MedMen anticipates raising $54 million by selling marijuana licenses it views as noncore assets in Arizona and Illinois, its latest cost-cutting move.
In addition, MedMen expects to raise $20 million by offering class B shares at 43 cents each.
Initially, MedMen planned a $27 million offering but downsized in order to limit dilution of existing shareholders.
Proceeds will be used to finance working capital and to expand the company’s retail footprint in its core markets.
For analysis and in-depth looks at the investment trends and deals driving the cannabis industry forward, sign up for our premium subscription service, Investor Intelligence.