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Why Medmen Enterprises Inc (OTCMKTS:MMNFF) Could be Ripe for a Turnaround

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As the cannabis patch heals itself in 2019 after some rough action in late 2018, one stock that has fallen behind but could represent some potential value in the space is Medmen Enterprises Inc (OTCMKTS:MMNFF). In that vein, the company just announced that it has closed its previously announced acquisition of Kannaboost Technology Inc. and CSI Solutions LLC, collectively referred to as “Level Up,” two vertically-integrated operations in Arizona. The move represents a further expression of the US geographic dominance potential that MedMen wields given its strategic positioning.

According to the release, “The acquisition includes retail locations in Scottsdale and Tempe, as well as 25,000 square feet of cultivation and production capacity in Tempe and Phoenix. The acquisition also includes a 40 percent stake in top-selling brand K.I.N.D. Concentrates, which is currently distributed in over 90 percent of the dispensaries in Arizona. The Company paid a combination of cash and stock valued at an aggregate of $33.5 million.”

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 Kannaboost Technology Inc. and CSI Solutions LLC, collectively referred to as “Level Up,” two vertically-integrated operations in Arizona.

Recent action has seen basically flat movement in the stock over the past week of action. Moreover, the stock has seen interest climb, with an increase in recent trading volume of 15% over what the stock has registered over the longer term.

According to the release, “With the closing of the Acquisition and following the completion of the pending acquisition of PharmaCann, LLC, MedMen will be licensed for three medical-use cannabis dispensaries in Arizona. The flagship Level Up location in Scottsdale is one of the highest-grossing dispensaries in the state.”

Now commanding a market cap of $1.36B, 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. You can bet we will update this one again as new information comes into view. 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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