MedMen Enterprises Inc. (CSE:MMEN) has taken a sharp fall on the Canadian Securities Exchange (CSE) today. We'll take a closer look at this company's latest movements and at MedMen stock.
MedMen Stock Today
MedMen Enterprises is based out of Culver City, California, and, with its subsidiaries, operates as a cannabis company in the US. The company cultivates, distributes, and sells medical and recreational cannabis.
This morning, MedMen announced its first quarter results for fiscal 2019. Unfortunately for the company, MedMen stock has fallen.
“Our first quarter performance underlines the successful execution of our growth strategy and ongoing commitment to provide mainstream cannabis consumers a wide breadth of products for their lifestyle and wellness needs,” said Adam Bierman, MedMen chief executive and co-founder.
MedMen went public with its company in May, and upon closing all pending transactions, the cannabis company will be licensed in 69 retail stores across 12 different US states. In addition to this, MedMen will be licensed in 16 cultivation and production factories. With this reach, it will cover nearly half of the US's cannabis market.
Bierman continued:
“Our four-pillars strategy—built around a quality team, superior assets, strong balance sheet and the ability to efficiently and effectively raise and deploy capital—has set us up to successfully achieve our vision. We are now entering a new phase focused on fully operationalizing our vast footprint.”
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MedMen brought in $21.5 million in revenue growth for the first quarter fiscal 2019, which represented a 1,094% growth over first quarter fiscal 2018. The cannabis company also had an 82% conversion rate across eight of its stores in Southern California.
It remains unknown at this time why investors have dumped the MedMen stock, seeing as the company has seen exponential growth this year.
MedMen Stock Movement
According to Yahoo Finance, MMEN stock is currently plummeting on the CSE. At press time, the cannabis penny stock is trading at $4.25 a share, down -$0.40 (-8.60%).
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