Manatt Represents MedMen in $100 Million Private Placement and Amended and Restated Debt Facility

Manatt’s Katherine Blair, partner in the firm’s capital markets practice, represented MedMen Enterprises Inc., a national premium cannabis retailer that is publicly traded on the Canadian Securities Exchange, in its sale of $100 million worth of securities and the amendment and restatement of MedMen’s debt facility. The proceeds from the private offering will allow MedMen to expand its operations in key markets such as California, Florida, Illinois and Massachusetts and identify and accelerate further growth opportunities across the United States.

In connection with the amendment and restatement of MedMen’s debt facility, existing investors transferred a majority of the outstanding convertible notes and warrants to a newly formed limited partnership established by Tilray, a Canadian pharmaceutical and cannabis company based in Toronto that is publicly traded on Nasdaq, and other strategic investors. The convertible notes and warrants are convertible into, and exercisable for, about 21% of MedMen’s outstanding Class B voting shares. Tilray’s ability to convert the notes and exercise the warrants is dependent on U.S. federal legalization of cannabis or Tilray’s waiver of such requirement as well as any additional regulatory approvals.

Manatt has previously represented MedMen this year in closing two private offerings, valued at US$2.9 million and C$20 million, in addition to a US$10 million private placement.

The recent deal was featured in various publications and news outlets, including Barron’s, Law360 and The Globe and Mail.

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