LOS ANGELES--(BUSINESS WIRE)--The MedMen of Nevada 2 LLC (the “Securityholder”), located at 10115 Jefferson Blvd, Culver City, CA 90232, announced today that on September 5, 2018 it disposed of, by way of distribution in accordance with its constating documents to the members of the Securityholder, 16,574,460 Class B Common Shares (“Class B Shares”) of MM Can USA, Inc. (“PC Corp”), a subsidiary of MedMen Enterprises Inc. (the “Issuer”), which is located at 10115 Jefferson Blvd, Culver City, CA 90232.
Pursuant to the articles of incorporation of PC Corp and the Support Agreement dated as of May 28, 2018 between the Issuer, PC Corp and MM Enterprises USA, LLC (the “LLC”), and subject to the terms and conditions thereof, such distributed Class B Shares (the “Distributed Shares”) may be redeemed from time to time by the holders thereof for cash or an equivalent number of Class B Subordinate Voting Shares (the “Subordinate Voting Shares”) of the Issuer, with the form of such redemption consideration being at the option of PC Corp.
The Distributed Shares represent ownership and control of approximately 26% of the Issuer’s issued and outstanding Subordinate Voting Shares on a partially-diluted basis and approximately 4% on a fully-diluted basis. The Securityholder does not currently own or control any Subordinate Voting Shares or any other securities of the Issuer, PC Corp or the LLC.
The distribution by the Securityholder to its members of the Distributed Shares was made in connection with the wind-up of the Securityholder’s operations.
For further information, please contact Investor Relations, MedMen Enterprises, at firstname.lastname@example.org.
This press release is issued pursuant to National Instrument 62-103 – The Early Warning System and Related Take-Over Bid and Insider Reporting Issues, which requires a report to be filed on SEDAR (www.sedar.com) containing additional information with respect to the foregoing matters. A copy of this report may be obtained by contacting Investor Relations, MedMen Enterprises, at email@example.com.
MedMen Enterprises is a leading cannabis company in the U.S. with assets and operations across the country. 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
SOURCE: MedMen Enterprises