There are few stocks in the cannabis space that have been hit as hard as Medmen Enterprises Inc (OTCMKTS:MMNFF). But, a few days ago, we put out a piece suggesting that the stock might actually finally be putting in some kind of bottom. So far so good: shares are up nearly 20% in the interim. Helping to foster that action, 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.
We’ve witnessed 18% during the past week in terms of shareholder gains in the stock. Furthermore, the name has registered increased average transaction volume recently, with the past month seeing 18% over the long run 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.”
At this time, carrying a capital value in the market of $257M, 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.