One of the newer players on the chessboard of the cannabis space is Medmen Enterprises Inc (OTCMKTS:MMNFF), a fully US story setting up camp with recent moves to secure market share in the southeastern US. Shares have been grinding higher in a promising manner over the past six weeks, and the company may have found a new catalyst to drive the next leg with its latest move.
To wit: the company just announced it has secured prime retail locations with long-term leases in Ft. Lauderdale, Miami Beach, West Palm Beach, St. Petersburg, and Key West. According to the release, “The company continues to expand its footprint in premium retail districts with high visibility and heavy foot traffic.”
Medmen Enterprises Inc (OTCMKTS:MMNFF) frames itself as a company that, together with its subsidiaries, operates in the cannabis space in the United States.
The company cultivates, produces, possesses, uses, and distributes/retails cannabis in the recreational and medicinal cannabis marketplace. As of June 6, 2018, it owned and operated 18 licensed cannabis facilities under the MedMen brand name in California, Nevada, and New York.
The company frames itself as “the preeminent cannabis company in the United States” with multiple assets and operations in California, Nevada, New York, and Florida. MedMen owns and operates licensed cannabis facilities in cultivation, manufacturing, and retail, and is one of the most well-recognized cannabis brands in the world today.
Headquartered in Los Angeles, MedMen employs more than 800 workers across the United States. It was founded in 2010 by Adam Bierman and Andrew Modlin, two visionary entrepreneurs who saw not just a tremendous business opportunity in the growing legalization of marijuana, but a chance to re-define our society’s relationship with cannabis. MedMen supports sensible, clear and just drug laws.
The Company is the single largest financial supporter of progressive marijuana laws at the local, state and federal levels, giving directly to pro-legalization groups, industry organizations and political candidates.
The company is headquartered in Culver City, California. MedMen Enterprises Inc. is a subsidiary of The Medmen Of Nevada 2 Llc.
According to company materials, “MedMen Enterprises is a leading cannabis company in the U.S. with assets and operations across the country. Based in Los Angeles, MedMen brings expertise and capital to the cannabis industry and is one of the nation’s largest financial supporters of progressive marijuana laws.”
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As noted above, MMNFF just announced it has secured prime retail locations with long-term leases in Ft. Lauderdale, Miami Beach, West Palm Beach, St. Petersburg, and Key West to set the stage for likely dominance in the Florida market.
Recent action has seen 48% added to share values of the stock over the past month of action. In addition, the name has registered increased average transaction volume recently, with the past month seeing 170% beyond what we have been seeing over the larger time frame.
“Our entry into Florida through this acquisition demonstrates our growing national footprint as well as our ability to execute,” said Adam Bierman, MedMen chief executive and co-founder. “Our real estate team is hard at work preparing to put MedMen branded stores in the most coveted locations in Florida – locations in highly desirable and defensible market areas with high foot traffic and proximity to popular brand retailers.”
Earning a current market cap value of $131.8M, MMNFF has about $12.2M in cash on the books, which must be weighed relative to a mountain of over $86M in total current liabilities. The company has been pulling in significant revenues, with over $7M in Q1 of this year, representing over 630% quarterly y/y growth on the top line. We will update the story again soon as developments transpire. Sign-up for continuing coverage on shares of $MMNFF stock, as well as other hot stock picks, get our free newsletter today and get our next breakout pick!
Disclosure: we hold no position in $MMNFF, either long or short, and we have not been compensated for this article.