We have been running with the idea of late that Medmen Enterprises Inc (OTCMKTS:MMNFF) – unequivocally one of the pot stock space’s biggest dogs over the past year – might be starting to show signs of a turnaround. So far, that looks to be the right idea as the stock has been rallying. But so far in Tuesday’s action, that thesis is being put to the test as shares fall back to key support at the trailing moving average.
Voting in favor of that support, the company just announced the opening of two new locations in the state of Florida: Central Orlando and Tallahassee. According to the release, the Company now has seven operational stores in Florida, with five 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.
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 two new locations in the state of Florida: Central Orlando and Tallahassee.
The chart shows 22% during the past week in terms of shareholder gains in the name. In addition, the listing has registered increased average transaction volume recently, with the past month seeing 23% beyond its prior sustained average level.
According to the release, “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. Orlando is Florida’s largest inland city with a population of over 1.5 million people2 and one of the largest metropolitan areas in the Southern United States. The city is one of the world’s most visited tourist destinations and is home to more than a dozen theme parks including Walt Disney World and Universal Studios Florida. Tallahassee, the state capitol, has a population of approximately 190,000 people2. The city is a home to several universities such as Florida State University and Florida A&M University.”
Earning a current market cap value of $292M, 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 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.