As we witness what appears to be a rejuvenation in the cannabis space as a general theme to start off the action in September, one question up for grabs is whether or not we will see the much-anticipated resurgence of Medmen Enterprises Inc (OTCMKTS:MMNFF), one of the companies vying for a top-tier position in the US-centric pot marketplace. To add some further color to this story, the company just announced that it has closed its previously announced acquisition of MattnJeremy, Inc. d/b/a One Love Beach Club.
According to the release, “this acquisition further enhances MedMen’s California footprint by adding a premier location strategically situated between the existing Santa Ana and LAX stores. Including pending acquisitions, MedMen is licensed for 17 stores across California, of which 13 are currently operational.”
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 it has closed its previously announced acquisition of MattnJeremy, Inc. d/b/a One Love Beach Club.
The chart shows 2% piled on for shareholders of the listing during the trailing month. In addition, the listing has seen interest climb, with an increase in recent trading volume of 15% above the average volume levels in play in this stock over the longer term.
According to its most recent press release, “The Long Beach dispensary is located a few blocks away from the beach between Downtown and Belmont Shore and will also serve as a hub for the Company’s delivery launch across Long Beach and its surrounding communities. MedMen Buds, the Company’s nationwide loyalty program will also be available to all customers. As consideration for the Acquisition, the Company paid $13 million, of which $10 million was satisfied in Class B Subordinate Voting shares (“Shares”), $1 million in cash at closing and $2 million in deferred cash.”
Now commanding a market cap of $395M, 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.