We would continue to watch Medmen Enterprises Inc (OTCMKTS:MMNFF) closely as a prime opportunity for the next wave in the cannabis stocks. Shares of MMNFF have been holding up with tremendous fortitude during recent volatility, and the company continues to line up one nice catalyst after another.
As a case in point, the company just announced that it opened MedMen Paradise over this past weekend, its second branded store in Las Vegas, with a tangible buzz. According to the releae, the “official ribbon cutting event was attended by Chairman of Clark County Commission and Nevada gubernatorial candidate Steve Sisolak who commended the Company for setting standards for the burgeoning industry and creating local jobs. Sisolak presented a placard marking the day and declared it “MedMen Day” to a flank of reporters, employees and customers eager to enter the store Saturday morning. Company Co-founders Adam Bierman and Andrew Modlin were on hand to receive the placard.”
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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There is a political story mixed into this story as well, as should be clear. But, hey, ‘tis the season.
“I see all these young women and men with the red MedMen t-shirts,” said Sisolak, who is running for governor in the November election. “These are well paying local jobs that this industry is creating in Nevada, and I commend MedMen for setting the bar.”
“Nevada is the shining light, the gold standard for our industry, so where better to launch [statemade] than here,” said Bierman, MedMen’s chief executive officer. “This store means a lot to us and combining the launch of [statemade] and the opening of our Paradise store made perfect sense.”
Recent action has seen 8% piled on for shareholders of the stock during the trailing week. In addition, the company has seen a growing influx of trading interest, with the stock’s recent average trading volume running 19% beyond what we have been seeing over the larger time frame.
This is particularly important with a float in play that’s very limited – just 28M total outstanding shares, so we can assume the float (which is not published) is well under that small number.
Currently trading at a market capitalization of $315.05M, 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. As more color becomes clear on the name, we will review the situation and update our take. 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.