Shares of Medmen Enterprises Inc (OTCMKTS:MMNFF) have been red-hot, but have pulled back in recent action along with the rest of the cannabis space. Now, we are seeing a likely test of the 50-day moving average in perfect confluence with the prior breakout trigger level right around $4.50/share. The company continues to build out its strategic profile, recently announcing a minority investment in Old Pal, a popular California-based brand that provides every day, high-quality cannabis flower for its customers.
According to the release, Old Pal is one of the best-known flower brands in California and one of the fastest growing brands in the cannabis industry today. “Old Pal has a differentiated and high-quality product offering that is in tune with the needs of the modern cannabis consumer,” said Adam Bierman, MedMen chief executive and co-founder. “This a strategic investment, the third of its kind to date, to broaden MedMen’s reach with consumers in this quickly evolving space.”
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 completed a minority investment in Old Pal, a popular California-based brand that provides every day, high-quality cannabis flower for its customers. In all, traders will note 21% during the past month in terms of shareholder gains in the name.
“We share a similar vision with MedMen of creating a new, accessible cannabis culture and mainstreaming marijuana that is built on the support, trust and reputation of leading brands,” said Russel Wilenkin, chief executive and co-founder of Old Pal. “MedMen’s investment positions Old Pal to take advantage of tremendous opportunities by accelerating our unique brand and product initiatives in the fast-growing cannabis market.”
Furthermore, the name has benefitted from a jump in recent trading volume to the tune of 58% over the long run average.
Now commanding a market cap of $330.94M, 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.