Shares of Medmen Enterprises Inc (OTCMKTS:MMNFF) continue to fight the good fight to put in key support and turn the chart back to the upside. In recent action, we have seen some promise on this chart, with volume rising and the stock experiencing heightened volatility around the $2/share level. Monday marks the second time in less than 5 days that we have seen more than a 5% single-day gain.
To further explain the sharp upside to kick off this week, the company just announced the launch of statewide delivery service in California, bringing the Company’s industry-leading retail experience to the consumer at home. According to the release, “with over 400 products, MedMen’s new delivery service is the most robust of its kind. The company will initially focus on California, where it has 17 retail locations and expects a nationwide expansion in the near future.“
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 the launch of statewide delivery service in California, bringing the Company’s industry-leading retail experience to the consumer at home.
We’ve witnessed 14% added to share values of the stock over the past week of action. What’s more, the name has benefitted from a jump in recent trading volume to the tune of 13% above its longer-run average levels.
“MedMen has always been at the forefront of shaping and defining the cannabis industry, and we are proud to be taking the next step in our evolution by now offering delivery service in California,” said Adam Bierman, MedMen Co-Founder and CEO. “This enhancement in technology provides our California communities with convenient access to quality products from the brand they know and love.”
At this time, carrying a capital value in the market of $351M, 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.