In late 2018, MedMen stock took a massive tumble from $7 to just above $2 on the OTC. Then 2019 kicked in, bringing with it several attempts of recovery from MedMen Enterprises (CSE:MMEN) (OTCQX:MMNFF).
Unfortunately, on every occasion, the shares failed to either breach or hold above the $3.50 mark. But now, MedMen stock is on a climb once again; so, can it hold above the strong resistance at $3.50 this time?
MedMen Stock
At the time of writing, MedMen stock is selling for $3.01 USD on the OTC. Looking at the company's chart since the beginning of 2019, a trend is clear to see:
But despite the stagnating stock, the LA-based cannabis firm has been busy in 2019. Operations are in full swing. With assets across the US in major market states such as New York, Nevada, California, and Florida, MedMen Enterprises holds value "which goes beyond the price of the stock."
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MedMen Stock vs 2019 Operations So Far
- The company completed two acquisitions: a dispensary in Illinois, and a vertically-integrated operator in Arizona.
- Then it announced the completion of a real estate sale to cannabis REIT. Further, in mid-March, it completed the sale of two more properties to cannabis REIT.
- Also in March, the company received a $250 million large investment from Gotham Green Partners.
- Lastly, it expanded its retail reach through Northern California through the acquisition of licensed cannabis retailer, Sugarleaf Trading Co.
MedMen Stock Progress
According to Microcapdaily, MedMen CEO Adam Bierman has expansion plans for California as he sees "the Californian market as the most important one for the cannabis industry in the world."
With its eyes set on the biggest cannabis market on the planet, and once pending acquisitions close, MedMen Enterprises will have a total of 32 stores, and 17 licensed factories, across 12 different US states. With such reach, there is a lot of potential ahead, and MedMen stock can only catch up.
What do you think? Are you a fan of MedMen stock?
Featured Image: Canva
