MedMen mutually terminates PharmaCann acquisition

Oct. 08, 2019 7:11 AM ETMedMen Enterprises Inc. (MMNFF)By: Mamta Mayani, SA News Editor77 Comments
  • MedMen Enterprises (OTCQB:MMNFF) announces the mutual agreement to terminate acquisition of PharmaCann, LLC in an all-stock transaction.
  • In connection with the termination, PharmaCann has agreed to transfer certain cannabis licenses and related assets in Illinois and Virginia to MedMen for no additional consideration.
  • PharmaCann has agreed to pay a termination fee through a transfer of the membership interests in three entities holding four assets.
  • MedMen will forgive all amounts outstanding under its existing line of credit, which totaled ~$21M, contingent on the successful Transfer of Interests.
  • In the event any Transfer of Interest is unable to occur, PharmaCann will pay one-third of the aggregate principal amount and any corresponding accrued interest under the Line of Credit and $10M for each denial.
  • Additionally, effective today, Zeeshan Hyder, Chief Corporate Development Officer has been appointed CFO at MedMen.
  • Hyder succeeds Michael Kramer, whose employment has been terminated as of October 7, 2019.
  • Previously: MedMen to acquire PharmaCann (Dec. 24, 2018)

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