One lingering question out there defining the OTC cannabis patch is whether or not Medmen Enterprises Inc (OTCMKTS:MMNFF) is going to regain its former leadership role following some recent controversy at the company. Helping to guide investors, the company just announced that it “rewrote history yesterday with the debut of a disruptive new commercial that chronicles the American history of cannabis.”
According to the release, “Supported by the most expansive integrated marketing campaign the company has executed to date, The New Normal is directed by Academy Award-winning storyteller Spike Jonze and features actor Jesse Williams, best known for his longstanding activism and starring role in Grey’s Anatomy. The ad furthers MedMen’s vision where legalized and regulated cannabis creates a safer, healthier and happier world. Founded in 2010, MedMen is known for its disruptive advertising campaigns, innovative approach to cannabis retail and progressive legalization efforts. The diverse creative team behind the project includes actor Jesse Williams, director Spike Jonze, Academy-Award nominated cinematographer Bradford Young and production designer James Chinlund, who is currently working on the upcoming Lion King movie.”
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 recent ‘disruptive’ commercial. Recent action has seen 11% added to share values of the company over the past week of action.
Furthermore, the name has benefitted from a jump in recent trading volume to the tune of 20% beyond its prior sustained average level.
“Cannabis is part of our country’s history. We’ve moved away from the propaganda of the past and into a world where cannabis is the new normal. We want this commercial to educate and embolden in equal measures. This is our opportunity to make a statement on a national stage,” said Adam Bierman, MedMen’s CEO & Co-Founder.
At this time, carrying a capital value in the market of $1.59B, 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. 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.