MedMen Sells Arizona And Nevada Cannabis Assets: CEO Explains What's Next

MedMen Enterprises Inc. MMNFF is selling its non-core business operations in Arizona and certain assets in Nevada to an affiliate of Mint Cannabis.

What Happened

Florida-based MedMen said on Wednesday the move was the result of MedMen's previously announced strategic review and evaluation of divestiture opportunities of its non-core assets.

The transactions consist of the sale of MedMen's wholly-owned operating subsidiary in Arizona and its two operating dispensaries located in Clark County, Nevada.

ATB Capital Markets Inc. acted as financial advisor and Raines Feldman Littrell LLP acted as legal advisor to MedMen. CLD Advisory acted as financial advisor to MINT Cannabis.

See also: MedMen Prevails In Lawsuit Against Arizona-Based Whitestar Solutions

Why It Matters

Ellen Deutsch Harrison, who has been serving as MedMen's CEO since July, praised the outcome of the company's strategic review.

"These transactions will bolster liquidity in the short term, reduce liabilities, and enable the company to focus on operating efficiencies and executing our long-term asset-light growth strategy in our core markets," Deutsch Harrison said.

Eivan Shahara, MINT Cannabis' co-founder and CEO, seconded Deutsch Harrison’s comments.

"We are excited to expand our portfolio of flagship dispensaries through the acquisition of MedMen's Scottsdale Talking Stick Dispensary and Mesa Cultivation Facility, along with establishing our vertical presence in Nevada through the addition of two premium Las Vegas Dispensaries," Shahara said.

What's Next

The move aligns with MINT Cannabis’ focus on expanding its presence nationwide.

"MINT Cannabis is pleased to have reached an agreement with MedMen and has strong ambitions to continue to build our footprint through both organic and strategic growth across various key markets in the US," Shahara said.

Now read: Fmr. MedMen CEO Adam Bierman Breaks The Silence: ‘We Were Doing Things For The First Time, Inevitably Pissing People Off’

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