We have discussed the quandary for investors in the cannabis patch when looking at shares of Medmen Enterprises Inc (OTCMKTS:MMNFF). The stock is trying to climb out of a little spot of scandal in a high-growth space with a strong and expanding US cannabis footprint. To further amplify that story, the company just announced the closing of its acquisition of licensed cannabis retailer Sugarleaf Trading Co., located in the Northern California city of Seaside.
According to the release, this will be MedMen’s third retail store in Northern California. The Seaside retail location occupies a high traffic shopping area and represents one of six licenses issued in the city. Seaside is among the few coastal communities in Monterey County with existing cannabis retail sales. Monterey County is a leading tourism destination, hosting approximately 4.2 million annual visitors.1 MedMen paid a portion of the undisclosed deal consideration in cash at closing and will satisfy the remainder over the next twelve months.
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.”
Published: April 05, 2019
Founder & Interim Editor of L.A. Cannabis News