CALIFORNIA: MedMen Enterprises Inc., a premier cannabis retailer with operations across the United States, has announced a definitive agreement with Ascend Wellness Holdings that will allow the sale of MedMen’s New York operations to close for increased consideration. The transaction resolves the litigation between MedMen and AWH concerning the transaction and delivers $15 million in additional value to MedMen shareholders. Under the terms of the settlement agreement, AWH will pay MedMen $88 million: $73 million as an assumption of debt and $15 million in cash. Other terms of the transaction will be as originally announced in February 2021.
“This resolution is a clear win for MedMen shareholders, as the company will receive $15 million in additional value,” said Michael Serruya, MedMen’s Chairman of the Board. “This resolution enables MedMen to move forward with plans to significantly restructure its balance sheet, reduce debt, and focus on its core markets.”
The transaction is expected to close within thirty days.