HomeManufacturingAgribusiness

Culver City-based MedMen Enterprises Lands $250 Million

By staff-author

March 22, 2019

433

The green continues to flow for Los Angeles marijuana firms.

Culver City-based MedMen Enterprises Inc. announced March 22 a $250 million investment from marijuana industry investor Gotham Green Partners.

MedMen said it will use the money to build out 30 licensed marijuana retail locations in Florida and roll out higher-margin products, among other initiatives.

Shares in the company—which trades on the Canadian Securities Exchange—ticked up after the announcement. MedMen has a market cap of approximately $1.6 billion.

New York-based Gotham Green Partners will extend a senior secured credit facility of up to $250 million to MedMen with an initial $100 million loan secured by the company’s stock.

MedMen said in a statement the loan may be the “largest investment to date by a single investor in a publicly traded cannabis company with U.S. operations.”

The investment from Gotham Green will be in the form of convertible senior notes issued by a MedMen subsidiary that allow the partnership to convert large loans into an equity stake in the company. All or some of the notes, including interest, can be converted into Class B MedMen shares within 36 months.

A MedMen spokeswoman did not immediately respond to request for comment.

Health business reporter Dana Bartholomew can be reached at dbartholomew@labusinessjournal.com. Follow him on Twitter @_DanaBart.

Previous article

Goodwin Procter Steps onto Silicon Beach

Next article

Unemployment Down in L.A. County as Jobs Grow, Workforce Shrinks

Featured Articles

Related Articles

Dana Bartholomew Author ' + // image style settings '

' + 'tagDiv image style' + '' + '

' + ''; //inject our settings in the template - before

td_template_content = td_template_content.replace('

', td_our_content + '

'); //save the template jQuery('#tmpl-image-details').html(td_template_content); //modal off - click event jQuery(document).on( "click", ".td-modal-image-on", function() { if (jQuery(this).hasClass('active')) { return; } td_add_image_css_class('td-modal-image'); jQuery(".td-modal-image-off").removeClass('active'); jQuery(".td-modal-image-on").addClass('active'); }); //modal on - click event jQuery(document).on( "click", ".td-modal-image-off", function() { if (jQuery(this).hasClass('active')) { return; } td_remove_image_css_class('td-modal-image'); jQuery(".td-modal-image-off").addClass('active'); jQuery(".td-modal-image-on").removeClass('active'); }); // select change event jQuery(document).on( "change", ".td-wp-image-style", function() { switch (jQuery( ".td-wp-image-style").val()) { default: td_clear_all_classes(); //except the modal one jQuery('*[data-setting="extraClasses"]').change(); //trigger the change event for backbonejs } }); //util functions to edit the image details in wp-admin function td_add_image_css_class(new_class) { var td_extra_classes_value = jQuery('*[data-setting="extraClasses"]').val(); jQuery('*[data-setting="extraClasses"]').val(td_extra_classes_value + ' ' + new_class); jQuery('*[data-setting="extraClasses"]').change(); //trigger the change event for backbonejs } function td_remove_image_css_class(new_class) { var td_extra_classes_value = jQuery('*[data-setting="extraClasses"]').val(); //try first with a space before the class var td_regex = new RegExp(" " + new_class,"g"); td_extra_classes_value = td_extra_classes_value.replace(td_regex, ''); var td_regex = new RegExp(new_class,"g"); td_extra_classes_value = td_extra_classes_value.replace(td_regex, ''); jQuery('*[data-setting="extraClasses"]').val(td_extra_classes_value); jQuery('*[data-setting="extraClasses"]').change(); //trigger the change event for backbonejs } //clears all classes except the modal image one function td_clear_all_classes() { var td_extra_classes_value = jQuery('*[data-setting="extraClasses"]').val(); if (td_extra_classes_value.indexOf('td-modal-image') > -1) { //we have the modal image one - keep it, remove the others jQuery('*[data-setting="extraClasses"]').val('td-modal-image'); } else { jQuery('*[data-setting="extraClasses"]').val(''); } } //monitor the backbone template for the current status of the picture setInterval(function(){ var td_extra_classes_value = jQuery('*[data-setting="extraClasses"]').val(); if (typeof td_extra_classes_value !== 'undefined' && td_extra_classes_value != '') { // if we have modal on, switch the toggle if (td_extra_classes_value.indexOf('td-modal-image') > -1) { jQuery(".td-modal-image-off").removeClass('active'); jQuery(".td-modal-image-on").addClass('active'); } } }, 1000); })(); //end anon function -->