"We are excited to welcome Josh Rosen to our Board of Directors and look forward to his contributions as a proven cannabis industry executive and strategic advisor as we evaluate critical decisions for our business," said Chairman and Chief Executive Officer, Kyle Kingsley, MD. "We are on the cusp of transformative growth as our markets transition from medical to adult-use, and Josh immediately infuses our team with valuable cannabis experience during a period when we're evaluating many strategic opportunities in real-time. In addition to his operational expertise, his capital markets track record and relationships, and insights on executing strategic transactions will be extremely beneficial to our team."
In the deal, Tilray and other investors acquired 75% of Medmen’s outstanding secured convertible notes from Gotham Green Partners and 65% of its outstanding warrants for $165.8 million. Once converted into stock, Tilray will have a minority stake in Medmen.
PharmaCann, one of the 10 original cannabis licensees in New York, has confidentially filed for an initial public offering that could value it at well over $1 billion, sources familiar with the matter told Reuters. The planned IPO would help PharmaCann raise funds before New York state begins recreational weed sales, expected sometime next year. The IPO could take place this fall, one of the sources said.
This is a big swing for Eaze, which puts it right into conversations with MSOs as a Company that will soon compete for Top 10 Revenue status ($54M+ Quarterly Revenue, which it might already be with this acquisition).
I'm truly honored to be at the forefront of shaping the future of the cannabis industry with The Parent Company," Datcher said. "This is a tremendously strong company that is poised for continued growth and we have a unique opportunity to disrupt a sector that has disproportionately impacted communities of color – including my own – for far too long. This is a chance to partner with cultural powerhouses like JAY-Z and Desiree Perez to rectify the wrongs of prohibition, eradicate antiquated laws and create a new cannabis infrastructure rooted in diversity, equity and justice for our communities. Together, we can shape a legal cannabis industry that is reflective of our entire culture in California and beyond."
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