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MedMen Enterprises Inc. Completes $86 Million Bought Deal Financing

Published: 09/27/2018

On September 27, 2018, MedMen Enterprises Inc. completed a bought deal financing of 15,681,818 units at a price of $5.50 per unit, which included the exercise in full by the underwriters of the over-allotment option, for aggregate gross proceeds of approximately $86 million.

The offering was conducted by way of a short form prospectus through a syndicate of underwriters led by Eight Capital and Cormark Securities Inc., as co-lead underwriters, and including GMP Securities L.P. Each unit consists of one class B subordinate voting share in the capital of MedMen and one-half of one share purchase warrant of MedMen. Each warrant entitles the holder thereof to acquire, subject to adjustment in certain circumstances, one class B subordinate voting share in the capital of MedMen at an exercise price of $6.87 for a period of 36 months following the closing of the offering.

Cassels Brock acted for MedMen.