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Sunday, June 13, 2021

Why Didn’t Medmen Enterprises Inc (OTCMKTS:MMNFF) Rally More on the Big News?

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It’s important to take note of both market signals and emotionally-toned communications, and the recent presser from Medmen Enterprises Inc (OTCMKTS:MMNFF) certainly contains plenty of both. The company notes that a critical lawsuit was dropped. But the stock really didn’t react much. More importantly, the passages from the press release appear to have been written by an overly-indulgent toddler having a temper-tantrum in ink, rather than by a dispassionate and effective executive or a high-quality communications firm. If this is the personality of core leadership showing through, it casts a worrying shadow.

That may be why the stock barely reacted to what was framed as game-changing positive news. Here is a characteristic passage: “Immediately after filing the faulty lawsuit, Mangalji, a reported “playboy” who uses the alias “Ronnie Bacardi,” appeared on various news media outlets touting his baseless claims and plugging his own competing company. Having used the initial lawsuit to promote their own company, Cox and Mangalji now seek to retreat to the anonymity of a confidential arbitration to avoid publicly airing their own wrongdoings.”

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 Brent Cox, Omar Mangalji, and the Inception Companies, through their affiliate, MMMG-MC, voluntarily dismissed their lawsuit against MedMen and its related companies, as well as its co-founders Adam Bierman and Andrew Modlin yesterday, moving to an arbitration process instead of litigation.

While this is a clear factor, it has been incorporated into a trading tape characterized by a pretty dominant offer, which hasn’t been the type of action MMNFF shareholders really want to see. In total, over the past five days, shares of the stock have dropped by roughly -8% on above average trading volume. All in all, not a particularly friendly tape, but one that may ultimately present some new opportunities.

Furthermore, the name has benefitted from a jump in recent trading volume to the tune of 58% over the long run average.

According to the release, “MedMen looks forward to the opportunity to expeditiously litigate the frivolous and unfounded claims against the Company and its co-founders brought by Cox and Mangalji, who have already reaped millions of dollars from their investment. Not only does MedMen expect to defeat the wholly unmeritorious claims, it also intends to seek substantial monetary and punitive damages from Cox and Mangalji due to their wrongful acts.”

Currently trading at a market capitalization of $1.01B, 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.

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