It seems like the drama surrounding shares of Medmen Enterprises Inc (OTCMKTS:MMNFF) continues to ratchet up as the stock falls in price. But, at some point, the rubber band has to snap back. And last week’s close – featuring the first green day in seemingly forever – could be some kind of bounce potential getting warmed up. In that vein, the company just announced the opening of its new location in Jacksonville Beach, Florida.
According to the release, “This is the fifth of 12 locations MedMen plans to open in Florida this calendar year. The Company is licensed for up to 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 270,000 qualified patients as of October 11, 2019.1 Jacksonville is one of the fastest growing metropolitan cities in Florida and a popular tourist destination with the largest urban park system in the nation, with 10 state and national parks. The new location aligns with MedMen’s retail strategy to extend geographical reach within each operational market.”
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 its new location in Jacksonville Beach, Florida.
The stock has suffered badly over recent months, but may be showing signs of some kind of support coming into place. Shares of MMNFF have taken a hit in recent action, down about -20% over the past week. Over the past month, shares of the stock have suffered from clear selling pressure, dropping by roughly -32%. What’s more, the company has seen interest climb, with an increase in recent trading volume of 64% over the longer term average.
According to the release, “MedMen Buds, the Company’s new loyalty program, will be available to all patients at the Jacksonville Beach location. In addition, MedMen’s recently launched same-day delivery platform will be available to Florida patients before year’s end. Together with loyalty and delivery, the Company’s new store locations align with MedMen’s national retail strategy of providing an industry-leading omni-channel experience.”
Currently trading at a market capitalization of $225M, 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. We will update the story again as soon as further details emerge. 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.