The bounce in the pot stocks has caught on over the past few trading sessions, with most of the stocks in the cannabis, hemp, and CBD space jumping back to the upside, including shares of troubled Medmen Enterprises Inc (OTCMKTS:MMNFF). We would point out the company was just picked on by South Park in its season opener, and in a clearly unfavorable light. But, hey, perhaps all publicity is good publicity? In any case, to help try to offset the bad light, the company just announced the opening of three new locations in the state of Florida: St. Petersburg, Key West and Pensacola.
According to the release, “the Company now has four operational stores in Florida, with eight additional store openings in the state planned for the remainder of the calendar year. The Company is licensed for 35 retail locations in the state. Florida is the third most populous state in the U.S. with a robust medical cannabis program serving over 260,000 qualified patients as of August 30, 20191. In June, MedMen opened a location in West Palm Beach, its first in the state, where it has seen over 6,000 visits to date.”
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 opening of three new locations in the state of Florida: St. Petersburg, Key West and Pensacola.
Traders will note 15% tacked on to share pricing for the listing in the past week. In addition, the listing has seen a growing influx of trading interest, with the stock’s recent average trading volume running 18% over what the stock has registered over the longer term.
“MedMen is proud to expand its retail footprint in Florida,” said Adam Bierman, MedMen Co-Founder and CEO. “We look forward to getting to know our neighbors in St. Petersburg, Key West and Pensacola and are thrilled to offer MedMen’s unparalleled quality in product and experience to these communities.”
Now commanding a market cap of $342M, 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 may be a very interesting story and we will look forward to updating it again soon. 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.