Wednesday, August 27, 2025

MedMen To Appoint New Independent Board At Gotham Green’s Discretion

Following Medmen Enterprises’ (CSE: MMEN) horrendous financials filed yesterday for fiscal 2019, the firm announced that it has amended the terms of its financing with Gotham Green Partners. The new terms will see Medmen able to access funding earlier, albeit at a decreased amount. The major catch however, is that the firm will be required to shake up its Board of Directors.

The new terms of the facility being offered by Gotham Green amounts to the same cumulative figure of US$250 million in financing. However, terms have changed so that tranche 3 consists of only US$10 million in financing, whereas it previously amounted to $75 million. The tranche will also be made available within the next 30 days, whereas it was originally scheduled for December release. The fourth tranche will now consist of a total US$115 million. However, the issuance of the fourth tranche must be agreed to by both Medmen as well as Gotham Green Partners.

Other modifications to the terms of the secured convertible debentures include:

  • a reduction in required minimum cash balances,
  • removal of restrictions on equity issuances, and
  • an additional ability to spin-out or borrow against certain non-core assets, in addition to sales and indebtedness that were permitted prior to the amendment.

As a condition for the amended facilities, it appears that Medmen’s management team and founders may lose a bit of control. Gotham Green has required that the Board of Directors of the firm be shaken up with new independent directors, that are to form a majority on the board. Medmen will propose candidates for directorship, with Gotham Green giving the final approval, in a sign of CEO and co-founder Adam Bierman’s, as well as President and co-founder Andrew Modlin’s, loosening grip on control of the firm.

Medmen Enterprises closed yesterdays session at $1.80 on the CSE.


Information for this briefing was found via Sedar and MedMen. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Goliath Resources Hits 10.60 g/t Gold Over 22.82 Metres, Highest Grade Results In Third Distinct Rock Package At Surebet Discovery

Four Countries Control the Fertilizer That Feeds the World | Sage Potash

$10,000 Gold Is Just A Question of Time | Florian Grummes

Recommended

Nord Precious Metals Identifies 29 Veins At Castle East Following 3D Modeling

Emerita Resources Expands El Cura Drill Program By 10,000 Metres As Deposit Remains Open For Expansion

Related News

Canaccord Reiterates $0.00 Price Target On Medmen

Medmen Enterprises’ (CSE: MMEN) reported their fiscal third quarter 2021 financial results on May 11th...

Friday, May 14, 2021, 04:38:00 PM

MedMen Sees Founders Sell Shares Continuously Through July

Evidently, now is a bad time to hold equity in Medmen Enterprises (CSE: MMEN) –...

Saturday, August 1, 2020, 02:30:00 PM

Canaccord Drops Medmen Price Target To $0.00, Reiterates Sell Rating

After Medmen Enterprises’ (CSE: MMEN) fourth-quarter results dropped after hours on October 15th, Canaccord downgraded...

Friday, October 16, 2020, 12:22:53 PM

Ascend Wellness Reaches Settlement With MedMen To Acquire New York Assets

It appears that attempting to void a sale agreement with Ascend Wellness Holdings (CSE: AAWH.u)...

Wednesday, May 11, 2022, 08:12:42 AM

MedMen Settles $3.3 Million In Vendor Debt With Share Issuances

The pace of dilution at Medmen Enterprises (CSE: MMEN) appears to be increasing as the...

Thursday, February 20, 2020, 12:07:46 PM