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US (CA): MedMen receives lender support for company turnaround

MedMen Enterprises has executed definitive agreements with certain lenders, including Gotham Green Partners, Stable Road Capital and affiliates, and the one of the Company’s most significant landlords, Treehouse Real Estate Investment Trust as part of a financial restructuring and turnaround plan (the “Plan”) to support the expansion of the Company’s retail footprint. The Plan will defer approximately US$32 million in cash commitments over the next 12 months and provide additional balance sheet flexibility.

“Implementing our turnaround plan is the best way to ensure that MedMen continues on its path to building the leading cannabis retailer in the U.S.,” said MedMen Interim Chief Executive Officer Tom Lynch. “We believe the widespread support we have received from our lenders and landlords will allow us to continue execution of the turnaround, continue to grow our best-in-class retail operations and drive towards positive free cash flow.”

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