LOS ANGELES--(BUSINESS WIRE)--
MedMen
Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX:
MMNFF) (FSE: A2JM6N) today announced that it has completed the sale of
two properties to Treehouse Real Estate Investment Trust, Inc.
(“Treehouse”) with gross proceeds of approximately $33.5 million and net
proceeds of approximately $30.6 million after repayment of debt.
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Rendering of Desert Hot Springs facility (Graphic: Business Wire)
“This is our second transaction with Treehouse and we’ve now freed up
nearly $49 million to invest directly into our growth initiatives,” said
Adam Bierman, MedMen’s chief executive officer and co-founder.
The properties are comprised of a retail storefront in Las Vegas, Nevada
and a cultivation, manufacturing and production facility in Desert Hot
Springs, California.
The Las Vegas property is located on Highland Drive near the Las Vegas
Strip. The store is scheduled to open later in calendar year 2019. The
property is 10,417 square feet and will feature a 30’x70’ LED glass
store front. It will be the Company’s largest store to date. Las Vegas
ranks as one of the world’s most visited tourist destinations, with more
than 42 million visitors in 2018, according to Statista. Nevada
legalized adult-use sales in 2017 and revenue for calendar year 2019 are
projected to exceed $600 million according to Cowen, Inc. MedMen
currently operates three stores in Las Vegas.
The Desert Hot Springs, California, property is comprised of an
approximately 45,000 square foot, state-of-the-art Dutch greenhouse
offering complete climate control and including manufacturing and
production capabilities. The facility recently received its certificate
of occupancy and is expected to commence producing the Company’s
in-house brands later this year.
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.
ABOUT TREEHOUSE:
Treehouse Real Estate Investment Trust, Inc. is an externally managed
real estate investment company organized in 2018 focused on the
acquisition, ownership and management of specialized retail and
industrial properties leased to experienced, state-licensed operators
for their regulated adult-use and medical-use cannabis facilities.
Treehouse will initially be externally managed and advised by an
affiliate of MedMen Enterprises Inc. Visit http://www.treehousereit.com.
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains “forward-looking statements” within the
meaning of the safe harbor provisions of the U.S. Private Securities
Litigation Reform Act of 1995. Forward-looking statements can be
identified by words like “may,” “will,” “likely,” “should,” “expect,”
“anticipate,” “future,” “plan,” “believe,” “intend,” “goal,” “seek,”
“estimate,” “project,” “continue” and similar expressions.
Forward-looking statements are neither historical facts nor assurances
of future performance. Instead, they are based only on our current
beliefs, expectations and assumptions regarding the future of our
business, future plans and strategies, projections, anticipated events
and trends, the economy and other future conditions. Because
forward-looking statements relate to the future, they are subject to
inherent uncertainties, risks and changes in circumstances that are
difficult to predict and many of which are outside of our control. Our
actual results and financial condition may differ materially from those
indicated in the forward-looking statements. Therefore, you should not
rely on any of these forward-looking statements. Important factors that
could cause our actual results and financial condition to differ
materially from those indicated in the forward-looking statements
include, among others, changes in the condition of the U.S. economy and,
in particular, the U.S. real estate market.
The forward-looking statements included in this press release are made
only as of the date of this release, and except as otherwise required by
federal securities law, we do not have any obligation to publicly update
or revise any forward-looking statements to reflect subsequent events or
circumstances.
SOURCE: MedMen Enterprises
View source version on businesswire.com:
https://www.businesswire.com/news/home/20190314005281/en/
MEDIA CONTACT:
Briana Chester
Director of Public
Relations
briana.chester@medmen.com
(424)
888-4260
INVESTOR RELATIONS CONTACT:
Stéphanie Van Hassel
VP of
Investor Relations
investors@medmen.com
(323)
705-3025
Source: MedMen Enterprises