MedMen Announces Cancellation of 815,295 Class A Super Voting Shares

Rhea-AI Summary

MedMen Enterprises, a cannabis retailer, announced the cancellation of 815,295 Class A super voting shares held by Andrew Modlin, effective December 10, 2020. This action resulted from a purchase agreement dated January 30, 2020. Following the cancellation, the company now has only one class of outstanding shares, the Class B subordinate voting shares. MedMen operates flagship locations across the U.S., offering a variety of cannabis products, including its proprietary brands through retail and delivery services.

Positive

• Simplification of share structure with only Class B subordinate voting shares outstanding.

Negative

• None.

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) (“MedMen” or the “Company”), a cannabis retailer with operations across the U.S., today announced that effective as of December 10, 2020, pursuant to the terms and conditions contained in a purchase agreement between MedMen and Andrew Modlin dated January 30, 2020, the remaining 815,295 Class A super voting shares that had been held by Mr. Modlin were automatically cancelled. Concurrently, the proxy that Mr. Modlin had granted to Benjamin Rose in respect of the voting of such shares expired. As a result of the share cancellation, the Company has only one class of outstanding shares, being the Class B subordinate voting shares.

ABOUT MEDMEN:

MedMen is a cannabis retailer with flagship locations in California, Nevada, Illinois, Florida, and New York. MedMen offers a robust selection of high-quality products, including MedMen-owned brands [statemade], LuxLyte, and MedMen Red through its premium retail stores, proprietary delivery service, as well as curbside and in-store pick up. MedMen Buds, the Company’s loyalty program, provides exclusive access to promotions, product drops and content. MedMen believes that a world where cannabis is legal and regulated is safer, healthier and happier. Learn more about MedMen and The MedMen Foundation at www.medmen.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201224005213/en/

FAQ

What are the implications of the share cancellation for MedMen Enterprises (MMEN, MMNFF)?

The cancellation of Class A super voting shares streamlines MedMen's share structure, potentially enhancing shareholder clarity and governance.

When was the share cancellation effective for MedMen Enterprises?

The share cancellation was effective as of December 10, 2020.

What is the current share structure for MedMen Enterprises (MMEN, MMNFF)?

MedMen Enterprises currently has only Class B subordinate voting shares outstanding after the cancellation of Class A shares.