-Chris Leavy, investor & former CIO of fundamental equities at BlackRock.

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1 Annual Report 2016

2 MedMen Annual Report 2016 I encourage potential partners with MedMen to take a first-hand look at their facilities on both the cultivation and retail side. It is the best way to appreciate their operational expertise. -Chris Leavy, investor & former CIO of fundamental equities at BlackRock. To end Prohibition, we need all hands on deck. MedMen has been a close partner in advancing the cause, and our biggest supporter for reform. -Rob Kampia, co-founder & executive director of the Marijuana Policy Project.

3 Table of Contents 04 A Word From The Founders 10 Year In Review Highlights: Sun Valley 05 The Investment Strategy 12 Year In Review Highlights: Mustang New York 06 Mission & Vision 13 In the Pipeline: Desert Hot Springs Venice Santa Ana 07 MedMen Values 14 Growth In 2016: Facilities Under Management No. of Employees Transactions 08 Year In Review Highlights: West Hollywood 15 Growth In 2016: Investment Exposure Disclosures Cannabis is a Schedule I controlled substance and its sale and use remains illegal under Federal law. Even in states that have legalized medicinal or recreational cannabis, its sale and use remain violations of Federal law. The illegality of cannabis under Federal law preempts state laws that legalize its use. Therefore, strict enforcement of Federal law regarding cannabis would likely result in the inability of MEDMEN and its legal entities to proceed with business plans and may result in criminal penalties, including fines, forfeiture and incarceration of management personnel, for violating Federal or foreign laws. In addition, in states where cannabis is illegal and in states that have legalized cannabis, but which have onerous or unclear regulations with respect to medicinal or recreational cannabis, state and local regulatory agencies have broad authority over the operations of cannabis-related businesses. State laws and regulations affecting the cannabis industry are in the early development stages and subject to changing interpretations.

4 MedMen Annual Report 2016 A Word From The Founders Evolution is change, and change begins with vision. We started MedMen because we had a very specific vision, a simple concept really; cannabis as a consumer product. When you look at cannabis as a product and not an illicit drug, it changes your entire approach to how it is cultivated, produced and marketed. Quality standards matter, best practices matter, brand reputation matters and you invest and plan for the long term. It is a simple vision, but we believe it is fundamental to building our industry. We are at an inflection point in the evolution of cannabis, as the industry transitions from the legacy era to an institutional phase, and MedMen is leading the charge. When we started MedMen in 2010, two years before Colorado passed the first recreational marijuana measure in the country, we were pioneers. Today eight states, including our home state of California, allow adult use, and 29 states have legalized medical marijuana. MedMen is leading the way with best-in-class practices in cultivation, production and retail. We are at an inflection point in the evolution of cannabis, as the industry transitions from the legacy era of homegrown enterprises to an institutional phase of professional standards and practices, and MedMen is leading the charge. Every day, we are bringing top talent and unprecedented capital to bear. We are partnering with powerful allies like the Marijuana Policy Project and the National Cannabis Industry Association to end Prohibition and build the future of cannabis. Every day, we are giving form to our vision. We thank you for taking the time to review our accomplishments. Adam Bierman CEO & Co-Founder Andrew Modlin COO & Co-Founder

5 The Investment Strategy Mr. Ganan guides MedMen's investment strategy and was instrumental in the launch of MedMen Capital, the Firm's investment arm. He brings vast institutional knowledge and experience in business operations, private equity, investment banking, real estate and start-ups. Last year, North America consumed nearly $7 billion worth of legal marijuana and marijuana-infused products. The number of states with full legalization doubled, and medical marijuana states grew to 29. Today, two thirds of Americans live in a state that have some form of legal cannabis. Two thousand sixteen was a pivotal year for the industry and MedMen. We saw momentum grow in the market, and MedMen capitalized by growing right along with it. Last year we launched our MedMen Opportunity Fund, and greatly expanded our footprint across North America. Our strategy is to invest in markets with large addressable demand that are supply-constrained and have high barriers to entry. We made great inroads in 2016 with large capital deployments in some of the most promising markets, including New York, Nevada and California. What sets MedMen apart is our class leading operational expertise combined with a keen understanding of the regulatory landscape and our institutional background in finance, venture capital and private equity. Chris Ganan Chief Strategy Officer & General Partner of MedMen Opportunity Fund

6 MedMen Annual Report 2016 Mainstreaming Marijuana. Challenge everything. Settle only for what ought to be, not what is. Be state-of-the-art and best-in-class, utilizing institutional systems. Define the next generation of marijuana businesses and consumers.

7 MedMen Values Excellence Nothing is granted; everything is earned. We believe in a meritocracy that values and rewards excellence. We never rest on our laurels. Creativity It is not just about what we do, it is about how we do it. You cannot innovate without exploring all the possibilities. Challenge We always challenge the status quo. We do not settle for how things are; we strive for how things should be. Flexibility We are in the marijuana business. Staying flexible is not just a value, it is a survival skill.

