U.S. cannabis company MedMen has announced a proposed reverse takeover of OutdoorPartner Media, which would enable Medmen — a Los Angeles, California-based company — to trade on the Canadian Securities Exchange.
MedMen is vertically integrated in three states, including Nevada, New York, and California, where it operates seven licensed retail dispensaries. The deal is worth $6 million.
“This is an important milestone in the evolution of MedMen and the increasingly global cannabis industry. A major U.S. cannabis company is set to be publicly traded on a bona fide stock exchange.” – MedMen CEO Adam Bierman to Business Insider
In connection with the deal, OutdoorPartner Media will change its name “to a name requested by MedMen,” remain in the province of British Columbia, replace all directors and officers with MedMen nominees, “create a new class of non-participating super voting shares” which would be issued to security holders of MedMen, and “extinguish currently existing indebtedness or covert such indebtedness into equity,” according to a press release.
The transaction requires approval from the CSE. Outdoor Partner media is not a publicly traded company in the U.S., meaning MedMen would likely have to trade in the over-the-counter market.
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