Medmen Enterprises Inc (OTCMKTS: MMNFF) is an exciting cannabis Company that has been getting a lot of attention lately. Medmen operates 19 cannabis dispensaries in 3 states. The Company is also expanding into Florida.
The global legal cannabis market is booming! according to a recent report published by Forbes, Brightfield Group projects that the global cannabis market was worth $7.7 billion in the end of 2017, and is projected to reach $31.4 billion by 2021 with the US currently dominating the market. According to a new report from Deloitte the legal recreational cannabis industry could be worth $7 billion annually in Canada by next year.
Medmen Enterprises Inc (CSE: MMEN) (OTCQB: MMNFF) went public earlier this year through a reverse takeover in Canada. They have quickly established themselves as 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. The Company 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.
MedMen has over 1,000 employees and operates 14 class-defining retail stores in the primary markets of California, Nevada and New York, in addition to cultivation and production factories in Nevada and New York. The Company recently signed a binding letter of intent to acquire PharmaCann, one of the largest medical cannabis providers in the U.S. Upon closing, the transaction brings the Company’s number of retail licenses to 67 and doubles the number of states where MedMen has operations to 12, including cultivation and manufacturing.
Medmen recently signed an LOI 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.
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Last week Medmen MedMen reported Fourth Quarter and Fiscal Year 2018 Financial Results; systemwide revenue was $20.6 million across the Company’s operations in California, Nevada and New York. This represents a 44% increase over the third quarter, driven primarily by the opening of additional retail stores and strong results from the California market. The Company operated 13 locations at the end of the fourth quarter as compared to 11 at the end of the third quarter. Southern California accounted for 92% of fourth quarter systemwide revenue and 8 out of the 13 open retail stores at quarter end. Gross profit for the fourth quarter, before biological asset adjustment, was $5.9 million, being a gross profit margin of 29%, as compared to $6.1 million, or a gross profit margin of 43%, in the third quarter.
Medmen is led by visionary entrepreneur 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.
On October 24 OTC Markets Group announced MedMen Enterprises Inc. one of the largest cannabis companies in the U.S., has qualified to trade on the OTCQX® Best Market. MedMen Enterprises upgraded to the OTCQX Best® Market from the OTCQB® Venture Market. Medmen CEO Adam Bierman stated “MedMen’s step up to the OTCQX will expand our U.S. investor base and provide strong capital markets support to drive our continued growth. The OTCQX market offers enhanced visibility and transparency, more efficient trading and increased liquidity for our investors. This is also reflective of the enormous progress we have made as an industry. U.S. cannabis companies are here to stay and we are creating jobs and wealth for generations to come.”
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Currently trading at a $2 billion market valuation Medmen recently announced fourth quarter 2018 systemwide revenue was $20.6 million, up 1,317% from $1.5 million in fourth quarter 2017. Medmen is one exciting Company and one of the best positioned cannabis enterprises in the country with over 1,000 employees and operating 14 class-defining retail stores in the primary markets of California, Nevada and New York, in addition to cultivation and production factories in Nevada and New York. The Company recently signed a binding letter of intent to acquire PharmaCann, one of the largest medical cannabis providers in the U.S. Upon closing, the transaction brings the Company’s number of retail licenses to 67 and doubles the number of states where MedMen has operations to 12, including cultivation and manufacturing. 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.