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Sunday, June 13, 2021

Why We Would Keep a Close Eye On Medmen Enterprises Inc (OTCMKTS:MMNFF)

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We have seen a continued corrective wave in the pot stocks, but several plays seem deserving of continued close observation, particularly where geographic positioning is concerned, which casts a spotlight on Medmen Enterprises Inc (OTCMKTS:MMNFF). The company has tremendous exposure to the potential for further gains on the US legislative front, which is a positive black swan type of scenario. And we continue to see strong growth on the top line even without that factor coming into play.

As a case in point, the company just announced fiscal Q1 (2019) data on Thursday, announcing systemwide sales revenue of $21.5 million up 1,094% from first quarter fiscal 2018 and 4.4% from fourth quarter 2018; an annualized sales per square foot of $6,188 across eight stores in Southern California with an 82% conversion rate; and, according to recently published figures by the California Bureau of Cannabis Control, MedMen stores accounted for approximately 5.3% of all legal retail cannabis and cannabis product sales in the state.

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 its consolidated financial results for the first quarter of fiscal 2019. The company reported a massive y/y top-line growth (over 1000% growth). If you pair this with the massive potential upside of a positive turn in federal legislation around cannabis in the US, we have good reason to continue to keep this stock on the radar into sector-driven weakness.

In all, recent action has seen -7% burgled from share pricing for the stock in the past week. Moreover, the name has benefitted from a jump in recent trading volume to the tune of 16% beyond its prior sustained average level.

It pays to take note of this fact given the stock’s tight trading float of just a tad more than 17M shares.

“Our first quarter performance underlines the successful execution of our growth strategy and ongoing commitment to provide mainstream cannabis consumers a wide breadth of products for their lifestyle and wellness needs,” said Adam Bierman, MedMen chief executive and co-founder.

“Our four-pillars strategy – built around a quality team, superior assets, strong balance sheet and the ability to efficiently and effectively raise and deploy capital – has set us up to successfully achieve our vision. We are now entering a new phase focused on fully operationalizing our vast footprint.”

Earning a current market cap value of $1.44B, 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.

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