Closes on

$63 million

(plus the assumption of lease liabilities in

Florida

) purchase of MedMen’s

Florida

assets, including MMTC license, 14 Premium Retail Dispensaries, 30,000 square foot Cultivation Facility, inventory and other assets

FORT LAUDERDALE, Fla.

,

Aug. 26, 2022

/PRNewswire/ — Green Sentry Holdings, LLC (“Green Sentry” or “the Company”), a

Florida

-based private cannabis operator, along with its parent company High End Holdings, LLC and MedMen Enterprises Inc (“MedMen”) (CSE: MMEN) (OTCQX: MMNFF), a cannabis retailer with operations across

the United States

, today announced that they have completed their previously announced arrangement, whereby Green Sentry has acquired all of MedMen’s

Florida

assets for a total consideration of

$63 million

plus the assumption of lease liabilities. The purchase was funded with the proceeds of a non-brokered equity raise and a

$30 million

debt facility from a private lender.

The cash deal includes substantially all of MedMen’s

Florida

-based assets, including a valid medical marijuana treatment center license issued by the Florida Office of Medical Marijuana Use, a portfolio of 14 premium dispensaries in prime shopping locations with ample parking, and its

Eustis, Florida

cultivation and processing facility (“Eustis Facility”) with 30,000 square feet of available canopy. The Green Sentry team has been retrofitting the Eustis Facility since March of 2022, and in the coming months, edibles production is expected to launch.

On

Friday, August 26, 2022

, MedMen locations in

Fort Lauderdale

(2949 N Federal Hwy),

Miami

(550 Collins Ave),

Orlando

(11551 University Blvd),

Pensacola

(5048 Bayou Blvd),

St. Petersburg

(326 5th Ave North),

West Palm Beach

(539 Clematis St), and

Tallahassee

(1126 Thomasville Rd) will all reopen under Green Sentry’s management and new pricing will be unveiled as well. Store hours will be

10:00 am to 7:00 pm Monday through Saturday

and

10:00 am to 5:00 pm on Sunday

.

In addition to the ongoing expansion of the Company’s

Florida

footprint, Green Sentry will launch Sunburn Cannabis, a brand based on the true story of Green Sentry’s CEO and Founder

Brady Cobb

and his late father. Clyde Walton “Bill” Cobb’s story as a cannabis operator in the 70s and 80s is an authentic part of

Florida’s

cannabis history. Sunburn is a

Florida

-focused brand living at the intersection of top-shelf flower and concentrates while embracing the state’s unique culture.  Green Sentry expects to launch the Sunburn Cannabis brand in the fourth quarter of 2022.

“As a team, we are beyond excited to re-enter the

Florida

market, where we have built a presence and a reputation for honoring the plant,” said

Brady Cobb

, CEO and Founder of Green Sentry. “It’s humbling to see my executive and operational teams stay together to close this transaction and launch Sunburn Cannabis. I’m incredibly proud to launch Sunburn and share my family’s passion and knowledge for the plant with people in

Florida

. Sunburn is a brand for Floridians by Floridians. I am also thrilled to add some key team members, including our Chairman and my good friend

Danny Moses

, as well as all of the MedMen employees who have joined our family. We have proven to the market previously that a

Florida

-focused company can produce the highest quality flower and concentrates, and now we are bringing our products to consumers via 14 of the best retail sites in

Florida

.”

“We are excited about the growth prospects of the

Florida

market and we believe in backing strong teams,” said

Emily Paxhia

, Managing Partner of cannabis-focused investment firm, Poseidon Asset Management. “The Sunburn team has experience coupled with deep knowledge of the market.”

Cultivation Footprint

Green Sentry’s cultivation and operations team began working on upgrades to the Eustis Facility in

March 2022

and have already seen improvement in flower quality and yields. The Eustis Facility will soon increase HVAC capabilities; and install concrete floors, rolling benches, supplemental HPS lighting and an optimized fertigation system to further improve the quality of its flower. Green Sentry has secured a cultivation facility in

Winter Garden, Florida

which includes 27,000 sq ft of canopy in a Nexus Hybrid climate controlled Greenhouse plus a full GMP approved lab for hydrocarbon extraction, solventless extraction and the production of other derivative products (”

Winter Garden

“). Planned renovations for

Winter Garden

include the installation of supplemental HVAC, environmental controls and additional HPS lighting. Green Sentry also intends to break ground on an initial 75,000-square-foot indoor garden and processing facility at its property in

Palm City

, with plans to be fully operational by Q3 2023. The

Palm City

property can accommodate over 600,000 square feet of canopy, an essential addition as

Florida

licensees eye a potential adult-use constitutional amendment being added to the 2024 presidential ballot.

During the Transaction, Green Sentry was represented by

Greg McLaughlin

and the law firm of

Tripp Scott

, P.A. as well as

Jeffrey Schlutz

from Feuerstein Kulick LLP.

Media contact:


[email protected]

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SOURCE Green Sentry Holdings, LLC