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MedMen backed cannabis investment trust raises $133M; to buy some company assets

MedMen Enterprises Inc. said Treehouse Real Estate Investment Trust completed a $133 million capital raise, which will partially be used to buy the cannabis company's properties.

Culver City, Calif.-based MedMen said Treehouse is a collaboration between the company and Stable Road Capital LLC, a California-based real estate and cannabis focussed investment firm, where MedMen oversees day-to-day operations until Treehouse goes public.

MedMen added the potential transactions include real estate related to retail stores, cultivation and production facilities and expects Treehouse to make initial sale and leaseback transactions with the company.

Treehouse will also have a three-year right of first offer on additional facilities and development projects of the company.

MedMen intends to use the proceeds to expand its national footprint, which includes 76 retail and 16 cultivation and manufacturing licenses in 12 states. The company operates 16 stores and three cultivation and manufacturing facilities.