TORONTO — Captor Capital Corp. (“Captor” or the “Company”) (CSE: CPTR) (CSE: CPTR.CN) (CNSX: CPTR) (FRANKFURT: NMV) announced today that it has closed its previously announced subscription for Class B Membership Interests of MM Enterprises USA, LLC (“MedMen”), representing 2.3% of the issued and outstanding membership interests of MedMen on a fully diluted basis for an aggregate subscription price of USD$[23] million.
“MedMen continues to consolidate its leadership position in the U.S..” said MedMen CEO and Co-founder Adam Bierman. “We are expanding our retail footprint in California, Nevada and New York and our new 45,000-square-foot factory in Northern Nevada is the largest, most high-tech cannabis facility in the state’s rapidly growing market. We are proud to be the premium vehicle into this market for Captor Capital and its shareholders.” MedMen is the largest cannabis retail chain in California, which welcomed adult use recreational sales earlier this year.
The company owns and operates production facilities and stores in three states (California, Nevada and New York) and is the preeminent retail brand in North America. Captor’s investment enhances its strategic partnership with MedMen following the Company’s recent acquisition of I-5 Holdings. Upon the closing of the acquisition of I-5 Holdings coming out of escrow, Captor will own two dispensaries in Los Angeles managed by MedMen in West Hollywood and in Santa Ana, California. Over the first two months of this year the West Hollywood location has seen tremendous growth year over year growth. While the Santa Ana location has quickly become the leading dispensary in the Orange County area.
“The success being enjoyed by our MedMen branded and managed dispensaries provide us with a template that is easily scalable throughout North America ” said Captor President, John Zorbas. “We continue to see record traffic and sales in our California dispensaries which reinforces that the US cannabis market will remain a strategic area of focus for Captor in partnership with MedMen.” Captor continues to identify excellent investment opportunities in the cannabis sector and believes the partnership with MedMen will drive continued value for shareholders. The investment in MedMen underscores Captor’s goal to identify unique and growing opportunities in a diversified portfolio model. “MedMen is a leading cannabis operator with deep brand awareness” continued Mr. Zorbas. “With MedMen’s announced intention to list publicly in Canada this year we expect the market to reward us for our early investment.”
