This post first appeared on Micro Cap Daily
Medmen Enterprises Inc. (OTCQX: MMNFF) currently sees growth again, in continuation of the unusual pattern that it has been following ever since December 2018. The stock price was fluctuating between the support level at $3 and a resistance at $4 for several months in late 2018, until it started growing past $4 in early September. In fact, it reached all the way up to $5, before it was brought down to $4 once again. In mid-October, however, the price saw a massive surge which took it up to $7, knocked it down to $4, and took it up again, to $6.
This kind of behavior was pleasing to investors who had already owned the company’s stock, but the situation changed in mid-November when the price dropped once again, but this time back to $3. Not only that, but every attempt at growth since then led it only to around $3.8, or lower. As time progressed, each growth was weaker, and each drop was milder and tamer, which leads us to the current situation, where the price is barely going up or down by only a couple of percent. While the price currently grows, it is likely that these fluctuations will continue to get smaller, until the price finally reaches stability, likely at $3.
About Medmen Enterprises Inc.
Medmen Enterprises Inc. is a US-based cannabis company that operates throughout the country. The firm has facilities in numerous states, including Florida, Nevada, New York, and California. These facilities deal in cannabis cultivation, product manufacturing, as well as retail.
Through great effort, the company managed to grow over time, and become one of the most recognized cannabis brands worldwide.
Its headquarters is in Los Angeles, California, but the firm employs over 800 people throughout the country. It was launched less than a decade ago, as its founders recognized that the revolution of the cannabis industry is at hand. They entered the industry as pioneers and visionaries, and with a single goal of improving peoples’ lives with their products. They do this through constant improvements, and by supporting industry-friendly laws on all levels.
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Medmen Enterprises’ progress and performance
The company’s story started a long time ago, but the recent activity of its stock price only began in December 2018, after the company opened its first store in Arizona. The expansion interrupted the drop of the price which came after the sudden surge in October, and the firm continued making excellent business decisions, including the appointment of a veteran in the retail finance industry as its CFO.
In December, the company also managed to secure the acquisition of a dispensary in the San Francisco Bay area, known as PharmaCann. The new price growth was interrupted by a shareholder lawsuit, although the company made a swift response and continued business as usual.
The company’s stock price then started its long journey towards stability, and despite new acquisitions — such as the one of vertically integrated Arizona operator — as well as investments, and other moves, the price continued following its pattern. In the past month, the company continued its expansion throughout its native state of California, and it established the at-the-market equity financing program. It also received a $250 million investment from Gotham Green Partners, and it opened its 11th store in California only two days ago.
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It is clear that the company is building a massive, well-established empire, and that its stock price is simply not reflecting this yet. However, the price is getting closer and closer to stability, which reduces the risk for investors. On the other hand, the company has been making all the right moves recently, which is a promise of price growth at some point in the future, so investing in it while the price is low is likely the best move investors can make. 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.
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This post first appeared on Micro Cap Daily