Medmen Enterprises Inc MMNFQ

MMEN highlights

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This Month's Highlights

 

11.11.19

MedMen Opens in Sarasota, Florida

MedMen opened its eighth Florida location in Sarasota. Sarasota, a mid-sized city with an increasing population of approximately 57,738 is a popular tourist destination known as a gateway to miles of beaches. MedMen Buds, the Company’s loyalty program, will be available to patients at both locations.

In addition, MedMen’s fully owned and operated, same-day delivery platform, which currently services California and Nevada, will be available to Florida patients soon. Read More>

 

The company expect to open 4 additional stores in Florida this calendar year.

 

 

10.29.19

MedMen Announces Additional Amendments to Gotham Green Facility

MedMen and Gotham Green Partners agreed to amend the size of both Tranche 3 and Tranche 4 of their $250M senior secured convertible credit facility, as well as the timing of Tranche 3. Tranche 3 now consists of $10,000,000 in available credit and Tranche 4 consists of $115,000,000 in available credit. The parties anticipate that Tranche 3 will be funded within 30 days instead of the originally proposed date in December 2019. The Facility has also been amended to provide that funding of Tranche 4 will require the consent of both the Company and the lenders under the Facility. Read More>

 

10.28.19

MedMen Reports Fourth Quarter and Fiscal Year 2019 Financial Results

 

MedMen reported results for the fourth quarter and fiscal year ended June 29, 2019. For the year, revenue totaled $130 million, up 227% year-over-year. In California, MedMen’s #1 market and the largest cannabis market in the world, revenue surpassed $110 million in annualized run rate. During fiscal 2019, MedMen increased its total California retail license count to 17, with 13 stores operational to date. As the Company progresses into fiscal 2020, MedMen will focus on three key objectives: optimizing its current retail assets, unlocking the further potential of its factories, and leveraging its omnichannel strategy. Read More>

10.25.19

Opens Two New Locations in Florida

MedMen has now brought its operational store count in Florida to seven stores with the opening of Central Orlando and Tallahassee locations. Orlando is Florida’s largest inland city, whereas Tallahassee, the state capitol, is home to several major universities including Florida State and Florida A&M. MedMen Buds, the Company’s loyalty program, will be available to patients at both locations. In addition, MedMen’s fully owned and operated, same-day delivery platform, which currently services California and Nevada, will be available to Florida patients soon. Read More>

Year In Review

 

MedMen’s 2019 annual report is now available. Thank you for all of your support in 2019. 2020 is shaping up to be exciting year for our company. To read the full report, Click Here>

 

Regulatory Updates

Florida Is Becoming a Leader in the Nation’s Marijuana Movement

Florida is quickly emerging as one of the United States’ top cannabis states. The latest evidence comes from a new study that forecasts legal marijuana sales in Florida will grow by 6 percent over the next five years — by $1.3B. This increase would put the state’s cannabis industry near the $2B mark in five years, which does not include the possibility that Florida could legalize recreational marijuana as early as 2020. Read More>

 

Poll Shows Strong Majority of Florida Voters Support Legalized Weed

An effort to legalize “small amounts” of marijuana for recreational use has broad support among Florida voters. Overall, the poll, which surveyed some 666 voters, shows 64 percent support legalization, with 33 percent opposed and 3 percent undecided. Supporters of the Make It Legal Florida initiative drive, which would legalize recreational marijuana for adults 21 or older, noted the new poll is one in a series of recent polls showing public support for legalization. Read More>

 

USDA Releases Proposed Hemp Regulations for Public Comment

The U.S. Department of Agriculture (USDA) released draft rules for hemp manufacturing on Tuesday and said it will soon begin accepting state regulatory plans for the newly legal crop. This program, as required by the 2018 Farm Bill, creates a consistent regulatory framework around hemp production throughout the U.S. including the THC limits for the plant. Read More>

 

What’s Next for Effort to Legalize Marijuana in N.Y.? State Senate Optimistic for 2020

Legalizing adult-use of marijuana in 2020 is a possibility, assuming state legislators and New York Gov. Andrew Cuomo can come to an agreement on a laundry list of concerns. The Marijuana Regulation and Taxation Act, co-sponsored by state Sen. Liz Krueger (D-Manhattan) and Assemblywoman Crystal Peoples-Stokes (D-Buffalo), failed to pass in 2019, which Krueger said was based largely on the fact that the Senate wanted more discretion on where the revenue would go. She is hopeful the Act will pass in 2020. Read More>