One stock that could be interesting to watch as we move forward is Medmen Enterprises Inc (OTCMKTS:MMNFF). We have seen support hold at the $3/share level in recent days, but the stock remains an interesting pullback cannabis play. Helping to further flesh out the story, the company just announced that it has closed its previously announced acquisition of a dispensary license in Emeryville, California from B12, LLC.
According to the release, “pursuant to the Acquisition, the Company paid a combination of cash at closing and shares of MedMen in an undisclosed amount. The transaction closed within 90 days of signing. With the closing of the Acquisition, MedMen will have one of only two adult-use cannabis dispensary licenses issued in the City of Emeryville, just outside San Francisco. MedMen currently operates eight dispensaries in Southern California. The Emeryville dispensary will be located in the commercial heart of the East Bay and is expected to open in 2019.”
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 it has closed its previously announced acquisition of a dispensary license in Emeryville, California from B12, LLC.
Recent action has seen 2% piled on for shareholders of the name during the trailing week. What’s more, the name has benefitted from a jump in recent trading volume to the tune of 12% above its longer-run average levels.
“California is the world’s largest legal cannabis market,” said Adam Bierman, MedMen chief executive and co-founder. “We are very proud of the footprint we’ve already established in our home state and look forward to expanding our reach to all corners of the Golden State, starting with our first store in Northern California.”
At this time, carrying a capital value in the market of $1.47B, MMNFF has virtually no cash on the books, which compares with virtually no total current liabilities. The company is pre-revenue at this point. This is an exciting story, and we look forward to a follow-up chapter as events 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.