It’s no secret that Los Angeles-based MedMen has plans to go public in Canada.
But this week, the multistate marijuana firm absolutely outlined the way it expects to obtain that objective: a reverse takeover.
MedMen has signed a letter of intent with Toronto-based OutdoorPartner Media Corp. to mix the 2 companies’ enterprise operations beneath the MedMen identify, in accordance a information launch.
OutdoorPartner is a standard and digital promoting firm.
The deal charts a path for MedMen to go public with out launching an preliminary public providing of its shares – the normal route for many corporations.
Instead, in accordance to particulars shared in the letter of intent, OutdoorPartner will create a brand new class of voting shares that can be issued to safety holders at MenMen, giving the firm a majority stake in the Toronto-based firm.
An operator of high-end marijuana dispensaries, MedMen’s footprint spans three states. The firm lately wrapped up development on a 45,000-square-foot manufacturing unit in northern Nevada.
It’s additionally slated to open a “first-of-its-kind” dispensary April 20 alongside the expensive Fifth Avenue hall in New York City.
More particulars of the settlement are anticipated to be launched in the approaching months, with the deal set to be accomplished throughout a shareholder assembly in the second quarter.
According to Business Insider, OutdoorPartner is an “unlisted public company,” which means it’s doubtless MedMen will commerce on over-the-counter markets in the United States whereas additionally buying and selling on the Canadian Securities Exchange in Canada.