MedMen Stock Falls 5% Despite Launching Delivery Services in Nevada

MedMen stock

MedMen stock is trading weak in Monday's session despite MedMen Enterprises (CSE:MMEN) (OTCQX:MMNFF) announcing the commencement of delivery services from its Nevada locations.

Home Delivery Services

The marijuana industry may be going through a bit of a slowdown as far as investor interest is concerned, and many stocks have given up much of their gains from earlier this year. However, that has not been a problem for companies that are trying to further improve their business, and one such company is MedMen Enterprises Inc. In a new development, the company announced that it is going to launch its cannabis home delivery services from all its stores located in Nevada. Considering the fact that MedMen offers upwards of 300 products from its stores, it is a service that will definitely be a welcome change for consumers in Nevada.

This is a significant development for MedMen and is an indication that it is going big as far as home delivery services are concerned. Last month, it introduced the delivery service in California and has stated that this service is going to be introduced in all locations across the United States at some point in the future.

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At the time of writing, MedMen stock is trading lower by 4% at $1.84 on the OTC market. On the Canadian side, MMEN stock is down 4.70% at $2.44.

The delivery service is going to be fully operated by MedMen, and customers are going to get free deliveries in the initial period. The delivery service will be available all days of the week, and in some locations, 24-hour delivery service is also going to be made available. Currently, MedMen has 19 stores across Florida, California, Nevada, and Arizona.

Earlier, the company stated that the California delivery service could prove to be a game-changer and claimed that the legalized cannabis market could eventually drive as much as $11 billion in sales.

The past few days have been particularly eventful for the company, and on September 10, news emerged that the acquisition of PharmaCann is edging closer. Considering the clout of PharmaCann as a provider of medical cannabis, it could prove to be a hugely important deal for MedMen Enterprises. MedMen stock rose after the news broke last week.

>> Read More MedMen News

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