Following a spate of scandals, Medmen Enterprises Inc (OTCMKTS:MMNFF) has managed to hold key support in the $2.75 area over the past month with clear resilience. This should be encouraging and suggest the potential for a contrarian rally if the direction of catalysts turns back in the bulls favor. On that note, the company just announced that it has completed the sale of two properties to Treehouse Real Estate Investment Trust, Inc. with gross proceeds of approximately $33.5 million and net proceeds of approximately $30.6 million after repayment of debt.
“This is our second transaction with Treehouse and we’ve now freed up nearly $49 million to invest directly into our growth initiatives,” said Adam Bierman, MedMen’s chief executive officer and co-founder.
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.”
As noted above, MMNFF just announced that it has completed the sale of two properties to Treehouse Real Estate Investment Trust, Inc. with gross proceeds of approximately $33.5 million and net proceeds of approximately $30.6 million after repayment of debt.
Published: March 15, 2019
Founder & Interim Editor of L.A. Cannabis News