MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQX: MMNFF) announced today plans to open a retail cannabis store in the Northern California city of Vallejo. This will be MedMen’s fourth planned retail store in Northern California, joining locations in Emeryville, San Jose and Seaside. It will also be the Company’s 15th retail store in the state of California. MedMen will be acquiring the license for both retail and distribution through a definitive agreement signed with Enhanced Energies Inc.
“California remains the prize of the cannabis industry and a key focus for MedMen,” said CEO Adam Bierman. “With this latest transaction, we position ourselves to continue to broaden our reach and expand our footprint in Northern California. We look forward to offering our industry-leading retail experience to customers in Vallejo.
As consideration for the acquisition of Enhanced Energies Inc., the Company will pay at closing a combination of cash and shares of MedMen Enterprises, Inc. in an amount not deemed to be material. The transaction is expected to close within 90 days of the agreement date and is subject to customary closing conditions, including city and state approvals.1
MedMen’s National Expanding Footprint and Operational Status
Upon the close of the acquisition and including other pending transactions, MedMen will have 37 currently operational stores and licenses for 17 factories across 12 states.