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Thursday, January 27, 2022

The Bear Trap May be Set Now in Medmen Enterprises Inc (OTCMKTS:MMNFF)

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As we noted a few days ago, the recent capital raise by Medmen Enterprises Inc (OTCMKTS:MMNFF) would likely cause a market opportunity for those looking to pick up the stock on the cheap. One more factor in defining this scenario is the company’s recent communication about its further market share grab in California.

Specifically, the company just announced that Captor Capital Corp. (USOTC:NWURF) has signed a definitive agreement to sell the retail operations and license for a dispensary location in Santa Ana, California, through an all-stock transaction with MedMen valued at approximately US$16 million. According to the release, the store is currently MedMen branded and managed. Hence, we wouldn’t think this move should shift anything about the growth or current market positioning of the asset.

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 Captor Capital Corp. (USOTC:NWURF) has signed a definitive agreement to sell the retail operations and license for a dispensary location in Santa Ana, California, through an all-stock transaction with MedMen valued at approximately US$16 million.

Recent action has seen a bit less than -20% ripped from shareholders of the stock over the past week. What’s more, the listing has benefitted from a jump in recent trading volume to the tune of 48% above its longer-run average levels.

Traders should note this as important given the stock’s tight trading float of just a tad more than 17M shares. Traders should not overlook this combination, as a jump in average daily transaction volume in a stock with a restricted float can unleash fireworks as supply is squeezed.

“Through the sale of this dispensary we have achieved a strong return on our original investment for our shareholders,” said Captor Capital CEO, John Zorbas. “With the completion of this divestment, Captor will continue upon our strategy of owning and developing a new set of self-operated retail store brands to support our cultivation, manufacturing, and distribution operations.”

Earning a current market cap value of $1.56B, 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 as 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.

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