MedMen Completes Investment in Popular California-Based Flower Brand Old Pal
MedMen Enterprises Inc. (“MedMen” or the “Company”) (CSE: MMEN) (OTCQB: MMNFF) (FSE: A2JM6N) announced today it has completed a minority investment in Old Pal, a popular California-based brand that provides every day, high-quality cannabis flower for its customers.
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Old Pal is one of the best-known flower brands in California and one of the fastest growing brands in the cannabis industry today.
“Old Pal has a differentiated and high-quality product offering that is in tune with the needs of the modern cannabis consumer,” said Adam Bierman, MedMen chief executive and co-founder. “This a strategic investment, the third of its kind to date, to broaden MedMen’s reach with consumers in this quickly evolving space.”
All of Old Pal’s flower is naturally sun-grown. The company has built a loyal following through its focus on community engagement and authentic shared experiences.
“We share a similar vision with MedMen of creating a new, accessible cannabis culture and mainstreaming marijuana that is built on the support, trust and reputation of leading brands,” said Russel Wilenkin, chief executive and co-founder of Old Pal. “MedMen’s investment positions Old Pal to take advantage of tremendous opportunities by accelerating our unique brand and product initiatives in the fast-growing cannabis market.”
Note: The Company does not disclose deal values for transactions that are deemed immaterial from a purchase price standpoint.
MedMen Enterprises is a leading cannabis company in the U.S. with assets and operations across the country. Based in Los Angeles, MedMen brings expertise and capital to the cannabis industry and is one of the nation’s largest financial supporters of progressive marijuana laws. Visit http://www.medmen.com
ABOUT OLD PAL:
Old Pal is a lifestyle cannabis company focused on the value-oriented segment of the market. Through strategic partnerships within the trade, the brand has secured high quality, dependable production and distribution. With the incorporation of culture-focused design and marketing, Old Pal has defined a much-needed new space within the industry; a space curating an accessible lifestyle beyond stoner culture. Visit http://www.oldpal.us/
SOURCE: MedMen Enterprises
View source version on businesswire.com: https://www.businesswire.com/news/home/20181023005483/en/
Adam Bierman, 855-292-8399
Chief Executive Officer
Briana Chester, 424-888-4260
INVESTOR RELATIONS CONTACT:
Stéphanie Van Hassel, 323-705-3025
Head of Investor Relations
Copyright Business Wire 2018
Source: Business Wire (October 23, 2018 – 6:00 AM EDT)