MEDMEN ENTPRS B SUB VTG - MMNFF STOCK NEWS

MedMen Enterprises Inc. (MMEN) announces the completion of the sale of its non-core business operations in Arizona to MINT Cannabis, with pending sale of assets in Nevada. The divestiture aims to optimize the company's operational footprint, as stated by CEO Ellen Deutsch Harrison.

MedMen Enterprises Inc. (MMEN) Provides Bi-Weekly Default Status Report and Management Cease Trade Order

MedMen Enterprises Inc. (MMEN) announces the sale of non-core business operations in Arizona and certain assets in Nevada to MINT Cannabis. The transactions will bolster liquidity, reduce liabilities, and allow the company to focus on operating efficiencies and executing its long-term growth strategy.

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) has been granted a management cease trade order against the Company’s CEO and CFO by its principal regulator, the British Columbia Securities Commission. The MCTO prohibits trading in the Corporation's securities by the Company’s CEO and CFO until the Company files the Required Filings and the MCTO is revoked. The Company anticipates completing the Required Filings on or before December 13, 2023.

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) provides a bi-weekly default status report in accordance with National Policy 12-203 – Management Cease Trade Orders. The company's CEO and CFO are under a management cease trade order until the Required Filings are completed. The Required Filings, including the 2023 annual audited financial statements, were due on October 30, 2023, but are expected to be completed by December 13, 2023. The company confirms its intention to continue satisfying the provisions of the alternative information guidelines described in NP 12-203 for as long as it remains in default of the requirement to file the Required Filings.

MedMen Enterprises Inc. expects to be late in filing its financial statements and management’s discussion and analysis for the year ended July 1, 2023. The company identified errors in previous reports and will need additional time to complete the filing. The restatement of financial statements will also impact the condensed consolidated financial statements. MedMen has applied for a management cease trade order and will follow alternate information guidelines.

MedMen Enterprises announced a change in its auditor from MNP LLP to Marcum LLP, effective March 17, 2023. The previous auditor's report did not contain adverse opinions, but highlighted the company’s ongoing concerns regarding its ability to continue as a going concern due to recurring losses, debt covenant violations, and net capital deficiency. These concerns were attributed to a material weakness in financial record-keeping and ineffective controls over reconciliation processes. The Audit Committee approved Marcum LLP as the new independent registered public accountant for the fiscal year ending July 1, 2023.