nationwide. Based in Los Angeles, MedMen brings expertise

and capital to the cannabis industry and is one of the nation’s largest

financial supporters of progressive marijuana laws. Visit http://www.medmen.com.

Cautionary Note Regarding Forward-Looking Information and Statements

This press release contains certain “forward-looking information”

within the meaning of applicable Canadian securities legislation and may

also contain statements that may constitute “forward-looking statements”

within the meaning of the safe harbor provisions of the United States

Private Securities Litigation Reform Act of 1995. Such forward-looking

information and forward-looking statements are not representative of

historical facts or information or current condition, but instead

represent only MedMen’s beliefs regarding future events, plans or

objectives, many of which, by their nature, are inherently uncertain and

outside of MedMen’s control. Generally, such forward-looking information

or forward-looking statements can be identified by the use of

forward-looking terminology such as “plans”, “expects” or “does not

expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”,

“intends”, “anticipates” or “does not anticipate”, or “believes”, or

variations of such words and phrases or may contain statements that

certain actions, events or results “may”, “could”, “would”, “might” or

“will be taken”, “will continue”, “will occur” or “will be achieved”.

The forward-looking information and forward-looking statements contained

herein may include, but are not limited to, expectations regarding the

Arizona cannabis market and expectations for other economic, business,

and/or competitive factors.

By identifying such information and statements in this manner, MedMen

is alerting the reader that such information and statements are subject

to known and unknown risks, uncertainties and other factors that may

cause the actual results, level of activity, performance or achievements

of MedMen to be materially different from those expressed or implied by

such information and statements. In addition, in connection with the

forward-looking information and forward-looking statements contained in

this press release, MedMen has made certain assumptions. Among the key

factors that could cause actual results to differ materially from those

projected in the forward-looking information and statements are the

following: changes in general economic, business and political

conditions, including changes in the financial markets; changes in

applicable laws and compliance with extensive government regulation.

Should one or more of these risks, uncertainties or other factors

materialize, or should assumptions underlying the forward-looking

information or statements prove incorrect, actual results may vary

materially from those described herein as intended, planned,

anticipated, believed, estimated or expected.

Although MedMen believes that the assumptions and factors used in

preparing, and the expectations contained in, the forward-looking

information and statements are reasonable, undue reliance should not be

placed on such information and statements, and no assurance or guarantee

can be given that such forward-looking information and statements will

prove to be accurate, as actual results and future events could differ

materially from those anticipated in such information and statements.

The forward-looking information and forward-looking statements contained

in this press release are made as of the date of this press release, and

MedMen does not undertake to update any forward-looking information

and/or forward-looking statements that are contained or referenced

herein, except in accordance with applicable securities laws. All

subsequent written and oral forward-looking information and statements

attributable to MedMen or persons acting on its behalf is expressly

qualified in its entirety by this notice.

SOURCE: MedMen Enterprises

Contacts

MEDIA CONTACT:

Briana Chester

Senior Publicist

Email:

(424)

888-4260

INVESTOR RELATIONS CONTACT:

Stéphanie Van Hassel

Head

of Investor Relations

(323)

705-3025