MedMen Enterprises Inc. — Capital/Financing Update 2021

Mar 29, 2021

FORM 51-102F3 MATERIAL CHANGE REPORT

Item 1 Name and Address of Company

MedMen Enterprises Inc. 10115 Jefferson Boulevard Culver City, CA 90232

Item 2 Date of Material Change

March 18, 2021

Item 3 News Release

A news release in respect of the material change was disseminated through the facilities of Business Wire on March 18, 2021 and subsequently filed on SEDAR.

Item 4 Summary of Material Change

On March 18, 2021, MedMen Enterprises Inc. (the “Company”) issued 50,000,000 units (the “Units”) to an institutional investor at a purchase price of C$0.40 per Unit for an aggregate of C$20.0 million. Each Unit consisted of one Class B Subordinate Voting Share (“Share”) and one share purchase warrant (the “Warrants”). Each Warrant permits the holder to purchase one Share for a period of three years from the date of issuance at an exercise price of C$0.50 per Share, subject to the terms and conditions set forth in the Warrant. As part of the transaction, the Company agreed to file with the Securities and Exchange Commission, within 15 days of the closing, a registration statement on Form S-1 registering for resale the Shares and the Shares underlying the Warrants.

Item 5 Full Description of Material Change

See Item 4.

Item 6 Reliance on subsection 7.1(2) of National Instrument 51-102

Not Applicable

Item 7 Omitted Information

Not Applicable

Item 8 Executive Officer

Reece Fulgham Chief Financial Officer info@medmen.com (855) 292-8399

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Item 9 Date of Report

Mach 26, 2021

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