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MedMen Enterprises has announced the re-opening of its Tallahassee, Florida store on October 21, 2021. This 4,000-square-foot location enhances MedMen's operational footprint, bringing its total stores to 28 nationwide. The re-opening aims to serve Florida's medical cannabis patients with a range of high-quality products, including its own brands. To celebrate, a 20% discount is available for all purchases made from October 21 to October 30. The move is viewed positively as part of MedMen's growth strategy in the expanding Florida cannabis market.
MedMen Enterprises Inc. (CSE: MMEN, OTCQX: MMNFF) announced a collaboration with LitHouse Farms to manage cultivation and manufacturing at two large greenhouse facilities in California and Nevada. This partnership aims to expand LitHouse’s production capabilities and introduce MedMen Red flower products. The subleases for the facilities will generate approximately $5.6 million in the first year, increasing over six years. The agreement allows Foundry Works, parent of LitHouse, to feature products in MedMen stores, enhancing brand visibility in the cannabis market.
MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF) announced impressive Q4 2021 results with revenue of $42.0 million, reflecting a 55.4% year-over-year increase and 18.5% rise from the previous quarter. The company successfully restructured its debt, extending maturity to 2028 and introducing $100 million in new capital. California’s revenue rose 24.4% sequentially, highlighting improved traffic and transactions. However, the net loss expanded to $46.2 million from $9.7 million in the previous quarter, raising concerns for investors amidst overall growth.
MedMen Enterprises has announced the opening of a new cannabis store in Orlando, Florida, expanding its national presence to a total of 27 locations, including 6 in Florida. The 5,500 square-foot store is designed to cater to the growing patient population in Central Florida, showcasing MedMen's commitment to quality and safety. CEO Tom Lynch emphasized the company's focus on providing tailored products and a premier retail experience, noting Florida's significance in MedMen's growth strategy.
MedMen Enterprises (CSE: MMEN, OTCQX: MMNFF) will announce its financial results for the fiscal year and fourth quarter ending June 26, 2021, on September 23, 2021, after market close. A conference call featuring CEO Tom Lynch, CFO Reece Fulgham, and COO Tim Bossidy will be held at 5:00 PM Eastern on the same day to discuss these results in detail. Investors can access the live webcast via the company's website. MedMen operates a significant retail footprint in various U.S. states, offering high-quality cannabis products and innovative loyalty programs.
MedMen Enterprises announced a US$100 million investment from investors led by Serruya Private Equity at a price of US$0.24 per unit. This funding will facilitate expansion in key markets like California, Florida, Illinois, and Massachusetts. According to CEO Tom Lynch, this investment will enhance the company's balance sheet and growth potential. The deal includes the issuance of shares and warrants, with expectations to finalize backstop funding by August 19, 2021. Michael Serruya will also join the Board of Directors.
Tilray (Nasdaq: TLRY) has acquired the majority of MedMen's senior secured convertible notes from Gotham Green Partners. This acquisition positions Tilray for equity in MedMen, contingent on U.S. cannabis legalization. MedMen extended its debt maturity to 2028 to aid growth. With this deal, Tilray aims for $4 billion in revenue by fiscal 2024, leveraging MedMen's strong U.S. presence in the cannabis market. The transaction involves approximately $165.8 million in notes and warrants, convertible into 21% of MedMen’s shares, pending stockholder approval to increase authorized shares.
MedMen Enterprises Inc. announced the permanent appointment of Tom Lynch as Chief Executive Officer, effective July 15, 2021. Lynch has served as the interim CEO since March 2020. He expressed enthusiasm for leading MedMen towards rapid growth and profitability while emphasizing the company's goal to solidify its position as a premier cannabis retailer. MedMen operates in several states, offering high-quality cannabis products and an industry-first loyalty program.
MedMen Enterprises reports operational updates in Arizona, West Hollywood, CA, and Oak Park, IL, reflecting its growth strategy. In Arizona, the company will reclassify its operations as ongoing following adult-use sales. West Hollywood approved MedMen’s Legacy Medical Business application, allowing dual operation as a medical and adult-use retailer. Oak Park will expand its retail space by over 3,000 square feet, enhancing visibility and capacity. CEO Tom Lynch expects these developments to mark a significant growth phase ahead of their fourth-quarter earnings update.
MedMen Enterprises has closed a USD$10 million private placement at USD$0.32 per unit. Each unit includes a Class B subordinate voting share and a warrant to purchase shares at USD$0.352 for three years. The CEO highlighted the company’s transition from a turnaround phase to growth, announcing its third consecutive quarter of positive retail cash flow. New store openings are anticipated in Fenway and San Francisco in late summer and fall 2021, respectively. MedMen plans to register the resale of shares and warrants with the SEC within 20 days.