Announcements

Job Offers

Top 5 -yesterday

Top 5 -last week

Top 5 -last month

US (NY): MedMen sells 87% of New York operations for $73M

MedMen has signed a definitive investment agreement with Ascend Wellness Holdings according to which AWH will complete an investment totaling up to approximately $73 million in MedMen NY Inc. (“MMNY”), MedMen’s subsidiary in the state of New York. In connection with the Investment, and subject to regulatory approval, MMNY will engage the services of AWH pursuant to a management agreement under which AWH will advise on MMNY’s operations pending regulatory approval of the Investment transaction.

Under the terms of the Investment, at closing, MMNY will assume up to approximately $73 million of MedMen’s existing secured debt, AWH will invest $35 million in cash in MMNY, and AWH New York, LLC will issue a senior secured promissory note in favor of MMNY’s senior secured lender in the principal amount of $28 million, guaranteed by AWH, which cash investment and note will be used to reduce the amounts owed to MMNY’s senior secured lender. Following its investment, AWH will hold a controlling interest in MMNY equal to approximately 86.7% of the equity in MMNY, and be provided with an option to acquire MedMen’s remaining interest in MMNY in the future. AWH must also make an additional investment of $10 million in exchange for additional equity in MMNY, which investment will also be used to repay MMNY’s senior secured lender if adult-use cannabis sales commence in MMNY’s dispensaries.

For more information: 

Publication date:



Receive the daily newsletter in your email for free | Click here


Other news in this sector:


Twitter Rss

© MMJDaily.com 2021

Sign up for our daily Newsletter and stay up to date with all the latest news!

Subscribe I am already a subscriber