MMEN Stinks MMEN SINK some investissors pay 40 cents when the price is at .50.. Then dump it
on us with profits.. DILUATION MANIPULATION
2021-03-18 12:51 ET - News Release
Mr. Tom Lynch reports
MEDMEN ANNOUNCES NON-BROKERED PRIVATE PLACEMENT TO FUEL GROWTH IN FLORIDA AND OTHER CORE MARKETS
Medmen Enterprises Inc. has sold $20-million of units at a purchase price of 40 cents per unit. Each unit consists of one Class B subordinate voting share and one share purchase warrant. Each warrant permits the holder to purchase one share for a period of three years from the date of issuance at an exercise price of 50 cents per share.
Medmen considers Florida to be a core market where the company has identified significant potential opportunities. Medmen's current Florida asset base includes 16 prime leased dispensary locations (including 10 fully built-out stores) with four operational dispensaries. The company also owns underutilized production facilities that are producing approximately 8,000 pounds annually.
Under Florida cannabis regulations, cannabis retailers can only sell products that have been produced in-house. Therefore, a constraint on the company's Florida retail sales has been production capacity. Medmen's Florida strategic growth plan includes using the proceeds of the private placement to: (i) expand and increase utilization of the existing production facilities with the goal to boost cultivation capacity from 8,000 pounds to 22,000 pounds annually, (ii) increase manufacturing capacity and allow for the introduction of Mary's Medicinals' suite of products and Dixie Brands' award-winning edibles, and (iii) with the increased capacity, have 15 operational stores open to serve Florida patients within the next year. Proceeds will also be used to finance certain costs related to opening locations in Massachusetts, Illinois and California, and for general corporate purposes.
"This past year we have made tremendous progress on our turnaround plan with our cost-cutting initiatives, gross margin expansion and focusing investments on our highest ROI opportunities," said Tom Lynch, chairman and chief executive officer of Medmen. "Medmen's future has never been brighter. We believe we have the most recognizable brand in cannabis, an actionable strategic growth plan and a disciplined management team that knows how to execute this turnaround."
About Medmen Enterprises Inc.
Medmen is a premier American cannabis retailer with an operational footprint in California, Nevada, Illinois, Arizona, Massachusetts and Florida. Medmen offers a robust selection of high-quality products, including Medmen-owned brands [statemade], LuxLyte, and Medmen Red through its premium retail stores, proprietary delivery service, as well as curbside and in-store pickup. Medmen Buds, an industry-first loyalty program, provides exclusive access to promotions, product drops and content. Medmen believes that a world where cannabis is legal and regulated is safer, healthier and happier.
We seek Safe Harbor.
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