MedMen Enterprises Inc. (CSE: MMEN)(OTCQX: MMNFF), has announced this morning that the company has engaged Canaccord Genuity Corp. at act as lead underwriter and sole book-runner to sell 17,648,000 units at a price of $6.80 per units. The total gross proceeds of the capital raise is expected to be gross proceeds of C$120,006,400.
The units also are accompanied by options to purchase an additional 2,647,200 of the shares issued at the original price. If all of the options are exercised in full then the company expects to raise an additional $18,000,960.
MedMen has recently taken their company public on the Canadian Securities Exchange in order to be capable of raising working capital to expand their operations in the United States and Canada. They sell a variety of different cannabinoid-based products in their store locations to both medicinal patients and recreational users.
Mainly, MedMen have locations located on the West and East Coasts of the United States. The company has recently begun construction of a cultivation and manufacturing facility in Desert Hills, California. Their new facility will contain 26,000 sq. ft. of Dutch-style greenhouses that will be 100% automated. Their expectation is to product 10,000 pounds of dried cannabis annually.