Market Overview

MedMen Releases Preliminary Fourth Quarter 2018 Systemwide Retail Revenue Results

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MedMen
Enterprises Inc
. ("MedMen" or the "Company") (CSE:MMEN) (OTCQB: MMNFF) (FSE: A2JM6N) announced today unaudited systemwide retail revenue
for its fiscal 2018 fourth quarter ended June 30, 2018. Across the
Company's operations in California, Nevada and New York, systemwide
retail revenue was US$19.2 million (CA$25.2 million). The Company is
expected to post its audited fiscal 2018 full year results in October.

Strong systemwide retail revenue for the quarter is primarily
attributable to MedMen's stores in Southern California's recreational
market. Excluding its Abbot Kinney store, which opened in early June of
this year, the Company's other 7 retail locations reported a combined
US$17.4 million in revenue (CA$22.8 million), with an average retail
markup over wholesale of 90%. These 7 locations saw 94,000 new customers
and nearly 130,000 returning customers, with an average spend per
transaction of US$77.76 (CA$102.09), operating at an annualized per
square foot revenue of US$6,541 (CA$8,470). By comparison, according to
CoStar, the average sales per square foot for an Apple store is
approximately US$5,546 (CA$7,282) and approximately US$2,951 (CA$3,875)
for Tiffany & Co stores.1

MedMen continued to expand its operations in Nevada, successfully
opening its first branded store in downtown Las Vegas in July and
recently won approval to operate a second location near the Hard Rock
Hotel, the Thomas and Mack Center and McCarran International Airport,
set to open in October.

"Retail is the key to the fast-evolving cannabis industry. It is where
brands are built and where the margins can be maintained," said Adam
Bierman, MedMen chief executive officer and co-founder. "The rapid
revenue growth in our California stores, only six months into
recreational sales, is a solid reflection of our continued execution of
our business thesis. We will remain focused on our strategy and the kind
of growth that generates long-term value for our shareholders."

In conjunction with its growing retail footprint, MedMen's strategy is
to complement its operations in every market with robust vertical
integration with the objective of better margins and overall control of
the supply chain. During the fourth quarter, the Company opened its
Project Mustang, a 45,000-square-foot, state-of-the-art cultivation and
manufacturing facility in northern Nevada. The same factory design is
currently being built in Desert Hot Springs, California, with completion
scheduled for early 2019. The Company plans to build the same factories
in New York, where it currently holds one of 10 medical marijuana
licenses, and, if it closes its proposed acquisition, near Orlando,
Florida. MedMen announced in July that it had entered into a definitive
agreement to purchase a Florida license holder with a cultivation
facility and rights to open 25 stores in that state.

ABOUT MEDMEN:

MedMen Enterprises is a leading cannabis company in the U.S. with assets
and operations across the country. Based in Los Angeles, MedMen brings
expertise and capital to the cannabis industry and is one of the
nation's largest financial supporters of progressive marijuana laws.
Visit http://www.medmen.com.

USD/CAD of $1.3130 as of August 13, 2018.

1 https://www.prnewswire.com/news-releases/retails-most-profitable-square-footage-636947493.html

Cautionary Note Regarding Forward-Looking Information and Statements

This press release contains certain "forward-looking information"
within the meaning of applicable Canadian securities legislation and may
also contain statements that may constitute "forward-looking statements"
within the meaning of the safe harbor provisions of the United States
Private Securities Litigation Reform Act of 1995. Such forward-looking
information and forward-looking statements are not representative of
historical facts or information or current condition, but instead
represent only MedMen's beliefs regarding future events, plans or
objectives, many of which, by their nature, are inherently uncertain and
outside of MedMen's control. Generally, such forward-looking information
or forward-looking statements can be identified by the use of
forward-looking terminology such as "plans", "expects" or "does not
expect", "is expected", "budget", "scheduled", "estimates", "forecasts",
"intends", "anticipates" or "does not anticipate", or "believes", or
variations of such words and phrases or may contain statements that
certain actions, events or results "may", "could", "would", "might" or
"will be taken", "will continue", "will occur" or "will be achieved".
The forward-looking information and forward-looking statements contained
herein may include, but is not limited to, information concerning plans
for and the timing of new cultivation and manufacturing facilities,
including in Florida, and the results of the Company's strategy of
vertical integration and expectations that MedMen's proposed Florida
acquisition will be completed.

By identifying such information and statements in this manner, MedMen
is alerting the reader that such information and statements are subject
to known and unknown risks, uncertainties and other factors that may
cause the actual results, level of activity, performance or achievements
of MedMen to be materially different from those expressed or implied by
such information and statements. In addition, in connection with the
forward-looking information and forward-looking statements contained in
this press release, MedMen has made certain assumptions. Among the key
factors that could cause actual results to differ materially from those
projected in the forward-looking information and statements are the
following: failure to obtain all necessary approvals with respect to
MedMen's proposed Florida acquisition, delays in opening new cultivation
and manufacturing facilities, higher than expected costs to construct
and operate cultivation and manufacturing facilities, adverse changes in
the public perception of cannabis; changes in consumer demand for
cannabis; decreases in the prevailing prices for cannabis and cannabis
products in the markets in which the Company operates; adverse changes
in applicable laws; adverse changes in the application or enforcement of
current laws, including those related to taxation; increasing costs of
compliance with extensive government regulation; changes in general
economic, business and political conditions, including changes in the
financial markets and in particular in the ability of the Company to
raise debt and equity capital in the amounts and at the costs that it
expects; risks related to licensing, including the ability to obtain the
requisite licenses or renew existing licenses for the Company's proposed
operations; dependence upon third party service providers skilled labor
and key inputs for purposes for example facility design and construction
activities; risks inherent in the agricultural business; intellectual
property risks; risks related to litigation; dependence upon senior
management. Should one or more of these risks, uncertainties or other
factors materialize, or should assumptions underlying the
forward-looking information or statements prove incorrect, actual
results may vary materially from those described herein as intended,
planned, anticipated, believed, estimated or expected.

Although MedMen believes that the assumptions and factors used in
preparing, and the expectations contained in, the forward-looking
information and statements are reasonable, undue reliance should not be
placed on such information and statements, and no assurance or guarantee
can be given that such forward-looking information and statements will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such information and statements.
Key assumption used herein are that the revenue for the fourth quarter
could be achieved in further quarterly periods over an annual period
such that annualizing is reasonable; that vertical integration can be
used to achieve cost efficiencies; that the Company has the requisite
capabilities to execute on a vertical integration strategy; and that
construction of new facilities will be on budget and not delayed. The
forward-looking information and forward-looking statements contained in
this press release are made as of the date of this press release, and
MedMen does not undertake to update any forward-looking information
and/or forward-looking statements that are contained or referenced
herein, except in accordance with applicable securities laws. All
subsequent written and oral forward-looking information and statements
attributable to MedMen or persons acting on its behalf is expressly
qualified in its entirety by this notice.

Source: MedMen Enterprises

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