8 MedMen Annual Report 2016 Year in Review Highlights West Hollywood Setting industry standards with an immersive experience. MedMen completed its remodel of an existing licensed medical marijuana dispensary in West Hollywood, California, and opened under its own brand in early The facility is one of only four licensed by the city. The City of Los Angeles surrounds West Hollywood, and other neighboring districts include Hollywood, Sunset Strip, Beverly Center and Wilshire, some of the largest addressable markets in the Los Angeles area. Within six months under MedMen Management: 2,100-square-foot retail space. Patient count grew by 34 percent. Average spend by patient grew from $65 to $83. Costs of goods sold declined from 60% to 53%. ipad menus Bud Pods MedMen West Hollywood

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10 MedMen Sun Valley MedMen Annual Report 2016

11 Year in Review Highlights Sun Valley Maximizing productivity and quality in every square foot of cultivation. MedMen took over operations of an existing licensed medical marijuana cultivation site in early 2016, and applied the latest in agronomic technology and indoor techniques, including hydroponics and LED lighting. The site is one of 135 permitted cannabis operations in the City of Los Angeles. Not all permitted sites cultivate marijuana, making MedMen Sun Valley one of the few high-capacity cultivation facilities in one of the biggest markets in the U.S. 4,100-square-foot of indoor canopy. 120 pounds yield monthly capable of producing 140 pounds monthly Up to 50 percent more yield per square foot than "legacy" operations. Costs per pound up to 4 times lower than "legacy" operations.

12 MedMen Annual Report 2016 CEO Adam Bierman at Mustang groundbreaking event Year in Review Highlights Mustang State-of-the-art cultivation & production facility In October, MedMen broke ground on a $15 million state-of-the-art greenhouse project in McCarran, Nevada, just outside Reno. The 45,000-squarefoot facility is expected to be fully operational in the summer of Medical marijuana is legal in Nevada, and the state recently approved recreational use. Highlights: 2.9 million 42.3 million 2018 year 10,000 pounds Nevada's population Number of annual visitors to Las Vegas Recreational marijuana licenses are expected to become available MedMen Mustang's production capacity annually Buffalo Syracuse Manhattan Utica Lake Success Year in Review Highlights New York 1 of 5 Medical Marijuana Licenses In October, MedMen took over operations of Bloomfield Industries, one of five license holders in New York's medical marijuana program. Each license holder is allowed to operate one cultivation and production facility and four dispensaries. New York's fledgling medical marijuana market is expected to be one of the largest in the country. Highlights: 19.7 million New York State's Population (4th largest) 8.5 million New York City's Population

13 In the Pipeline Desert Hot Springs MedMen is finishing permitting for a 45,000 square-foot greenhouse and production facility in Desert Hot Springs, California. Renderings of MedMen Desert Hot Springs. In the Pipeline Venice MedMen Venice, a medical marijuana dispensary in one of Los Angeles' most storied and popular neighborhoods, is scheduled to open in Venice Beach is an iconic Southern California destination. In the Pipeline Santa Ana MedMen Santa Ana, one of only 20 licensed medical marijuana dispensaries in the city and servicing the vast and affluent Orange County population, is scheduled to open in Renderings of MedMen Santa Ana

14 MedMen Annual Report 2016 In Growth the Pipeline In 2016 Facilities Under Management Syracuse Utica Buffalo Lake Success Mustang Manhattan Sun Valley West Hollywood Santa Ana No. Of Corporate & Facility Level Employees Project-related Transactions $ 7. 7 $ million million

15 In Growth the Pipeline In 2016 Investment Exposure MedMen Opportunity Fund In June 2016, MedMen launched the MedMen Opportunity Fund, its first investment vehicle and one of the largest private equity funds in the cannabis space to date. By utilizing MedMen Management as its captive operating partner, the Fund is able to leverage existing operational and regulatory expertise to rapidly deploy capital in strategic cannabis markets. Highlights: MedMen Management The Fund became part owner of MedMen Management, the Firm's management arm. MedMen Management serves as the Fund's captive operating partner, providing extensive resources and operational oversight of investment assets. Canada The Fund became one of the largest single investors in MedReleaf Corp., one of Canada's biggest medical marijuana companies. Canada is expected to legalize adult use in A fully legal cannabis market in Canada could be worth as much as $22.6 billion. California The Fund has purchased or secured control of several projects including; a 10-acre lot for cultivation and production in Desert Hot Springs, and operating dispensaries in Los Angeles and Orange counties. New York The Fund entered into a contract to acquire Bloomfield Industries, Inc., one of only five licensed producers, manufacturers and retailers of medical marijuana in New York. The Fund closed the transaction in early Nevada The Fund is the principal investor in MedMen's Mustang project, a 45,000-square-foot, state-of-the art cultivation and production facility just outside Reno, Nevada.

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