The question surely arises upon looking at the chart for Medmen Enterprises Inc (OTCMKTS:MMNFF): is this finally the buy-the-dip? The stock is back testing support at the 50-day moving average following a spirited rally in June that saw gains of as much as 45% on strong volume after the scandal of Q1 seemed to be put to bed. Now we are pulling back and the company is churning out new catalysts. For example, MedMen just announced that its pre-roll singles and multipacks are available for purchase at its recently-opened West Palm Beach location, with available strains including “White Widow,” “Bubblegum OG,” and “Dr Who.”
According to the release, “To bring these products to the West Palm Beach community, the Company’s state-of-the-art cultivation and production facility located in the city of Eustis completed its first harvest of smokable flower in the state of Florida.”
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 MedMen pre-roll singles and multipacks are available for purchase at its recently-opened West Palm Beach location, with available strains including “White Widow,” “Bubblegum OG,” and “Dr. Who.”
The chart shows 15% tacked on to share pricing for the stock in the past month. In addition, the stock has seen a growing influx of trading interest, with the stock’s recent average trading volume running 19% over what the stock has registered over the longer term.
“Medical cannabis patients in Florida have fought long and hard to have smokable flower as an alternative for pain relief, and we are proud to offer them access to it,” said Adam Bierman, MedMen Co-Founder and CEO. “We look forward to continue working with regulators to bring safe, regulated and high-quality flower to other Florida communities where MedMen will operate in the future.”
At this time, carrying a capital value in the market of $392M, 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.