TORONTO, March 29, 2018 (GLOBE NEWSWIRE) -- Captor Capital Corp. ("Captor" or the "Company") (CSE:CPTR) (CSE:CPTR.CN) (CNSX:CPTR) (FRANKFURT:NMV) (OTC:NWURF) announced today that it has closed its previously announced subscription for Class B Membership Interests of MM Enterprises USA, LLC (“MedMen”), representing 2.3% of the issued and outstanding membership interests of MedMen on a fully diluted basis for an aggregate subscription price of USD $23 million.
“MedMen continues to consolidate its leadership position in the U.S.,” said MedMen CEO and Co-founder Adam Bierman. "We are expanding our retail footprint in California, Nevada and New York and our new 45,000-square-foot factory in Northern Nevada is the largest, most high-tech cannabis facility in the state’s rapidly growing market. We are proud to be the premium vehicle into this market for Captor Capital and its shareholders."
MedMen is the largest cannabis retail chain in California, which welcomed adult use recreational sales earlier this year. The company owns and operates production facilities and stores in three states (California, Nevada and New York) and is the preeminent retail brand in North America. Captor's investment enhances its strategic partnership with MedMen following the Company’s recent acquisition of I-5 Holdings.
Upon the closing of the acquisition of I-5 Holdings coming out of escrow, Captor will own two dispensaries in Los Angeles managed by MedMen in West Hollywood and in Santa Ana, California. Over the first two months of this year the West Hollywood location has seen tremendous growth year over year growth. While the Santa Ana location has quickly become the leading dispensary in the Orange County area.
"The success being enjoyed by our MedMen branded and managed dispensaries provide us with a template that is easily scalable throughout North America," said Captor President, John Zorbas. “We continue to see record traffic and sales in our California dispensaries which reinforces that the US cannabis market will remain a strategic area of focus for Captor in partnership with MedMen.”
Captor continues to identify excellent investment opportunities in the cannabis sector and believes the partnership with MedMen will drive continued value for shareholders. The investment in MedMen underscores Captor’s goal to identify unique and growing opportunities in a diversified portfolio model.
“MedMen is a leading cannabis operator with deep brand awareness,” continued Mr. Zorbas. “With MedMen’s announced intention to list publicly in Canada this year we expect the market to reward us for our early investment.”
About Captor Capital
Captor Capital Corp. is a Canadian investment firm listed on the Canadian Securities Exchange and the Frankfurt Stock Exchange. The company follows a strategy of acquiring profitable, established companies and organizations with growth potential that require capital to scale. Captor currently has investments in a number of companies and industries, including Millennial Esports in the technology sector, I-5 Holdings in the cannabis sector, and URU Metals in the natural resources sector. For more information visit http://www.captorcapital.com
About MedMen Enterprises
MedMen Enterprises is the United States' preeminent cannabis company with multiple assets and operations in California, Nevada and New York. Combined, these key strategic states account for nearly half of North America's addressable legal market. MedMen owns and operates licensed cannabis facilities in cultivation, manufacturing and retail, and is the most recognized cannabis brand in the world today. Based in Los Angeles, MedMen employs nearly 700 workers in 18 facilities across the U.S. For more information, visit http://www.medmen.com.
John Zorbas, President
Captor Capital Corp.
Gavin Davidson, Communications
Captor Capital Corp.
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDER HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
This press release contains or refers to forward-looking information, and is based on current expectations that involve a number of business risks and uncertainties. Factors that could cause actual results to differ materially from any forward-looking statement include, but are not limited to availability of investment opportunities, economic circumstances, market fluctuations and uncertainties, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, and the other risks involved in the investment industry and junior capital markets. Forward-looking statements are subject to significant risks and uncertainties, and other factors that could cause actual results to differ materially from expected results. Readers should not place undue reliance on forward-looking statements. These forward-looking statements are made as of the date hereof and the Company assumes no responsibility to update them or revise them to reflect new events or circumstances other than as required by law.