MedMen Enterprises Inc. (CSE: MMEN) (OTCQB: MMNFF) announced this week that the company has agreed to sell three seperate cannabis retail locations to Treehouse Real Estate Investment Trust in exchange for $12.5 million dollars.
The three locations set to be sold my MedMen are:
- MedMen Abbot Kinney – the only cannabis store in what GQ calls the “Coolest Block in America,” 1308-1312 Abbot Kinney Blvd., Venice, California.
- MedMen Beverly Hills – the store is in a bustling shopping district adjacent to the city of Beverly Hills, 106-110 S. Robertson Blvd., Los Angeles, California.
- MedMen Downtown Las Vegas – the Company’s first branded store in Las Vegas in the heart of the city’s Arts District and near the Fremont Street Experience, 823 S. 3rd Street, Las Vegas, Nevada.
Treehouse is a real estate company that has a focus on acquisitions related to the budding cannabis industry. Their newly formed company has been formed and invested into by the following entities: New England Development, Samuels & Associates, Visconsi Companies and Stable Road Capital.
The properties sold by MedMen will be leased back to the company over the long-term. MedMen runs and operates some of the most popular recreational and medicinal cannabis dispensaries in the United States mostly, in recreationally legal states.
Brian Kabot, Chief Investment Officer of Stable Road gave this statement in the press release:
“MedMen owns and controls some of the best real estate in today’s burgeoning cannabis industry and they will serve as an important seed portfolio for Treehouse. Given the investor interest in the sector, this vehicle made a lot of sense. More importantly, this creates liquidity and creates an efficient form of off-balance sheet financing to foster further growth for MedMen and others in the industry who wish to grow.”