MedMen stock is down over 6% today during Tuesday trading despite the company announcing the opening of three new stores in Florida.
MedMen Stock Trading Down Despite Expansion
MedMen Enterprises Inc (CSE:MMEN) (OTCQX:MMNFF) has today announced that it has opened three new stores in St. Petersburg, Key West, and Pensacola, all in the state of Florida. It brings the company's operational physical presence in the Sunshine State to four stores, with eight more openings planned by the end of the year. The company is licensed to operate up to 35 stores in Florida and currently has a national footprint of 29 operating stores. Despite the expansion, MedMen stock is trading down over 6% today.
The opening of these new stores should provide the company with access to a considerably wider market as St. Petersburg is home to over 260,000 residents and part of a wider metropolitan area with a population of over three million, the second-largest in Florida. Key West is one of the most popular tourist spots in Florida, bringing in over 2 million visitors per year, and MedMen Enterprises' new store is located on Duvall street, one of the highest traffic areas on the island, which should be beneficial to MedMen stock, in the long run, should sales keep up.
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MedMen Stock in the Doldrums
“MedMen is proud to expand its retail footprint in Florida,” Adam Bierman, MedMen co-founder and CEO, said in a statement. “We look forward to getting to know our neighbors in St. Petersburg, Key West, and Pensacola and are thrilled to offer MedMen’s unparalleled quality in product and experience to these communities." MedMen's first Florida location in West Palm Beach was opened back in June and has seen over 6,000 visits to date; however, MedMen stock has mostly been in the doldrums in 2019 due to declining sales in other markets, like California.
MedMen Enterprises has also revealed that its recently launched delivery service in Nevada and California will also be coming to Florida as early as next week. MedMen stock is currently valued at $2.06, which is a 52-week low.
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