Cannabis as a Consumer Product.

MedMen has secured a first-mover advantage by defining the next generation of marijuana businesses and creating a new investment category: cannabis as a consumer product. Our differentiated approach focuses on acquiring assets in top U.S. consumer markets where our stylized retail stores are often neighbors to iconic retail brands. Compared with homegrown “pot shops,” our upscale consumer brand represents a decade history of business development, best practices and industry leading standards with a proven track record of growth.

First-Mover Advantages.

MedMen is one of the largest full-scale cannabis holding companies in the industry with a leading position in the top three addressable cannabis markets in the U.S. Our early-mover advantage in sub-markets such as Los Angeles, Las Vegas, Miami and New York City with secured prime real estate provides us a strong defense against future entrants. Over 800 professionals are employed across our current footprint that features best-in-class operations, methods and systems all across the cannabis supply chain. We have the required infrastructure and operational expertise to rapidly scale our business.

Prime Market Positioning.

MedMen is at the forefront of a nascent industry experiencing explosive growth. The legal cannabis market in the U.S. is expected to grow approximately tenfold and reach $75 billion1 by 2030 as cannabis consumption rises and existing sales are converted into the legal market. Currently 92% of all states have some form of legalized cannabis ranging from Cannabidiol (CBD)-only to full recreational legalization. Focusing on large addressable markets, our existing retail footprint spans approximately 600 million consumers and an estimated $20 billion in cannabis sales across three states. With our dominance in California, Nevada and New York – we already have access to nearly half of the entire U.S. addressable market.

Substantial Value Creation.

At MedMen we believe that marijuana’s full commercial potential can only be harnessed through the responsible application of capital and institutional expertise. Our comprehensive real estate portfolio includes prime retail locations in Los Angeles, Las Vegas, Miami and New York City, and cultivation and manufacturing in all three states. Over the past five years we have also developed our own proprietary management tool that supports critical functions from harvest tracking to point-of-sale.

Unmatched Expertise.

MedMen’s leadership includes top-notch professionals from high-tech agriculture, science, technology, regulatory affairs, retail, marketing and finance. We are not just cannabis experts, we are experts in our respective fields bringing best practices from other industries to the cannabis space. Our team is recognized by peers, partners and press as the leader behind the most dominant enterprise in the cannabis industry.

1 April 11, 2018 Cowen Group