This post first appeared on Micro Cap Daily
MedMen Enterprises Inc. (OTCQX: MMNFF) stock price is growing yet again, in continuation of the pattern that the price has been following ever since December 2018. Following the stock price crash in late October of last year, when MMNFF value dropped from $7 to $3 in a span of two months, the price started moving in a clear pattern. The pattern sees it growing from $2.8 to $3.8 in a relatively steady pace, and then dropping back towards $2.8.
So far, the price did this around five times, although it is also noticeable that each growth is weaker than the previous one. However, the same can be said for every following price drop. It is likely that the price will soon stabilize at $3 — unless some big event affects it in some way.
What does MedMen Enterprises do?
MedMen Enterprises is a US-based cannabis company with various operations that span throughout the country. It has assets in multiple states, including New York, Florida, Nevada, and California. The company owns and operates multiple licensed cannabis facilities that deal with cultivation, product manufacturing, as well as retail.
As such, MedMen Enterprises is one of the most recognized cannabis brands — not only in the US but worldwide, as well. The company is headquartered in Los Angeles, CA, and it has over 800 employers in the US. It was founded by Adam Bierman and Andrew Modlin back in 2010. The two saw massive potential in the emerging cannabis industry after the legalization process had started.
Moreover, they saw an opportunity to change the way the public views and interacts with marijuana. The company has since become a strong supporter of clear and just drug laws. Its support goes beyond moral, as well, as the company became the largest financial supporter of progressive marijuana laws. This includes laws on a local, state, and even federal levels. They provide for pro-legalization groups, various organizations within the industry, and even cannabis-supporting political candidates.
To Find out the inside Scoop on Medmen Subscribe to Microcapdaily.com Right Now by entering your Email in the box below
MedMen Enterprises stock price crash and the road to stability
As mentioned, MedMen Enterprises’ stock price saw a massive drop in October 2018. The drop came after several months of build-up, during which the price relied on $3 as its support level, with multiple attempts to reach higher levels. At the time, $5 acted as its largest resistance, until a spike up in October. While the price did grow to reach and exceed $7, it was back to its usual levels within a week. Another smaller surge came in the first week of November, but it ended just as quickly.
The company has made several moves towards expansion during this period. It acquired PharmaCann in early October, which doubled its market reach. The same is true when it comes to the acquisition of San Jose dispensary. The company also completed its investment in California-based flower brand, Old Pal. It was at this time that it also started trading on OTCQX.
The second price surge in early November came immediately after the firm expanded its presence in Arizona. The price then crashed and dropped below its pre-surge levels in mid-November. This was also the time when the firm appointed Jim Miller as its interim CFO.
For the next six months, the price followed the previously described pattern, with regular growth and drops. However, the company continued to advance even during this period. It received a receipt for a preliminary prospectus, and it opened its first store in Arizona. It closed a C$75 million deal and appointed a new CFO.
In late December, it signed a definitive agreement for the acquisition of PharmaCann, and it completed the acquisition of a dispensary in the San Francisco Bay area. The company growth continued in 2019, including the acquisition of vertically-integrated Arizona operator, expansion to Northern California.
We have a Monster Pick Coming. Subscribe Right Now!
Clearly, the company is progressing rapidly, although its stock price struggles to grow. A lot of investors believe that it is only a matter of time before the price surges again, which is why the purchase of the company’s stock might be a smart move to make now. Although the price seems to be moving towards stability, instead of a large spike up, anything can happen in months to come. 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.
Copyright in text and images in this article belong to the original source.
This post first appeared on Micro Cap Daily