Shares of Medmen Enterprises Inc (OTCMKTS:MMNFF) have continued to underperform under the weight of a number of factors. The question now is this: will the company find a way to reinvigorate the dramatic growth curve that could fuel a catch-up process with the dynamic success of its peers? To make matters more interesting, the company just announced that it has entered into an equity distribution agreement with Canaccord Genuity Corp. pursuant to which the Company may, from time to time, sell Class B subordinate voting shares in the capital of the Company for aggregate gross proceeds of up to CDN$60,000,000.
According to the release, “The At-the-Market equity financing program is designed to enable the Company to issue Subordinate Voting Shares from treasury at lower cost than traditional offerings, without discount and at prevailing trading prices. The Company intends to use the net proceeds from the sale of Subordinate Voting Shares under the ATM program principally for general and administrative expenses, working capital needs and other general corporate purposes.”
Medmen Enterprises Inc (OTCMKTS:MMNFF) frames itself as a company that, together with its subsidiaries, operates in the cannabis space in the United States.
The company cultivates, produces, possesses, uses, and distributes/retails cannabis in the recreational and medicinal cannabis marketplace. As of June 6, 2018, it owned and operated 18 licensed cannabis facilities under the MedMen brand name in California, Nevada, and New York.
The company frames itself as “the preeminent cannabis company in the United States” with multiple assets and operations in California, Nevada, New York, and Florida. MedMen owns and operates licensed cannabis facilities in cultivation, manufacturing, and retail, and is one of the most well-recognized cannabis brands in the world today.
Headquartered in Los Angeles, MedMen employs more than 800 workers across the United States. It was founded in 2010