MedMen stock is making gains on Monday after MedMen Enterprises (CSE:MMEN) (OTCQX:MMNFF) announced a new initiative entitled 'New Year, New You' in cooperation with several wellness brands in California.
California Dreamin' for MedMen
Embracing the surging popularity in wellness awareness and combining it with the potential role cannabis can play in mental wellbeing, MedMen Enterprises has partnered with a series of wellness providers, such as Sweat Yoga and Cycle House, to launch its new community enhancement program. The LA-based firm has collaborated with cannabis brands Papa and Barkley and Kikoko to provide each studio with samples of their leading cannabis products. MedMen stock is currently up over 8% following the launch of the initiative.
Some of the partnerships include Sweat Yoga, a hot yoga studio with four locations in California, which will partner with MedMen for their Sunday night Yin class at all its locations during January and February to offer attendees the opportunity to sample Positivi-Tea from Kikoko, as well as Releaf balm from Papa and Barkley. Another partnership will see Releaf balm handed out to participants in Box Union's fitness class on Robertson Blvd on January 11 and 25. MedMen stock is currently trading for $0.67.
MedMen Enterprises has said that it has launched 'New Year, New You' as part of a community engagement strategy in 2020, which will be complemented by the firm's MedMen Buds loyalty program as well as its same-day delivery service available in Nevada and California.
Has MedMen Stock Turned a Corner?
After a disappointing 2019, which saw MedMen stock fall over 85%, a recent spate of positive announcements have shown signs of recovery in the early stages of 2020. Last week, the company announced that it would be withdrawing from the Arizona medical market in a move to focus its efforts on already established markets, such as California and Nevada. While the announcement initially led to a drop in MedMen shares, it could prove a strong strategic move for the company, given recent gains in the pot stock.
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