MEDMEN ENTPRS B SUB VTG - MMNFF STOCK NEWS

MedMen Enterprises Inc. (CSE: MMEN, OTCQX: MMNFF) has announced significant progress in its restructuring efforts, returning to positive adjusted EBITDA and achieving a 34% reduction in payroll costs. The company is localizing its store assortments to enhance product quality and profitability. MedMen has engaged ATB Capital Markets Inc. to assist in a strategic review and potential sale of non-core assets in Arizona, Illinois, and Nevada to strengthen liquidity. Assets under review include dispensaries and cultivation facilities in these states, aiming to implement an asset-light model to maximize shareholder value.

Green Sentry Holdings has successfully acquired all of MedMen's Florida assets for $63 million, plus lease liabilities. The deal includes a medical marijuana treatment center license, 14 retail dispensaries, and a 30,000 sq. ft. cultivation facility. This acquisition was financed through an equity raise and a $30 million loan. Green Sentry plans to enhance operations at the Eustis Facility and launch its new brand, Sunburn Cannabis, in Q4 2022. This move positions Green Sentry for growth in the expanding Florida cannabis market.

MedMen Enterprises Inc. (CSE: MMEN, OTCQX: MMNFF) has successfully completed a $67 million deal to sell its Florida operations to Green Sentry Holdings LLC. This transaction enhances MedMen's restructuring efforts aimed at achieving financial flexibility and ultimately becoming EBITDA positive. The company is also exploring strategic options for its New York operations amidst the anticipated rollout of recreational cannabis sales. CEO Ed Record emphasized the importance of maximizing existing assets for shareholder returns.

MedMen Enterprises has achieved a significant legal victory, as a judge ruled in its favor on all counts in a lawsuit brought by Whitestar Solutions. The court dismissed fraud claims and confirmed that MedMen can recover attorneys' fees. The lawsuit, initiated in March 2020, revolved around allegations regarding a Membership Interest Purchase Agreement potentially worth $60 million. Additionally, the company announced the departure of its Chief Strategy Officer, Tyson Rossi, effective June 3, 2022.

MedMen Enterprises has reached a settlement agreement with Ascend Wellness Holdings, finalizing the sale of its New York operations. The deal ends litigation and brings $15 million in additional value to shareholders. Ascend will pay a total of $88 million, consisting of $73 million in debt assumption and $15 million in cash. This agreement is seen as a significant win, allowing MedMen to restructure its balance sheet and reduce debt. The transaction is expected to close within 30 days, enhancing MedMen's focus on core markets.

MedMen Enterprises Inc. has appointed Edward Record as its new Chief Executive Officer, effective immediately, succeeding Michael Serruya, who remains Chairman of the Board. Record, a board member since 2021, brings extensive retail and restructuring experience, having previously held CFO positions at Hudson's Bay Company and J.C. Penney. In a related announcement, Roz Lipsey, the Chief Operating Officer, will resign effective May 20, 2022. This leadership change aims to enhance operational discipline and facilitate a strategic repositioning of MedMen's business model.

MedMen Enterprises Inc. (CSE: MMEN, OTCQX: MMNFF) announced a partial adjournment of its 2022 Annual Meeting to finalize votes on Proposal 3 related to its 2018 Stock and Incentive Plan, which seeks to increase share reserves to 200 million Class B Subordinate Voting Shares. The adjourned meeting will be held virtually on May 19, 2022, at 9:00 AM PT. The initial meeting convened on April 20, 2022, approved other proposals, while additional voting on Proposal 3 is necessary to reach a majority decision.

MedMen Enterprises Inc. (OTCQX: MMNFF) announced the opening of its new retail store in San Francisco’s Cow Hollow neighborhood, in partnership with Mirage Medicinal. Located at 1861 Union Street, the store spans 3,222 square feet and aims to enhance community engagement in cannabis culture. The partnership leverages Mirage Medicinal's local knowledge and MedMen's resources to provide a diverse product range. Customers can purchase items in-store or via online orders. MedMen operates across multiple states, focusing on quality cannabis products and services.

The court has ordered former CFO James Parker to pay $612,000 to MedMen Enterprises (CSE: MMEN, OTCQX: MMNFF) for legal fees after ruling he materially breached his employment agreement. This decision follows a jury's earlier exoneration of MedMen in Parker's lawsuit. The judge confirmed that MedMen owes Parker nothing and dismissed his claims for an additional $1,000,000 in fees. MedMen's chairman expressed satisfaction with the outcome, emphasizing the company's commitment to addressing false allegations.