MedMen Enterprises Inc (CSE:MMEN) (OTCQX:MMNFF) announced this morning the launch of its new home delivery service. MedMen stock is up 4.6% as a result.
Good News for Investors in MedMen Stock
The California-based cannabis retailer will begin rolling out its new delivery service in the company's home state initially, with plans to eventually launch the service nationwide. MedMen Enterprises currently has 17 physical retail locations in California, where the cannabis market is poised for substantial growth, according to Arcview Market Research and BDS Analytics, which could signal very good news for investors in MedMen stock.
“MedMen has always been at the forefront of shaping and defining the cannabis industry, and we are proud to be taking the next step in our evolution by now offering delivery service in California,” said Adam Bierman, MedMen Co-Founder and CEO. “This enhancement in technology provides our California communities with convenient access to quality products from the brand they know and love.”
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A Resurgence in MedMen Shares?
Today's announcement was coupled with the launch of MedMen's new loyalty program, MedMen Buds. This program will allow customers to earn points on purchases that will lead to rewards, as well as access to sales and discounts. MedMen Enterprises will be hoping that this initiative will allow it to expand and maintain its customer base, and subsequently boost a resurgence in MedMen shares, which hit a 52-week low last Monday of $1.72. MedMen stock is currently valued at $2.02.
While today's trading has clearly shown an optimistic sentiment among investors, MedMen stock currently sits 73% off its all-time high of $7.57 last October and was not helped by the release of its Pro-forma Q4 results last week. While the whole market has experienced somewhat of a slump during the summer months, MedMen management will be eager to get ahead of the curve as the market looks to rebound, and they appear to have a solid plan in place to do so, as apparent by today's announcements.
MedMen stock still remains a risky play, but for speculators with an appetite for risk, perhaps now is the time to make a move?
Featured image: Canva
