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Saturday, November 26, 2022

Exciting Days for Medmen Enterprises Inc (OTCQB: MMNFF)

Medmen Enterprises Inc (OTCQB: MMNFF) is on the rise as pot stocks heat up across the board. Out of all the pot stocks we cover Medmen has seen the greatest fall and everyone is looking for a turnaround. The recent exit of Company founder Adam Bierman has given new hope to many of the Company s investors.

Microcapdaily has been covering Medmen for years, we wrote on September 5, 2018 – Medmen Enterprises Inc has been on the move in recent weeks making an explosive move up and transforming into a volume leader. MJ is booming and Medmen is one of the best positioned companies operating in the space. Medmen is one exciting Company and one of the best positioned cannabis enterprises in the country currently operating 19 licensed facilities touching the whole vertical from cultivation to retail in three key states; California, Nevada and New York. With over employees and expansion plans in other key markets, such as Florida, Arizona and Canada. There is currently huge demand for Medmen and the next few weeks should be very exciting here as legal recreational cannabis in Canada comes on Ocober 17.

We also wrote October 12, 2018 after the Pharmacon acquiisition – Medmen Enterprises Inc is racing up the charts after announcing they have signed a binding letter of intent to acquire PharmaCann in an all-stock transaction valued at $682 million. The deal is considered to be the biggest M&A deal to date within the legal marijuana industry and it will make Medmen the “largest U.S. cannabis company in the world’s largest cannabis market.” The newly combined entity will result in MedMen having cannabis licenses in 12 states that will permit the combined company to operate 79 cannabis facilities. Through the transaction, MedMen will add licenses in Illinois, New York, Pennsylvania, Maryland, Massachusetts, Ohio, Virginia and Michigan.

Medmen Enterprises Inc (CSE: MMEN) (OTCQB: MMNFF) bills itself as North America’s premium cannabis retailer. Founders Adam Bierman (who stepped down on February 1) and Andrew Modlin have defined the next generation discovery platform for cannabis and all its benefits. A robust selection of high-quality products, including MedMen-owned brands [statemade], LuxLyte and MedMen Red, coupled with a team of cannabis-educated associates cement the Company’s commitment to providing an unparalleled experience. MedMen’s industry-leading technology enables a fully compliant, owned-and-operated delivery service and MedMen Buds, a nationwide loyalty program. MedMen believes that a world where cannabis is legal and regulated is safer, healthier and happier.

In November Medmen reported its consolidated financial results first quarter 2020 ended September 28, 2019. Revenue: Systemwide revenue across MedMen’s operations in California, Nevada, New York, Illinois and Arizona increased to $44.0 million for the quarter, up 105% year-over-year and 5% sequentially.

Now ousted CEO Adam Bierman said at the time – “We entered Fiscal 2020 on a mission to build a more nimble and financially flexible MedMen. As we right-size our organization and implement an intensified focus on free cash flow generation, our business will become more efficient, in turn allowing us to better serve our stakeholders. Through the successful execution of these goals, we expect MedMen will be EBITDA positive by the end of calendar year 2020.

On January 31 Medmen announced Adam Bierman, Co-Founder and Chief Executive Officer, has decided to step down as Chief Executive Officer of the Company effective February 1, 2020. The board of directors of the Company is in the process of forming a committee of directors that will be responsible for identifying and appointing a new CEO. The committee expects to consider internal and external candidates and may engage a national search firm to aid in its efforts. In the interim, the board of directors has named the Company’s Chief Operating Officer & Chief Technology Officer, Ryan Lissack, as Interim CEO. Mr. Bierman has agreed to continue to serve on the Company’s board of directors, including as part of the board to be elected at the Company’s upcoming shareholder meeting.

In addition, Mr. Bierman has agreed to surrender all of his Class A super voting shares (the “Super Voting Shares”) back to the Company. As previously announced in December, MedMen Co-Founder Andrew Modlin granted a proxy over all of his Super Voting Shares to the Company’s Executive Chairman, Ben Rose until December 2020. Mr. Modlin has also agreed to surrender all of his Super Voting Shares to the Company, which would occur upon the expiration of the proxy granted to Mr. Rose. As a result of the surrender of the Super Voting Shares, by the end of 2020, MedMen will have only one class of outstanding shares, the Class B subordinate voting shares (the “Subordinate Voting Shares”), each of which entitle the holder to one vote.

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Currently trading at a $91 million market valuation Medmen was once one of the largest marijuana dispensary operators in the United States but has seen hard times since then. At current price levels many investors and speculators have been accumulating and many speculate Medmen holds assets significantly more than its tiny market valatuion implies. We will be updating on Medmen when more details emerge so make sure you are subscribed to Microcapdaily so you know what’s going on with Medmen.

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Disclosure: we hold no position in Medmen either long or short and we have not been compensated for this article.

Ali Raza
A journalist, with experience in web journalism and marketing. Ali holds a master degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.

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1 COMMENT

  1. So in essence those who ran the company before being fired spent money like drunken sailors and now the new people are cleaning up their mess.

    I would like an update on cost cutting and when they hope to turn a profit. THAT is when the stock will go up.

    Thanks!

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