MMNFF - MedMen Enterprises Inc.

Other OTC - Other OTC Delayed Price. Currency in USD
0.3936
-0.0114 (-2.80%)
At close: 3:59PM EST
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Previous Close0.4050
Open0.4051
Bid0.0000 x 0
Ask0.0000 x 0
Day's Range0.3900 - 0.4151
52 Week Range0.3750 - 3.8400
Volume2,029,546
Avg. Volume1,394,537
Market Cap81.148M
Beta (3Y Monthly)N/A
PE Ratio (TTM)N/A
EPS (TTM)N/A
Earnings DateN/A
Forward Dividend & YieldN/A (N/A)
Ex-Dividend DateN/A
1y Target EstN/A
  • Benzinga

    Benzinga Heads To Miami For The First Cannabis Capital Conference Of 2020

    DETROIT — The premier gathering of cannabis entrepreneurs and investors in North America, the Benzinga Cannabis Capital Conference , is heading to Miami in 2020 for its sixth installment. The conference, ...

  • Benzinga

    MedMen Reports Q1 Results In Wake Of Restructuring Announcement

    MedMen Enterprises Inc (OTC: MMNFF) (CSE: MMEN) reported first-quarter results Wednesday as the cannabis company embarks on cost-cutting efforts that include 190 layoffs. MedMen reported revenue of $44 million, up by 105% on a year-over-year basis. The first-quarter gross margin was 52%, in contrast to 50% in the prior quarter.

  • MarketWatch

    MedMen revenue rises 105% but misses estimates

    MedMen Enterprises Inc. reported Tuesday that revenue rose 105% but the cannabis company missed Wall Street consensus sales estimates. The weed retailer reported a fiscal first-quarter net loss of $31.5 million, which amounts to 16 cents a share, versus $12.5 million, or 27 cents a share in the year-ago quarter. Revenue rose to $44 million from $21.5 million a year ago. Analysts polled by FactSet had modeled sales of $47.9 million. "We entered Fiscal 2020 on a mission to build a more nimble and financially flexible MedMen," Chief Executive Adam Bierman said in a statement. "As we right-size our organization and implement an intensified focus on free cash flow generation, our business will become more efficient, in turn allowing us to better serve our stakeholders." The company has said previously that it is laying off roughly 20% of its employee base which should achieve $10 million in annual cost savings. U.S.-traded shares of MedMen have fallen 83% this year, as the S&P 500 index gained 25%. The ETFMG Alternative Harvest ETF has fallen 32% this year.

  • MarketWatch

    MedMen's stock extends selloff below a buck after job cuts, plans for asset sales

    Shares of MedMen Enterprises Inc. tumbled 21% toward a record low in active afternoon trading Monday, in the wake of the California-based cannabis retailer's announcement of job cuts and plans to sell assets in an effort to cut spending. The stock, which went public in May 2018, had broken the buck on a closing basis for the first time on Friday, when it closed at 99 cents. It has now plummeted 60% over the past three months, while the ETFMG Alternative Harvest ETF has dropped 38% and the S&P 500 has gained 8%. Late Friday, the company said it was cutting more than 20% of its staff, scale back marketing and outsource some operations.

  • Benzinga

    MedMen To Lay Off More Than 190 Employees, Announces Plan To Achieve Positive EBITDA

    Cannabis retailer MedMen Enterprises Inc. (CSE: MMEN) (OTCQX: MMNFF ) announced Friday a strategic plan to reach its target of positive EBITDA by the end of 2020 that includes the layoff of 190 employees.  ...

  • Barrons.com

    Marijuana Seller MedMen Will Lay Off Workers and Sell Assets to Stem Its Cash Burn

    MedMen said it would try to raise cash by selling its stakes in a cannabis real-estate investment trust, selling licenses in noncore markets and limiting its new store openings.

