It might be important to take note of the fact that Medmen Enterprises Inc (OTCMKTS:MMNFF) just announced that it has closed on US$12,500,000 in additional gross proceeds under its US$250,000,000 senior secured convertible debt facility led by funds affiliated with Gotham Green Partners.
According to the release, “in aggregate, GGP and co-investors have invested US$147,500,000 into the Company under the Facility to date. The Company is also providing corporate governance and management updates, including changes to the Board of Directors and Interim Chief Executive Officer position.”
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 that it has closed on US$12,500,000 in additional gross proceeds under its US$250,000,000 senior secured convertible debt facility led by funds affiliated with Gotham Green Partners.
Recent action has seen 4% tacked on to share pricing for the listing in the past month. In addition, the stock has seen interest climb, with an increase in recent trading volume of 85% over the long run average.
“Gotham Green Partners has been a crucial source of support and guidance in this challenging environment,” said Ben Rose, Executive Chairman. “MedMen will continue to execute its turnaround plan, balance the needs of key stakeholders in these uncertain times and remain focused on strengthening its brand and retail experience. We are fortunate to have Tom Lynch and his track record of excellence to lead the company forward. Further affirmation of the opportunity ahead comes from the addition of Errol Schweizer to our Board of Directors. I am thrilled to welcome him to the Company and look forward to the benefit of his retail expertise.”
Now commanding a market cap of $67M, MMNFF has about $34M in cash on the books, which stands against $115M in total current liabilities. The company pulled in over $44M last quarter, up 50% on a y/y basis. 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.