MEDMEN ENTPRS B SUB VTG - MMNFF STOCK NEWS

MedMen has officially opened its first South Beach location in Miami, aimed at serving Florida's medical marijuana community. The 4,263 square-foot dispensary offers a wide range of cannabis products, including MedMen's signature brands, and will introduce new brands in the coming months. The dispensary is committed to quality service and patient education, featuring a loyalty program for exclusive rewards. Local leaders, including State Senator Jason Pizzo, have expressed support for MedMen’s presence, emphasizing the need for accessible medical cannabis in the community.

MedMen Enterprises (CSE: MMEN, OTCQX: MMNFF) will release its financial results for Q3 fiscal 2021, ending March 27, 2021, after market close on May 11, 2021. A conference call with CEO Tom Lynch and CFO Reece Fulgham will follow at 5:00 PM Eastern to discuss the results. Investors can access the live audio webcast on MedMen's website, which will also be archived for later replay.

MedMen Enterprises announced the cancellation of 97,785,140 warrants to acquire Class B Subordinate Voting Shares, marking a significant milestone as it achieved two consecutive quarters of positive retail cash flow for the periods ending September 26, 2020, and December 26, 2020. With 658,912,617 shares outstanding, this cancellation aims to reverse dilution and enhance shareholder value. CEO Tom Lynch emphasized that this achievement reflects a successful turnaround strategy. The cancellation follows an agreement with Gotham Green Partners, which acknowledged MedMen's performance in meeting cash flow expectations.

MedMen Enterprises Inc. has opened a new cannabis retail location in Emeryville, California, marking its expansion in the largest cannabis market. The 2,284 square feet store offers a range of products including MedMen Red, featuring popular strains like Jack Herer and Pineapple Express, alongside disposable vapes, cartridges, pre-rolls, and gummies. Products are sourced from environmentally conscious providers, ensuring sustainability. MedMen operates flagship stores across various states and features a loyalty program, Buds, for exclusive promotions and access.

MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) has secured a new license for an adult-use dispensary in Morton Grove, Illinois, expanding its presence in the state following successful operations in Evanston and Oak Park. The dispensary will be located at 6761 Dempster St. in the Sawmill Station plaza. CEO Tom Lynch expressed gratitude to the Morton Grove community and highlighted that this new location aligns with MedMen's strategic growth plan and robust asset portfolio, reinforcing its status as a leading cannabis brand.

MedMen Enterprises announced a Private Placement of C$20 million, selling units at C$0.40 each, comprising one Class B subordinate voting share and a warrant to purchase shares at C$0.50. The funds aim to boost production capacity in Florida from 8,000 to 22,000 pounds annually, expand manufacturing capabilities, and open 15 operational stores in the next year. The company also plans to fund costs for new locations in Massachusetts, Illinois, and California. MedMen highlights significant progress in its turnaround strategy, with an emphasis on operational efficiency and brand strength.

MedMen Enterprises (CSE: MMEN, OTCQX: MMNFF) has signed a definitive investment agreement with Ascend Wellness Holdings (AWH) for up to $73 million. This investment is aimed at MedMen NY Inc., its New York subsidiary, and requires regulatory approval. AWH will provide $35 million in cash and issue a senior secured promissory note for $28 million to reduce MMNY's debt. Following this investment, AWH will hold about 86.7% equity in MMNY and can acquire MedMen's remaining interest in the future. This move is expected to enhance New York's medical marijuana program.

MedMen Enterprises has executed subscription agreements for a private placement with institutional investors, aiming to raise approximately US$5.8 million. The offering price is set at US$0.3713 per unit, with each unit comprising a Class B subordinate voting share and a five-year warrant priced at US$0.4642 per share. The initial tranche includes 7,800,000 units, generating US$2.9 million in gross proceeds.

MedMen will file a resale registration statement with the SEC within 15 days after closing to register these shares.

MedMen Enterprises reported its second-quarter fiscal 2021 results, showing a net revenue of $33.8 million, a slight increase of 0.3% sequentially, despite retail restrictions in California. The gross margin improved to 53% from 47% in the previous quarter, while SG&A expenses decreased by 47% year-over-year to $33.8 million. However, the company faced a net loss of $68.9 million, significantly less than last year's $93.2 million. Management remains optimistic about future growth driven by brand recognition and operational improvements.