  • The Pot Stock Bubble Has Burst. Here’s Why
    Bloomberg

    The Pot Stock Bubble Has Burst. Here’s Why

    (Bloomberg) -- Wall Street’s exuberance over legal weed has quickly curdled into sober reality.In a matter of months, white-hot cannabis companies have flamed out in spectacular fashion. Many have lost two-thirds or more of their value.Widespread legalization has been thwarted. Bank financing has dried up. Deep-pocketed institutional investors remain on the sidelines and old-fashioned black-market dealers still provide stiff competition.The pain deepened on Thursday, when Ontario-based Canopy Growth Corp. announced revenue that fell short of the lowest Wall Street estimate and a loss that one analyst called “astounding.” That sent shares to the lowest since December 2017. It’s still the largest pot company in the world, but at C$7.1 billion its market value is just a sliver of the C$24 billion it reached in April.One day later, MedMen Enterprises Inc., one of the first U.S. cannabis companies to sell shares to the public, said it would dismiss 190 employees, including about 20% of its corporate workforce, as it struggles to preserve a dwindling cash pile.“The last industry chapter was defined by growth at all costs,” MedMen Chief Executive Officer Adam Bierman said in an interview. “Now we’re transitioning out of that chapter, and that transition is harsh and quick.”Legal WeedIt wasn’t that long ago that the cannabis industry was cruising. Big markets like Canada and California had legalized recreational use, while populous states such as New York and New Jersey were expected to follow suit. This had executives and analysts forecasting sales in the tens of billions of dollars within a few years, sending stocks to valuations that even some in the industry warned were too high.But legalization hasn’t been the trigger to invest that many expected. Canada’s biggest provinces have allowed few retail stores to open, while companies have struggled to develop the right mix of products. In California, the legal market has had to contend with high taxes and a well-established illicit market. Legalization efforts in other states have stalled.Despite the obstacles, many remain optimistic that bullish benchmarks will be reached, though later than expected. Cowen Inc. analyst Vivien Azer recently boosted her U.S. sales outlook to $85 billion by 2030 from a previous forecast of $80 billion, while Canopy has said it’s still on track to turn a profit in three to five years.For the first time, with stocks at such low levels, “there’s incredible pockets of value in the space,” said Justin Ort, chief investment officer for the Measure 8 Full Spectrum Fund, which invests in cannabis. “But the Street’s not willing to see it right now.”What would get share buyers’ attention, Ort said, is legislative easing in the U.S., including passage of the SAFE Banking Act, which would pave the way for financial institutions to do business with cannabis companies and bring large institutional investors and U.S. capital markets into the fold.Patient InvestorsBut cannabis remains federally illegal in the U.S., meaning that shares are largely held by retail investors, who are less likely than institutional investors to remain patient in a downturn.“In almost every other industry, people can make relative-value judgments,” Jeff Solomon, CEO of Cowen, said at his firm’s cannabis conference in Boston last week. “In this industry they’re like, ‘Well, it’s not really a matter of price, it’s a matter of whether or not I should even get involved.’”That’s raised fears that many companies will go bankrupt before financing becomes available. It’s already happening to DionyMed Brands Inc., which filed for receivership last month.“The capital markets have gone from frothy to completely closed,” MedMen’s Bierman said. “We’re now entering a stage where businesses are going to have to be self-sustaining.”To contact the reporter on this story: Kristine Owram in New York at kowram@bloomberg.netTo contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Bob Ivry, Stephen MerelmanFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • MarketWatch

    U.S. marijuana retailer MedMen to slash staff, sell off assets

    MedMen Enterprises Inc. , a U.S. marijuana retail chain, announced Friday afternoon that it is cutting more than 20% of its staff and looking to sell some of its assets amid a cash crunch. MedMen said it would lay off 190 workers, scale back marketing and outsource functions such as human relations in an effort to reduce spending on selling, general and administrative efforts to an annualized rate of $85 million. In the fiscal year that ended June 29, MedMen reported general and administrative costs of $244 million and sales and marketing expenses of $27.5 million. MedMen also announced that it has agreed to sell its stake in a pot-focused real estate investment trust for $14 million, exit various venture investments for a net return of $8 million, and will look to sell "certain operations and licenses in states that are currently deemed not critical to the company's retail footprint." MedMen also will slow down on certain planned initiatives, including indefinitely postponing some retail buildouts and expansions, renegotiating a previous acquisition to turn a $15 million cash payout into $10 million in stock, and slowing down M&A activity. MedMen said at the end of its last fiscal year that it had less than $34 million in cash and equivalents, after burning through $45.4 million in a year that included several financing activities. MedMen's over-the-counter shares have lost more than 65% of their value in 2019.

