LOS ANGELES--(BUSINESS WIRE)--MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQB: MMNFF), a leading cultivator, producer and retailer of state-sanctioned cannabis in the U.S., announced today the completion of its first harvest at its state-of-the-art cultivation and production facility outside Reno, Nevada.
The test crop was only a fraction of the facility’s 10,000 pounds planned annual production capacity, but it went very smoothly and all systems functioned as designed, according to Dan McClure, MedMen’s vice president of agronomy. Nevada is one of the fastest growing state-sanctioned cannabis markets in the country with its large tourist population. According to the Nevada Department of Taxation, cannabis accounted for roughly US$386 million of the total statewide taxable sales for the period of July 2017 through March 2018, about 19.3 percent of the state's growth in taxable sales compared to the same period last year.
MedMen’s 45,000-square-foot Mustang facility, which opened in April, includes a Dutch-style greenhouse with 100 percent climate control and a drastically reduced environmental footprint. The greenhouse can hold up to 25,500 plants.
Another unique feature is the genetics cleaning that occurs in the tissue culture lab to yield healthier, higher quality plants.
“This is the future of cannabis cultivation,” McClure said. “This means consumers will be getting cleaner, safer and higher quality products.”
With the Mustang facility completed and in operation, MedMen plans to build the same type of high tech facility in the other states where it operates. Construction began in Desert Hot Springs, California, earlier this year and completion is expected in the first quarter of 2019. Another factory is planned for MedMen’s Utica facility in New York. The Company recently announced its forthcoming expansion into a fourth key market, Florida, through a proposed acquisition of dispensary and cultivation assets from Treadwell Simpson Partnership and affiliates. The same factory design is planned for Florida.
MedMen Enterprises is the preeminent cannabis company in the U.S. with assets and operations nationwide. Based in Los Angeles, MedMen brings expertise and capital to the cannabis industry and is one of the nation’s largest financial supporters of progressive marijuana laws. Visit http://www.medmen.com.
Cautionary Note Regarding Forward-Looking Information and Statements
This press release contains certain “forward-looking information” within the meaning of applicable Canadian securities legislation and may also contain statements that may constitute “forward-looking statements” within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only MedMen’s beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of MedMen’s control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as “plans”, “expects” or “does not expect”, “is expected”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates” or “does not anticipate”, or “believes”, or variations of such words and phrases or may contain statements that certain actions, events or results “may”, “could”, “would”, “might” or “will be taken”, “will continue”, “will occur” or “will be achieved”. The forward-looking information and forward-looking statements contained herein may include, but is not limited to, information concerning the production capacity of the Mustang facility, the operational merits of the Mustang facility and the quality and merits of product contemplated to be produced by the Mustang facility, the size of the Nevada cannabis market, the completion of construction of a production facility in Desert Hot Springs and the timing of such completion, the construction of a new production facility in Utica, the proposed Florida acquisition, expectations regarding whether the proposed acquisition will be consummated, the construction of a new production facility in Florida assuming that the Florida acquisition is completed, and that all production facilities in construction or contemplated to be constructed will use the same type of technologies as those used in the Mustang facility.
By identifying such information and statements in this manner, MedMen is alerting the reader that such information and statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of MedMen to be materially different from those expressed or implied by such information and statements. In addition, in connection with the forward-looking information and forward-looking statements contained in this press release, MedMen has made certain assumptions. Among the key factors that could cause actual results to differ materially from those projected in the forward-looking information and statements are the following: adverse changes in the public perception of cannabis; changes in consumer demand for cannabis; decreases in the prevailing prices for cannabis and cannabis products in the markets in which the Company operates; adverse changes in applicable laws; adverse changes in the application or enforcement of current laws, including those related to taxation; increasing costs of compliance with extensive government regulation; changes in general economic, business and political conditions, including changes in the financial markets and in particular in the ability of the Company to raise debt and equity capital in the amounts and at the costs that it expects; risks related to licensing, including the ability to obtain the requisite licenses or renew existing licenses for the Company’s proposed operations; dependence upon third party service providers skilled labour and key inputs for purposes for example facility design and construction activities; risks inherent in the agricultural business; intellectual property risks; risks related to litigation; dependence upon senior management; the ability to consummate the proposed Florida acquisition; the ability to obtain requisite regulatory approvals and third party consents and the satisfaction of other conditions to the consummation of the proposed Florida acquisition on the proposed terms and schedule; the potential impact of the announcement or consummation of the proposed Florida acquisition on relationships, including with regulatory bodies, employees, suppliers, customers and competitors; and the diversion of management time on the proposed acquisition. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected.
Although MedMen believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements. The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and MedMen does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to MedMen or persons acting on its behalf is expressly qualified in its entirety by this notice.
Source: MedMen Enterprises