BOCA RATON, Fla.–(BUSINESS WIRE)–MedMen Enterprises Inc. (“With Ma” or “Firm“), a hashish firm with subsidiaries working all through america, introduced in the present day that it has filed for chapter in accordance with Canada. Chapter and Insolvency Act (the “Chapter Procedures“) on April 24, 2024 and B. Riley Farber Inc. was appointed as chapter trustee of the Firm (in such capability, the “Chapter Trustee“). The Firm's Chief Monetary Officer, Amit Pandey, resigned efficient February 13, 2024 and every of the Firm's administrators resigned efficient instantly previous to the graduation of the Chapter Proceedings.
Additionally on April 23, 2024, the Firm's wholly-owned subsidiary, MM CAN USA, Inc., a California company, was filed for chapter within the Los Angeles Superior Court docket, Santa Monica Division (“LASC” ) to impact an orderly dissolution and liquidation. of its belongings primarily based in California. The present Chief Restructuring Officer of the Firm has formally resigned and is now appointed by LASC because the Receiver of MM CAN USA, Inc. It’s contemplated that ancillary restructuring proceedings will probably be sought in these states of america the place MM CAN USA, Inc. management or personal the belongings. On account of such receivership proceedings, the operations and belongings of MedMen's subsidiaries will probably be dissolved or liquidated in accordance with relevant legal guidelines in america.
The tough resolution to shut the operations and begin the Chapter Process and the Receivership Process was taken after a cautious consideration of the present monetary scenario of the Firm and its subsidiaries, its incapacity to pay its liabilities as 'and turn out to be due and the anticipated execution actions of the secured collectors. . After cautious consideration of those elements and within the absence of different obtainable options, the Firm's board of administrators has decided that it’s in the perfect pursuits of the Firm to proceed with the initiation of Chapter Proceedings and Proceedings Receivership.
Extra info relating to the Chapter Proceedings could also be obtained from the Chapter Trustee's web site at: https://brileyfarber.com/engagements/medmen-enterprises-inc/. Additional info relating to the Receivership Procedures could also be obtained from the Receiver at LASCReiver@mmecontractor.com. MedMen doesn’t adjust to relevant Canadian legal guidelines and rules. MedMen's buying and selling on the Canadian Securities Change (CSE) has been suspended. It’s anticipated that MedMen will ultimately be eliminated.
About MEDMEN:
MedMen is an American hashish firm devoted to bettering lives with Hashish for All. With branches working all through america in California, Nevada, Illinois, Massachusetts and New York, MedMen is thought for its main MedMen® and LuxLyte® manufacturers that provide hashish in consumer-preferred product types for medical use and leisure
Ahead-looking statements:
Sure statements contained on this press launch represent “forward-looking statements” throughout the which means of federal securities legal guidelines, together with the Non-public Securities Litigation Reform Act of 1995 and forward-looking info throughout the which means of and Canadian securities legal guidelines (every a “ahead”). – forward-looking statements”). Ahead-looking statements embody statements relating to intentions, beliefs, projections, prospects, analyzes or present expectations, together with the anticipated end result of the Chapter Process, the affect of the identical on the Firm's working subsidiaries, the 'expectations that the Chapter Trustee will pursue the popularity of the Chapter Proceedings underneath the Chapter Code of america, the actions deliberate for enforcement by the secured collectors and the continued non-compliance of the Firm with the relevant Canadian legal guidelines securities. Many elements might trigger precise outcomes, efficiency or efficiency to vary materially from any forward-looking statements, and different dangers and uncertainties at present unknown to MedMen, if relevant, or which MedMen believes are immaterial, might additionally trigger precise outcomes or occasions to vary materially from these expressed within the forward-looking statements contained herein. Ahead-looking statements contain recognized and unknown dangers, uncertainties and different elements which will trigger precise outcomes to be materially completely different from any future outcomes expressed or implied by such forward-looking statements, and you shouldn’t depend on them as predictions of future occasions. . The forward-looking statements included on this communication are made as of the date of this communication and MedMen undertakes no obligation to publicly replace such forward-looking statements to mirror new info, subsequent occasions or in any other case, until required by relevant securities legal guidelines. .