  • Bloomberg

    MedMen Cuts 190 Jobs, Sells Non-Core Assets in Pot Reckoning

    (Bloomberg) -- Cash-strapped MedMen Enterprises Inc. is laying off more than 190 employees, including 20% of its corporate workforce.The move is part of a broader corporate restructuring, with the pot company targeting positive earnings before interest, taxes, depreciation and amortization by the end of 2020.MedMen will also divest non-core assets, including the sale of its stake in Treehouse Real Estate Investment Trust for net proceeds of $14 million. MedMen created Treehouse last year, starting a trend that has seen several other pot companies spin off their real estate into separate companies.The industry is in the midst of a “harsh and quick” transition from growth to retrenchment, MedMen Chief Executive Officer Adam Bierman said in an interview. Like many other companies in the industry, MedMen’s share price has fallen by about two-thirds since the beginning of the year, and “capital markets have been shuttered,” he said.“We find ourselves in the exact same spot as all of the other competitors across the industry, where nobody’s fully funded because everybody’s been living in this high-growth phase,” Bierman said. “That’s why we’re taking such dramatic measures: I will not allow the company to be exposed where we didn’t act fast enough, staring down this future.”A recent study of 30 pot firms by trade publication Marijuana Business Daily found that Los Angeles-based MedMen had the weakest cash position, with just over one month of cash coverage.The company said Friday it will sell its minority stakes in various brands for net proceeds of $8 million and has engaged Canaccord Genuity Corp. to “explore strategic alternatives” for operations and licenses in non-core markets. It will also limit new store openings in 2020 to stores that have the potential to generate more than $10 million in revenue within the first 12 months.The news comes one month after MedMen announced it would scrap its planned acquisition of PharmaCann LLC and terminate Chief Financial Officer Michael Kramer.As a result of Friday’s moves, MedMen’s selling, general and administrative expense run-rate will fall to $85 million from $132 million, Bierman said.“This is about preserving and protecting, and part of that is bolstering our balance sheet for the times ahead,” he said.To contact the reporter on this story: Kristine Owram in New York at kowram@bloomberg.netTo contact the editors responsible for this story: Brad Olesen at bolesen3@bloomberg.net, Richard Richtmyer, Will DaleyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.

  • How this CBD company created a buzz by 'kind of making fun of millennial culture'
    Yahoo Finance

    How this CBD company created a buzz by 'kind of making fun of millennial culture'

    Ask Benjamin Witte about Recess, and one of the first places he’ll send you is the company’s Instagram page.

  • Benzinga

    New Cannabis Products: Sugar Sticks, Cool Beverages, Hemp Gummies, Mini Pre-Rolls

    As the cannabis market expands, it's hard to keep track of the many products that launch every week. Culinary CBD and edibles brand Azuca has released single-serving, hemp-infused organic sugar sticks. The sugar sticks size and pre-measured packaging are also convenient for consumers on the go.

  • Benzinga

    Looking For A Job In The Cannabis Or Hemp Space? Leafwire Jobs Is Here

    Cannabis business network Leafwire this week launched Leafwire Jobs, featuring 100% cannabis and hemp industry jobs. The job platform is free for all job seekers. “A job board has been by far the #1 requested feature from our member base over the past year," Leafwire CEO Peter Vogel said.

  • Charlotte’s Web: Top Four Things to Know about the Stock
    Market Realist

    Charlotte’s Web: Top Four Things to Know about the Stock

    Last month, Charlotte's Web announced that it would partner with Nielsen to guide US retail companies on the growth of the CBD (cannabidiol) space.

  • CBD is ‘the caffeine of the 21st century’: Recess CEO
    Yahoo Finance

    CBD is ‘the caffeine of the 21st century’: Recess CEO

    The key to selling a CBD product is to not sell the CBD, according to Benjamin Witte.

