web analytics
17.7 C
Munich
Monday, May 10, 2021

Medmen Enterprises Inc (CSE: MMEN) Continues its Fast Rise

Medmen Enterprises Inc (OTCMKTS: MMNFF) continues to rocket up the charts this week quickly transforming into one of the most actively traded cannabis Companies on the planet. Last weeks acquisition of PharmaCann makes Medmen the biggest cannabis operator in the Country.

Cannabis is a great place to be; according to a recent report from Arcview Market Research and its research partner BDS Analytics, over the next 10 years, the legal cannabis industry will see much progress around the globe and spending on legal cannabis worldwide is expected to hit $57 billion by 2027. The adult-use (recreational) market will cover 67% of the spending; medical marijuana will take up the remaining 33%. The largest group of cannabis buyers will be in North America, going from $9.2 billion in 2017 to $47.3 billion a decade later. Of course much of this hinges on how laws progress.

Medmen Enterprises Inc (CSE: MMEN) (OTCQB: MMNFF) went public earlier this year through a reverse takeover in Canada. Medmen 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. Since the recent PharmaCann acquisition Medmen now operates 79 cannabis facilities in 12 states. MedMen is headquartered in Culver City, California, in a 12,000-square-foot, state-of-the-art office complex that was designed and executed by MedMen’s own facilities team, showcasing the company’s design and construction capabilities.The Company operates 19 facilities under the MedMen brand name in California, Nevada and New York.

The Company employs more than 800 people across the United States. The predecessor to MedMen Enterprises 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.

MedMen recently acquired a license to open and operate 30 retail stores in Florida and has signed binding agreements to acquire an operating retail store in Illinois, cultivation and retail operations in Arizona, and an additional non-operating retail license in California. The Company has cultivation and production facilities in Nevada and New York, and is building facilities in Desert Hot Springs, California and outside Orlando, Florida. PharmaCann is licensed for 18 retail stores in eight states and eight cultivation and production facilities in seven states. Combined, the two companies will be licensed for 66 retail stores and 13 cultivation and production facilities (including pending acquisitions by MedMen).

The Company is led by Adam Bierman who recently stated on CNBC “Every day I wake up I intend on building the biggest marijuana brand in the world. Our more mature stores in California are doing over $20 million dollars a year in revenue. When we get to a billion dollars in revenue we will look at what’s next but there is a lot of work to be done. Our mission is mainstreaming marijuana and how do you do that? you make it available for everybody. This is a consumer product and to address everybody you need to have a product for everybody. In our stores in California we have over 1000 skus in those stores so I think as these markets continue to evolve and mature I think that’s what you will see across the board. Our new slogan is ‘forget stoner’ marijuana needs to be mainstream, the concept of a stoner or stoners is yesteryear, this is about chardonnay moms, working days, this is about substituting and replacing other things that people are already utilizing that in some instances are detrimental to them.”

To Find out the inside Scoop on Medmen Enterprises Subscribe to Microcapdaily.com Right Now by entering your Email in the box below

Last week Medmen announced they have signed a 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.

Founded in 2014, PharmaCann is one of the largest medical cannabis providers in the U.S. It currently operates 10 retail stores and three cultivation and production facilities across multiple states, including New York, Maryland and Massachusetts, and in Illinois, where it is the largest holder of medical cannabis licenses. The company also owns licenses for retail stores in Pennsylvania, Maryland, Massachusetts, Ohio, Virginia and Michigan, and cultivation and production licenses in all of its markets, excluding Maryland. PharmaCann is known for its high-quality cultivation and production and has one of the best track records in the industry for cannabis license applications.

Medmen CEO Adam Bierman said “This is a transformative acquisition that will create the largest U.S. cannabis company in the world’s largest cannabis market. The transaction adds tremendous scale to our vertically integrated business model by expanding our U.S. retail footprint across important growth markets while strengthening our cultivation and production capabilities. With the revenue synergies that the deal is expected to produce, MedMen is well positioned to continue executing on our growth strategy. This would not have been possible even two years ago and is a testament to how far both the industry and these two companies have evolved. PharmaCann’s leadership has built a world-class organization, and we are excited about the value this transaction is creating for shareholders.”

We have a Monster Pick Coming. Subscribe Right Now!

Currently trading at a market valuation in access of $2 billion Medmen has $12 million in the treasury, significant debt on the books and fast growing revenues reporting US$19.2 million (CA$25.2 million) in sales for the fourth quarter ended June 30, 2018.  Medmen is one exciting Company and has been on fire since the PharmaCann acquisition. which gives the newly combined entity cannabis licenses in 12 states that will permit the combined company to operate 79 cannabis facilities and makes Medmen the biggest cannabis operator in the Country. Adam Bierman recently stated on CNBC “Every day I wake up I intend on building the biggest marijuana brand in the world.” 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.

Sign Up now for our 100% FREE Penny Stock Newsletter

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.

More articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest article

Sign up now for our 100% FREE Penny Stock Newsletter

Privacy Policy. we will never share your email with anyone.