This morning, MedMen stock happens to be falling again. The surprising part is that MedMen Enterprises (CSE:MMEN) just made two large announcements this morning that should have investors smiling. That doesn't seem to the be case though.
Let's take a closer look.
MedMen Stock Falls Despite Positive Movement
MedMen Enterprises Inc. is headquartered in Culver City, California. Together with its subsidiaries, the cannabis company cultivates, produces, and distributes recreational and medicinal marijuana in the US. As of December, MedMen has licenses in over 70 stores in the US, across 13 states.
This morning, MedMen announced the closing of its $75 million CAD bought financing deal. Since the MedMen stock trades on a Canadian exchange, the deal was made in Canadian dollars. The cannabis company has received approval from the Canadian Securities Exchange to list the warrants issued pursuant to the Offering under the ticker 'MMWN.WT.'
The proceeds from the Offering will go directly towards the expansion of MedMen's retail network, production factories, and development of cultivation. In addition to the bought financing deal closure, the cannabis company announced the opening of its first store in Arizona. Even with two great announcements, MedMen stock is still trending downward.
MedMen completed the acquisition of Omaha Management Services LLC for control of Monarch. Monarch is a Scottsdale, Arizona-based medical cannabis company that holds licenses for processing, cultivation, and dispensary.
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“As we look to operationalize the acquisitions we have made in recent months, our team has focused on timely and seamless transitions,” said Adam Bierman, MedMen chief executive and co-founder. “From the signing of the letter of agreement in October to opening our first dispensary in Arizona, we have been able to activate in a matter of weeks. It is testament to the quality of our team and I couldn’t be prouder of our staff.”
MedMen Stock Movement
According to Yahoo Finance, MMEN is currently trading on the CSE at $3.83 a share, down -$0.33 (-7.93%).
Featured Image: Depositphotos/© ADragan
