MedMen to use Florida asset sales to pay down term loan

Chicago, Aug. 29 – MedMen Enterprises Inc. will use a portion of the proceeds from the sale of essentially all of its Florida-based assets to Green Sentry Holdings, LLC to repay its senior secured term loan facility, according to an 8-K filing with the Securities and Exchange Commission.

MedMen received $63 million in cash, and Green Sentry took on around $4 million in liabilities in the acquisition. MedMen will use $40 million for the loan repayment in several installments.

“The sale of MedMen’s Florida assets marks an important step in the company’s restructuring efforts designed to provide greater financial flexibility and a stronger, leaner operating structure – and ultimately put us on a path to being EBITDA positive,” MedMen’s chief executive officer Ed Record said in a press release.

The company had extended the maturity date of its term loans by six months in January, Prospect News previously reported.

MedMen is a cannabis company based in Los Angeles.

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