Prior to completing a go-public transaction, we were cautious with MedMen Enterprises Inc. (MMEN.CN) (MMNNF) and considered it to be an opportunity to avoid.
Many of our readers did not agree with our view of the business and argued our rationale due to the brand that the management team has been able to build. We stuck to our beliefs with MedMen and we are glad that we did.
The last two years have been a disaster for MedMen, which owns several dispensaries in high-profile US cannabis markets. The management team that was involved with the IPO clearly was operating in the best interests of themselves and were taking huge salaries while the business remained in the startup phase of growth
On Friday, our view on MedMen was justified when Canaccord Genuity (CF.TO) assigned the US cannabis retailer a $0 price target. The Canadian broker-dealer reiterated its sell rating on MedMen and lowered the previously issued $0.25 price target.
Published: October 20, 2020