On April 23, 2019, MedMen Enterprises Inc. entered into definitive agreements in respect of a US$250 million secured convertible credit facility with Gotham Green Partners, an investor in the global cannabis industry.
The credit facility will be accessed through issuances to the lenders of convertible senior secured notes co-issued by MedMen and MM CAN USA, Inc., a subsidiary of MedMen, in an aggregate gross amount of up to US$250 million. Under the definitive terms, notes will be issuable in up to 5 tranches. The initial tranche, which MedMen and MM CAN have drawn down, was for gross proceeds of US$20 million.
Cassels acted for MedMen on this transaction.