Listed cannabis retailer MedMen Enterprises Inc. signed a binding term sheet for a senior secured convertible facility of up to $250.0 million from funds managed by private equity firm Gotham Green Partners LLC.

MedMen plans to use the proceeds to fund future capital needs, including general working capital, accelerating geographic expansion through acquisitions and investments, and investing in technology and digital infrastructure.

Gotham Green is based in New York and California and invests in cannabis and cannabis-related enterprises.