In the vein of deep pullbacks among promising cannabis names, Medmen Enterprises Inc (OTCMKTS:MMNFF) has to be one of the more interesting examples. To help further flesh out the story, the company just announced that Chief Financial Officer James Parker resigned, and that Jim Miller, the Company’s vice president of accounting, has been appointed interim chief financial officer until Parker’s successor is named. The key now is to see how the stock handles this adversity. So far, the action is relatively promising.
According to the release, Miller joined MedMen in January 2018. He has guided the Company’s financial reporting and control functions as well as various operating departments including accounts payable, payroll and general accounting. Prior to joining MedMen, Miller held several senior finance and accounting positions at leading entertainment firms such as the Walt Disney Company and Viacom.
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 that Chief Financial Officer James Parker resigned, and that Jim Miller, the Company’s vice president of accounting, has been appointed interim chief financial officer until Parker’s successor is named.
In all, we’ve witnessed a bit more than -20% stripped out of share values of the name over the past week of action. Furthermore, the company has registered increased average transaction volume recently, with the past month seeing 65% above its longer-run average levels.
It pays to take note of this fact given the stock’s relatively small trading float of about 15M shares.
Now commanding a market cap of $1.85B, 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.