Medmen NY, Inc. announced that it expects to receive $35 million in funding from Ascend Wellness Holdings, LLC
February 25, 2021
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Medmen NY, Inc. announced that it has signed a definitive investment agreement with new investor, Ascend Wellness Holdings, LLC to receive gross proceeds of $35,000,000 on February 26, 2021. The company will issue equity in the transaction. The transaction is subject to customary closing conditions, including approval from the New York State Department of Health and other applicable regulatory bodies. The investor was also provided with an option to acquire remaining interest in the company in the future for an additional investment of $10,000,000.
Ascend Wellness Holdings, Inc. is a vertically integrated multi-state cannabis operator. The Company is focused on operating in adult-use or near-term adult-use states in primarily limited license markets. It is engaged in cultivation, manufacturing, and distribution of cannabis consumer packaged goods, which are sold through Company-owned retail stores and to third-party licensed retail cannabis stores. The Company has licenses and assets in Illinois, Massachusetts, Maryland, Michigan, New Jersey, Ohio, and Pennsylvania. It produces and distributes its in-house Common Goods, Simply Herb, Ozone, Ozone Reserve, Royale, and Tunnel Vision branded products. The Company operates cultivation facilities in six states with approximately 245,000 square feet of total canopy. Common Goods is a no-frills brand that offers high value cannabis for everyday consumption. The brand comes in flower and pre-rolls. Ozone Reserve comes in exotic flower, refined concentrates, purified oils, and vapes.
ASCEND WELLNESS HOLDINGS, INC. 
