Medmen Enterprises Inc (OTCMKTS:MMNFF) just announced the opening of its latest Florida location in the city of Sarasota. Perhaps this news can help to foster some renewed support in shares and deter an additional leg lower in the stock as we open the new year.
According to the release, this is the eighth 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.
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 latest Florida location in the city of Sarasota.
Recent action has seen flat action over the past week. Moreover, the listing has benefitted from a jump in recent trading volume to the tune of approaching 140% above its longer-run average levels.
According to the release, “Florida is the third most populous state in the U.S. with a robust and growing medical cannabis program serving over 393,663 qualified patients as of November 1, 2019. Sarasota, a mid-sized city with an increasing population of approximately 57,738, is a popular tourist destination known as a gateway to miles of beaches. The new location aligns with MedMen’s retail strategy to extend geographical reach within each operational market.”
Earning a current market cap value of $148M, MMNFF has roughly $23.7M in cash on the books, which stands against about $84.4M in total current liabilities. One should also note that debt has been growing over recent quarters. MMNFF is pulling in trailing 12-month revenues of $130M. In addition, the company is seeing major top-line growth, with y/y quarterly revenues growing at 15%. As more color becomes clear on the name, we will review the situation and update our take. 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.