MedMen Announces Completion of Sale of Two Properties to Cannabis REIT
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
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
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