The United States-based cannabis company, Medmen Enterprises Inc (OTCMKTS
The company, with operations in California, Nevada, New York, and Florida, owns and operates 19 licensed cannabis facilities in cultivation, manufacturing, and retail. It is considered to be one of the largest retail marijuana chains in the States.
The company has recently been forced to secure hundreds of millions in credit to stay afloat. This financial problem that the company is currently facing is
Shares of the company have tumbled more than 50% from its October peak of $6.95. The net worth of
Despite the fact that the business of growing and selling of weed is a very impressive one and that the time is ripe of the cannabis industry to prosper, the heavy taxes and the limitations on the dispensaries are turning as a speed-breaker in the path of the growth. According to the reports of CNBC, the company lost $131 million during the last six months of 2018, which sums up to $2 for each dollar of marijuana sold.
However, Medmen Enterprises Inc (OTCMKTS
The company has been constantly trying to change the stereotypes that have been associated with marijuana through its social platforms. This
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There have been a series of other problems which encircle the company, which are not relating to the cannabis market. The company’s CFO was alleged for racism and has been put on trial before the lawsuit. There have been other allegations on the company as to the company has run schemes to keep stock prices up. Another major problem that the company has been witnessing is dealing with
Dealing with such scenarios, MedMen is working hard enough to entice customers to cover its bottom line. The
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Disclosure: we hold no position in $MMNFF, either long or short, and we have not been compensated for this article.