Latest Issuance News
Sep 17, 2021
Cassels acted for MedMen Enterprises Inc. On August 17, 2021, MedMen Enterprises Inc. amended and restated a securities purchase agreement (the “Facility”) pursuant to which MedMen had previously issued an aggregate of approximately US$187.6 million principal amount of senior secured convertible notes (“Notes”) to funds affiliated with Gotham Green Partners, LLC and other funds (collectively, “GGP”), to among other things eliminate cash interest obligations and instead provide for pay-in-kind interest, eliminate certain repricing provisions, eliminate and revise certain restrictive and affirmative covenants, and provide the holders of the Notes with a top-up right to acquire additional MedMen shares and a pre-emptive right with respect to certain equity issuances of MedMen. In connection with the amendment, a newly formed limited partnership established by Tilray, Inc. and other strategic investors acquired an aggregate principal amount of approximately US$165.8 million of the Notes and associated warrants (“Facility Warrants”) held by GGP, representing 75% of the outstanding Notes and 65% of the outstanding Facility Warrants. MedMen granted Tilray the right to appoint two non-voting observers to MedMen’s board of directors. MedMen Enterprises Inc. (CNSX:MMEN) is a United States-based cannabis company with operations in California, Nevada, Arizona, Florida, Illinois, New York, and Massachusetts. The Cassels’ team included Gregory Hogan (Picture), Shaun Khullar, Jackson Phillips, Patience Kalu Omokhodion, Richard Ngo and Melissa Montana.