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Medmen Annual Report 2019 Letter from Our Founders

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Medmen Annual Report 2019 Letter from Our Founders Annual Report 2019 MedMen Annual Report 2019 Letter from our Founders Dear Fellow Shareholders: With the close of fiscal 2019, we are approaching who share their in-store and digital experiences Maintain Continuity with Change “The key to our success has been the 10-year anniversary of the simple idea from with family and friends, unlocking the power of In a rapidly changing environment, the key to our which MedMen was originally founded: that word-of-mouth. success has been our ability to balance continuity society becomes safer, healthier and happier as with change – to continue to provide the highest- our ability to balance continuity it is introduced to the benefits of legal, regulated Our success is also largely the result of our employees quality retail experience and stay true to our cannabis. As the leading cannabis retailer in the U.S., whose continued commitment to advancing cannabis mission and values – while at the same time meet with change.” MedMen has helped lay the groundwork for our education has made MedMen the company we are evolving consumer demands, push the boundaries industry for almost a decade, introducing millions today. We ended the year with over 1,300 employees, of agriculture and drive the way for much needed of first-time customers to the life-changing benefits a far cry from the early days when we had less than 30 regulatory reform in our industry. We look at of cannabis. Naturally, we have evolved through the people working at our company. cannabis retail similar to other disruptive industries, many stages in the life of a growing business and, such as ride sharing, music streaming or vacation now, having completed our first year as a public There is no question that we have become a rentals, where leading companies have been able company, we can reflect on where we stand and cannabis retail institution. Of each of our core to garner outsized market share by changing where we are going. geographies, our presence in California the most traditional mindsets and behaviors. We are notable, where we are the leading retailer in the upgrading the cannabis retail experience, shifting Transformative Growth state with over 6% market share. While over 70% historical thought processes and integrating Our growth as a company has been nothing shy of cities in California still ban recreational cannabis, leading practices in marketing, data science and of transformative, with revenues for Fiscal 2019 several state jurisdictions recently announced the technology to leverage within our business. improving 227% year-over-year. This strong top-line beginning of recreational sales. We are in a unique progress is largely due to our loyal customer base. position to capitalize on this opportunity, through Speed to build a competitive advantage has never In the past year alone, MedMen has served over both our retail stores and our delivery platform, given been more critical. We are particularly excited 1.2 million customers from all 50 different states the tremendous strength of the MedMen brand. about the digital roll-out of our fully owned and and more than 100 countries, who, combined, have We currently have 13 operational retail locations in operated delivery and loyalty programs, each of completed over two million retail transactions. These California and plan to have 30 operational stores in which is already achieving major milestones. customers are our brand ambassadors, individuals the state by the end of 2020. Our industry first national loyalty program has MedMen Annual Report 2019 MedMen Annual Report 2019 Letter from our Founders over 135,000 individual participants signed up in of people walk into approachable, well-located end of Fiscal 2020. Much of the technology and of our customers, our employees, our Board of Directors and the first ten weeks since its launch. Our delivery MedMen stores where they are greeted by operational investments we have made over the our shareholders for your trust and support in 2019. 2020 is program is now live in California and Nevada and passionate, educated cannabis enthusiasts. We past fiscal year, will assist us in achieving these shaping up to be another very exciting year for MedMen. once fully ramped up in all of our core geographies believe that providing access to legal, regulated goals; though, as can be expected of any growing, will serve over 50% of the U.S. population based on cannabis will allow people to lead happier lives. entrepreneurial business, we will continue to make our addressable market. We have also surpassed strategic capital expenditures in 2020 to take our Regards, two million total visits across our stores, providing us The Future – Fiscal 2020 company to the next level. with the analytics and unique insights to continuously While we have had success, MedMen must improve the shopping experience for our customers. continue to evolve. So, what’s next for our business? In the coming year, we will push to make as many In Fiscal 2020, you can expect us to continue to connection points with our customers as possible, Industry Headwinds and Tailwinds focus on deepening our presence in our six core becoming engrained in our consumers’ lifestyles Adam Bierman Andrew Modlin & While industry tailwinds helped propel us forward geographic markets of California, Nevada, Florida, through our industry-leading loyalty program. Co-Founder & CEO Co-Founder & President over the past twelve months, we’ve also faced New York, Illinois and Massachusetts. By securing With the wider distribution of our owned brands, hurdles, consistent with the industry as a whole. The premier locations in the most attractive consumer customer loyalty will deepen, and company illicit market continues to thrive; jurisdictions (both markets within each of these states, we are margins and profits will improve. By developing cities and states) have delayed recreational sales; a positioning our business and brand for our own unique lines of product offerings, we can challenging macro-cannabis environment has made long-term defensibility. provide the same high-quality goods across all capital allocation more critical than ever before; and markets. This consistency will allow our customers there continues to be a debate at the federal level on We will also focus on further building out our to discover products that work best for them and whether to remove cannabis as a Schedule 1 drug. omni-channel platform. By enhancing our platform then access those products regardless of where capabilities, we will continue to grow our retail they are located. Despite these headwinds, we are building a once-in- presence, enhance our four-wall economics, a-generation company within a once-in-a-generation increase our customer retention and drive our And as we enter our next fiscal year, we will industry, and we continue to work to move the business toward long-term profitability, including continue to be open and transparent about our industry and MedMen forward. Every day thousands our goal of reaching EBITDA positive by the ambitions, plans and progress. Thank you to all MedMen Annual Report 2019 MedMen Annual Report 2019 Letter from the Chairman To Our Valued Shareholders: It was an honor to be appointed MedMen’s two-thirds historically under-represented minorities Chairman in August 2018 and Executive Chairman and 30% of female employees are in leadership roles. As Executive Chairman, I will continue to support in May 2019. As a newly public company, MedMen was provided with the opportunity this year to plant MedMen cannot accomplish its strategic goals without MedMen in reaching their goals by working with the initial seeds of success. In the coming years, I the input of its stakeholders. In the coming year, the will continue to do my best to provide thoughtful Board will continue to value the open dialogue we management to introduce innovative corporate leadership to my fellow directors and management have with our community, from MedMen’s employees as we advance MedMen toward becoming the to the Company’s investors, as we position ourselves programs that help foster a diverse and inclusive industry’s number-one cannabis retailer. for continued success. As Executive Chairman, I will work with the Executive team to promote and It is critically important that MedMen continues advance these organizational goals and navigate culture and create a safer, healthier and happier to enhance its organizational capabilities by MedMen toward its next phase of growth. developing existing employees and attracting the work environment.” world’s top talent. As Executive Chairman, I will Thank you for your continued support and interest in continue to support MedMen in reaching these MedMen. I hope that you are as excited as we are to - Ben Rose goals by working with management to introduce continue on this amazing and transformative journey innovative corporate programs that help foster a within the U.S. cannabis retail industry. diverse and inclusive culture and create a safer, healthier and happier work environment. MedMen Kind Regards, already has a proprietary learning management curriculum, partnerships with social equity organizations nationwide, and a highly diverse Ben Rose workforce. MedMen’s employee base is just under Executive Chairman of the Board MedMen Annual Report 2019 To provide an unparalleled experience Our Mission that invites the world to discover cannabis and all its benefits. MedMen Annual Report 2019 We believe that a world where Our Vision cannabis is legal and regulated is safer, healthier and happier. MedMen Annual Report 2019 Why Not? Promote We challenge the status quo. We do not settle Collaboration. for things as they are, we seek to improve, evolve and find new paths. We start with Why Not? We believe in a collective mindset supported by individual accountability. We are responsible to the group and to ourselves.
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