Los Angeles-based cannabis company MedMen (MMNFF) was rising more than 5% Friday after the company announced that it has secured a $250 million investment from cannabis investor Gotham Green Partners.
The investment is in the form of a senior secured convertible credit facility in what MedMen describes as the "largest investment to date by a single investor in a publicly traded cannabis company with U.S. operations."
"This strategic partnership with Gotham Green Partners represents another key milestone for MedMen and stems from our long-standing relationship with the Cronos Group and GGP's brand portfolio," said Adam Bierman, CEO of MedMen. "The growth capital will be used to operationalize the balance of our footprint and we look forward to creating further alignment with GGP and their global cannabis platform."
The company said that it will use the net proceeds from drawdowns on the credit facility to fund the company's future capital needs, which include utilizing its existing retail licenses in Florida and consolidating its supply chain.
Will You Have Enough Money Retire?
Want to learn about retirement planning from some of the nation's top experts? Join TheStreet's Robert "Mr. Retirement" Powell live in New York on April 6 for our Retirement Strategies Symposium. For a limited time, tickets are available for $99 for this full-day event. Check out the agenda, learn about the speakers and sign up here.