  • Benzinga

    The Week In Cannabis: MedMen And Hexo See Big Losses, While Psychedelics And Hemp Thrive

    On the other hand, we saw a series of bad news coming out of major cannabis companies. MedMen Enterprises Inc. (CSE: MMEN) (OTC: MMNFF) tumbled on a substantial growth in its net losses, which came in at $82.9 million for the fourth quarter, more than double the loss reported in the same period last year.

  • Cannabis stocks fall as Curaleaf becomes latest company to scale back a big acquisition
    MarketWatch

    Cannabis stocks fall as Curaleaf becomes latest company to scale back a big acquisition

    Cannabis stocks were mostly lower Thursday, led by Curaleaf Holdings, after the company became the latest to scale back a previously announced acquisition in the wake of a massive re-rating of the sector in the past few months.

  • Marijuana in Florida: Five Things You Should Know
    Market Realist

    Marijuana in Florida: Five Things You Should Know

    Florida is the second-fastest adopter of medical marijuana. The state reports an average increase of 609 medical marijuana patients on a daily basis.

  • MedMen: Stock Falls over 20% after Q4 2019 Earnings
    Market Realist

    MedMen: Stock Falls over 20% after Q4 2019 Earnings

    MedMen Enterprises (MMEN) (MMNFF) reported its fourth-quarter earnings that ended on June 30. The company reported revenues of $41.97 million.

  • Benzinga

    MedMen Falls 15% As Net Loss More Than Doubles

    MedMen's net loss was $277 million for 2019; $79.1 million, or 75 cents per share, was attributable to the company’s shareholders, MedMen said. “Fiscal 2019 was a transformative year for MedMen, with over 2 million completed retail transactions to date and revenues increasing 227% year-over-year,” Adam Bierman, MedMen's co-founder and CEO, said in a statement. MedMen detailed business developments including the launch of its delivery service in California and Nevada, the start of its new loyalty program, MedMen Buds; its continued Florida expansion and the termination of its merger with PharmaCann.

  • MarketWatch

    Cannabis retailer MedMen losses narrow to $24 million, as revenue rises

    MedMen Enterprises Inc. late Monday reported fiscal fourth-quarter net losses of $24.2 million, or 15 cents a share, versus losses of $32.9 million, or 81 cents a share in the year-ago quarter. Revenue for the cannabis retailer rose to $42 million from $20.6 million in the same quarter last year. U.S.-traded shares of MedMen closed up 5.5% to $1.39 Monday. Stock in the California-based company has lost half its value this year, as the ETFMG Alternative Harvest ETF has declined 19%.

  • How Marijuana Legalization May Boost Florida’s Economy
    Market Realist

    How Marijuana Legalization May Boost Florida’s Economy

    Right now, medical marijuana is legal in 33 states. Florida is one state that may aggressively push for recreational marijuana legalization in 2020.

  • Benzinga

    Richard Prince, Darren Romanelli And MedMen Collaborate On Cannabis Line Launch

    Famed artist Richard Prince is now in the cannabis industry. Starting Monday, cannabis consumers can find Katz + Dogg at select MedMen Enterprises Inc (OTC: MMNFF) stores. The Katz + Dogg line includes flowers, vape pens and pre-rolled joints, and will be sold at only four of MedMen's Los Angeles locations, bringing together the worlds of contemporary art and next generation cannabis retail.

  • Benzinga

    Lowell Herb Appoints Stacey Hallerman As CAO, General Counsel

    Lowell Herb Co. said Thursday it has appointed Stacey Hallerman as a new chief administrative officer and general counsel. Previously, Hallerman served on MedMen’s (OTC: MMNFF) board of directors, worked for Richemont North America, Inc. that runs brands like Cartier, Montblanc and Chloe. Hallerman was also an in-house IP counsel at Pfizer.

  • Barrons.com

    A Big Marijuana Merger Was Just Called Off. Why That Could Spell Trouble for Pot Stocks.

    The combination of the Beverly Hills-based MedMen with Chicago-based PharmaCann would double the California company’s markets. MedMen has cut a glamorous, if deeply unprofitable figure in America’s legal weed business. Now, with just weeks before the report, MedMen says it fired its CFO Michael Kramer as of Monday.